Microencapsulated Pesticides Market Size, Share & Trends Analysis Report By Type (Insecticides, Herbicides), By Application (Agriculture, Non-agriculture), By Region, And Segment Forecasts, 2022 - 2030
Microencapsulated Pesticides Market Growth & Trends
The global microencapsulated pesticides market size is expected to reach USD 1.57 billion by 2030, as per the new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 12.7% from 2022 to 2030. The industry growth is majorly driven by the increasing usage of the Integrated Pest Management System (IPMS) and increased regulatory support restricting the extensive application of agrochemicals.
Microencapsulated capsules are pesticides coated in capsules made from plastic or starch which helps in protecting the pesticide from spoilage or leakage in the surrounding environment. It is mixed with water to spray on crops where the walls of the capsule break to release the pesticide on the affected crop. Thus, these factors of microencapsulated capsules contribute to IPMS practices adopted by people by restricting the usage of pesticides to affected crops only.
Increasing bans and restrictions on using some harmful chemicals in several regions have also contributed to the growth of microencapsulated pesticides. According to a report around 33% of total agricultural produce is lost due to the uncontrolled use of harmful pesticides. Additionally, around 2473 food alerts were reported in Europe for fruits and vegetables for the period 2015 to 2020. Thus, all these factors resulted in the implementation of regulations on the restricted use of pesticides which is acting as a driving force for the product market.
According to the Food and Agricultural Organization (FAO) of the United States, around 40% of crops globally are destroyed by pests annually. Every year plant diseases cost USD 220 billion to the global economy and invasive insects around USD 70 billion. All these factors are resulting in an increase in demand for microencapsulated pesticides year on year.
Microencapsulated Pesticides Market Report Highlights
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