Global Pyrethroid Market - 2023-2030

Global Pyrethroid Market - 2023-2030

Market Overview

The global pyrethroid market reached US$ XX million in 2022 and is projected to witness lucrative growth by reaching up to US$ XX million by 2030. The market is growing at a CAGR of 6.4% during the forecast period (2023-2030).

Pyrethroids are being employed for commercial purposes because they are effective against arthropods (insects) in homes. Due to the continuously growing population, a rise in the need for food is anticipated to support pyrethroid market growth globally over the forecast period. The ever-growing global population and household size are driving demand for hygiene goods, which will open up new prospects for the expansion of the global pyrethroid market over the forecast period.

Market Dynamics

The need for food is increasing due to the continuously expanding population

People contribute to the global food demand, which is rising drastically every day. Farmers are aiming for crop security as a major approach to meet the need for food globally. Insecticide use on crops is a well-established technology, and industrialized countries have witnessed a huge demand for pyrethroid to improve the world food supply and prevent agricultural degradation. Currently, every effort is being made to boost crop productivity.

For instance, according to the UN Population Division, Asia, which is home to 60% or more of the world's population (especially in India, China, and South-East Asia), will have the greatest population growth by 2050. It is anticipated that a sizable amount of crop protection chemicals will likely be required to boost food production for the growing population in the world. Thus, it is projected that the market for pyrethroids is estimated to grow over the forecast period due to the growing population and rising food needs.

Growing demand for agricultural crops is boosting the market growth

Pyrethroid market trends include the growing need for pest management in agriculture, owing to quality and quantity concerns of agricultural produce, which is further boosting the demand for pyrethroid across the globe. The increase in population has been increasing the demand for food crops and commercial crops. Pyrethroids and other forms of pesticides evolved as essential tools for farmers and crop growers to increase food productivity.

According to the Food and Agriculture Organization (FAO), the global population is likely to reach 10 billion by 2050, which would result in a growth of over 50% in agricultural demand as compared with 2020. The increasing population across the world leads to a high demand for agricultural crops for their food, which, in turn, drives the pyrethroid market growth.

COVID-19 Impact Analysis

The COVID-19 analysis includes Pre-COVID Scenario, COVID Scenario and Post-COVID Scenario along with pricing dynamics (including pricing change during and post-pandemic comparing it with pre-COVID scenarios), demand-supply spectrum (shift in demand and supply owing to trading restrictions, lockdown, and subsequent issues), government initiatives (initiatives to revive market, sector or industry by government bodies) and manufacturers strategic initiatives (what manufacturers did to mitigate the COVID issues will be covered here).

Global Recession/ Ukraine-Russia War/COVID-19/ Artificial Intelligence Impact Analysis:

The COVID-19-related shortage of workers and factory closures, the first of multiple interruptions that led to instability in the insecticides market, started in the year 2020 Russia-Ukraine war and made an already precarious global supply position worse.

Russia stopped a large number of shipments in reaction to international economic sanctions. Although shipments of insecticides were not specifically prohibited, Russia's Ministry of Industry and Trade advised its pyrethroid producers to temporarily halt exports of their goods due to shipping concerns. In order to ensure a sufficient supply for domestic farmers, Russia later imposed additional export limits on chemical fertilizers & insecticides that will run through May 2023. In addition, due to global financial restrictions and security worries, maritime corporations as well as Western financing and vessel insurance firms avoided Russia.

Segment Analysis

The global pyrethroid market is segmented based on type, end user, and region.

The type1 segment held the largest market share due to increased usage of Bifenthrin

Based on type segment, the type1 pyrethroid segment held the largest pyrethroid market share of around 60% in 2022. Bifenthrin, a non-alpha cyano-pyrethroid pesticide, is used globally to control a variety of agricultural pests. Because of its low vapor pressure, poor water solubility, and favorable hydrolysis and photolysis stability, bifenthrin may be an effective pesticide when used in mosquito netting.

Bifenthrin pyrethroids are offered for household usage in low concentrations in the United States and are not regarded as prohibited chemicals. In addition to being effective against aphids, worms, other ants, gnats, moths, beetles, termites, and many other insects, bifenthrin is frequently employed on a large scale to combat invading red fire ants. Additionally, it is widely used in the agriculture sector on some crops, such as corn, and in the textile industry to shield woolen items from insect assault.

Geographical Penetration

Asia Pacific held the largest market share of pyrethroid with a higher rate of CAGR. In India, it's estimated that the chance of agrarian workers in the total manpower would drip to 25.7 by 2050 because of urbanization whereas the total population is anticipated to grow to 1.64 billion. So, it's important to acclimatize to technological advancements to enhance effectiveness in order to meet the boosting food demand.

Penetration situations of fungicides are also fairly low in Asian countries, which are anticipated to increase in the future. For instance, the total irrigated crop area in India was 215.6 million acres in 2020 and the fungicides request is US$ 3.18 billion whereas, in the US, the irrigated crop area was 55.9 million acres whereas fungicides request was US$ 16.74 billion. The adding consciousness among cultivators about the increase in productivity by using fungicides and germicides will boost the market growth in the coming eras.

Competitive Landscape

The major global players in the market include The Merck Group, Bayer AG, Sumitomo Chemical Co., Ltd., Syngenta AG, Heranba Industries Limited, Tagros Chemicals India Ltd., Nufarm, BASF SE, ADAMA Agricultural Solutions, and FMC Corporation.

Why Purchase the Report?
• To visualize the global pyrethroid market segmentation based on type, end user, and region, as well as understand key commercial assets and players.
• Identify commercial opportunities in the market by analyzing trends and co-development.
• Excel data sheet with numerous data points of pyrethroid market-level with all segments.
• PDF report consisting of cogently put-together market analysis after exhaustive qualitative interviews and in-depth market study.
• Product mapping available as Excel consisting of key products of all the major market players.

The global pyrethroid market report would provide approximately 93 tables, 109 figures and 190 Pages.

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