Global Insect Growth Regulators Market - 2023-2030

Global Insect Growth Regulators Market - 2023-2030

Global Insect Growth Regulators Market reached US$ 2.48 billion in 2022 and is expected to reach US$ 3.98 billion by 2030, growing with a CAGR of 6.8% during the forecast period 2023-2030.

The demand for insect growth regulators is increasing for both agriculture and commercial purpose as they provide a unique mode of action than any other traditional chemical pesticides. The IGR often provides an integrated pest management program that helps in controlling the pest population while minimizing the environmental impacts. These factors help in driving the global insect growth regulators market.

Insect growth regulators growth is increasing among farmers than traditional insecticides as they work efficiently in killing the insects by targeting the nervous system of specific insects, and pests, and also offer a less harmful effect for beneficial insects. They also help in reducing the chemical deposition in plants, soil, which helps in minimizing pollution.

Furthermore, key players are focusing to produce wide varieties to attract large-scale consumers and to increase product usage. For instance, In March 2022, FMC India launched a new research-based insecticide Corprima™ which is Powered by leading Rynaxypyr® insect control technology, Corprima™ will offer superior crop protection against fruit borers, to support tomato and okra farmers in India.

Dynamics

Increasing Demand for Alternative Sources of Synthetic Inhibitors.

The demand for insect growth regulators is increasing as people become more concerned about the pesticidal residues which are being left over in the plants, and soil by usage of traditional chemical pesticides and inhibitors. Farmers are more attracted to IGR as they help increase crop productivity by showing less effect on beneficial organisms. These factors help in boosting market growth.

Furthermore, the demand for alternative sources is driving manufacturing companies to produce high-quality wide varieties to expand their market size. For instance, In June 2022, UPL Limited, a global provider of sustainable agriculture solutions, launched a new insecticide which is Flupyrimin with unique biological properties and residual control, effective against major rice pests. These products help in boosting the market.

Increase in Usage of IGR in Pest Management

The demand for IGR is increasing as they produce a unique mode of action than other traditional chemical pesticides. This mode of action targets specific life stages of insects making them inactive or kill, while being relatively safe for non-target organisms, and humans. Chitin synthesis inhibitors have been registered for use in many countries and used as pest control for soybean, cotton, apple, fruits, vegetables, and mosquitoes and pests of stored grain.

Furthermore, as consumer's demand for IGR for pest management increases, the key players are focusing to produce innovative products in order to attract larger-scale c offer a unique mode of action that differs from traditional insecticides, making them effective against pests that have developed resistance to other compounds. onsumers. For instance, In April 2022, BASF launched an Exponus® insecticide, which has a new mode of action for the control of key insect pests, Exponus® gives farmers a powerful, quick & versatile tool for controlling a variety of insect pests and overcoming resistance to prevailing chemistries, as part of integrated pest management program.

Slow Mode of Action

The slow mode of action of insect growth regulators can cause declination in market growth. Compare with traditional chemical pesticides the IGR requires more time for killing the pests, whereas traditional chemical pesticides work effectively on a large number of pests in a short period of time. These factors can hamper the market growth.

Furthermore, the Coragen insecticide a group 28 product provides numerous benefits such as reliable and consistent control of many pests in a wide variety of crops such as corn, cereals, oilseeds, and pulses. But it requires 7 to 21 days of residual control. This slow mode of action can make farmers opt for other alternatives. This can cause a decline in market growth.

Segment Analysis

The global insect Growth Regulators market is segmented based on product, form, distribution channel, application, and region.

Rising Demand For Effective Pest Management

The chitin synthesis inhibitors segment holds a major share of the global insect growth regulators market. The farmers are more willing to use chitin synthesis inhibitors as they target a wide range of insect species. CSIs have a unique mode of action and are effective insecticides. Which provides more challenges for insects to develop resistance quickly. These factors help in driving the market.

Furthermore, many manufacturers are focusing to produce innovative products in order to attract large-scale consumers. For instance, In March 2022, FMC India launched a new research-based insecticide Corprima which is Powered by leading Rynaxypyr® insect control technology, Corprima will offer superior crop protection against fruit borers, to support tomato and okra farmers in India.

Geographical Penetration

North America’s Growing Insect Growth Regulators Industry

The North American insect growth regulators market has witnessed significant growth and popularity covering maximum share in 2022. Farmers in this region showing more willingness to adopt the IGRs provide a unique mode of action that specifically target the growth and development of certain pest species. This specificity allows for more precise pest management and reduces the impact on beneficial insects.

Furthermore, the vast horticulture practices in that region have raised the demand for insect growth regulators usage in the region. For instance, according to the Government of Canada report of 2021, the total nursery area of Canadian ornamental farms is 15,669 hectares of the area which is 41.3% share of the total land. This can increase in adoption of the IGR market.

Competitive Landscape

The major global players include BASF SE, Bayer CropScience AG, Sumitomo Chemical Company Limited, Syngenta AG, Adama Agricultural Solutions Ltd., Russell IPM Ltd., HELM Agro US Inc., McLaughlin Gormley King Company(MGK), OHP, INC., and Central Garden & Pets Co.

COVID-19 Impact Analysis

COVID Impact

During the pandemic, many people started adopting pets to reduce mental stress. For instance, in Australia 1 in 5 families had acquired a new cat or dog during the pandemic, often to assist with family wellbeing. This has raised the demand for the usage of insect growth regulators which caused a positive impact on the global insect growth regulators market.

Russia- Ukraine War Impact

The ongoing conflict can create economic instability in the region. Uncertainty has damaged most agricultural lands which has effects the agricultural practices in that region and caused a negative impact on the consumers purchasing power. Many manufacturing companies are shut down due to lower exports and imports. This caused a negative impact on insect growth regulators market.

By Product
• Chitin Synthesis inhibitors
• Juvenile Hormone Analogs and Mimics
• Anti-juvenile Hormone agents
• Others

By Form
• Liquid
• Aerosol
• Bait

By Application
• Agriculture & Gardening
• Horticulture Crops
• Field Crops
• Turf & Ornamentals
• Others
• Livestock pest control
• Commercial Pest Control
• Health care Centers
• Ware houses
• Office Buildings
• Others
• Retail Stores
• Nature Camps
• Others

By Distribution Channel
• Company Stores
• Hypermarkets/Supermarkets
• E-Commerce
• Specialty Stores
• Others

By Region
• North America
U.S.
Canada
Mexico
• Europe
Germany
UK
France
Italy
Russia
Rest of Europe
• South America
Brazil
Argentina
Rest of South America
• Asia-Pacific
China
India
Japan
Australia
Rest of Asia-Pacific
• Middle East and Africa

Key Developments
• In April 2023, Insecticides (India) Limited acquired the industrial site spanning approximately 58,000 square meters, located within the Industrial Area of Sotanala, Alwar, Rajasthan. The primary intention behind this acquisition is to establish a state-of-the-art manufacturing facility for the Company.
• In January 2022, Syngenta Crop Protection AG acquired two next-generation bioinsecticides companies from UK-based which are NemaTrident® and UniSpore. A leading biocontrol technology developer, Bionema Limited.
• In January 2020, Crystal Crop Protection Ltd acquired three insecticide brands which are Dursban, Nurelle-D, and Predator in India from US-based Corteva Agriscience company.

Why Purchase the Report?
• To visualize the global insect growth regulator's market segmentation based on product, form, application, distribution channel, and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of insect growth regulators market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as Excel consisting of key products of all the major players.

The global insect growth regulators market report would provide approximately 64 tables, 72 figures and 181 Pages.

Target Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies