Insecticides Market New Horizons in Market Size Exploring Future Growth Potential

Organophosphate insecticides hold the largest market share by type, accounting for nearly 30% of the global insecticides market in terms of value.

WILMINGTON, DELAWARE, UNITED STATES, March 20, 2024 /EINPresswire.com/ — A recent report by Allied Market Research titled “Insecticides Market: Global Opportunity Analysis and Industry Forecast, 2013 – 2020″ forecasts that the global insecticides market will reach $16.7 billion by 2020, with a compound annual growth rate (CAGR) of 5.0% from 2014 to 2020. In 2013, the Asia-Pacific region accounted for over 44% of the global insecticides market in terms of value.

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India stands out as the largest market within the Asia-Pacific region due to its significant agricultural production, particularly of crops such as sugarcane, paddy, and cotton, which necessitate high consumption of insecticides. Conversely, the use of insecticides is declining in developed markets like North America and Europe due to the adoption of genetically modified (GM) crops that are resistant to insects and pests. Currently, North America and Europe collectively hold about 40% of the global insecticides market in terms of volume.

Organophosphate insecticides hold the largest market share by type, accounting for nearly 30% of the global insecticides market in terms of value. They are favored for their versatility in applications such as fumigation, systemic treatment, and contact insecticide. Major companies like DOW, Syngenta, and BASF manufacture organophosphate insecticides under various trade names. Synthetic pyrethroid insecticides are also widely used due to their broad-spectrum effectiveness, stability under sunlight, and minimal usage requirements.

However, the global insecticides market faces challenges such as environmental and health-related regulations. For instance, the production of Chlorpyrifos insecticide was banned in September 2014 due to its harmful effects on children. Consequently, there is a shift towards the use of bio insecticides in agriculture, leading to increased research and development in this area.

Key findings of the report include the dominance of organophosphate insecticides in the market, with a projected growth rate of 5.3% during the forecast period. The Asia-Pacific region is expected to be a leading market, reaching $7.2 billion by 2020, with India contributing over 50% of the revenue. Companies in this market are focusing on product launches to drive growth, exemplified by the introduction of new insecticides like Sequoia, Closer, and Sivanto by DOW Agroscience and Bayer Cropscience in the U.S. Key companies profiled in the report include BASF, Bayer AG, DOW Agriscience LLC, Syngenta AG, and others.

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