Insecticides Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

Insecticides Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

The insecticides market is projected to register a CAGR of 5.0% during the forecast period (2022-2027). Temporarily disruption in operations during the initial days of the COVID-19 lockdown resulted in the partial decline of the market. However, the operations resumed in a phased manner from the beginning of April 2020 as per instructions from government bodies across the world. Since the product falls under the essentials category, companies operating in the industry do not foresee any major impact on the business due to the pandemic.

The number of pests in different crops across the world is rising, and there is a tremendous increase in the number of insecticide-resistant pests. Insecticides can be used to control a variety of pests; however, over time, they lose their effectiveness as pests develop resistance. This results in a significant decrease in sensitivity to a pesticide, which reduces the field performance of pesticides. Reliance on insecticide-based pest management of insect pests often leads to the development of insecticide resistance. This pushes the insecticide manufacturers to invest more in their R&D activities.

The demand for professional pest management products is being driven by factors such as economic growth, urbanization, and the emergence of new pests and diseases. Consumers are increasingly looking for targeted and effective solutions with minimal environmental impact. Strict Regulations with regulations with respect to insecticides and high costs associated with molecule development may act as a barrier to the market in the years to come. However, given the profitability of the market, companies may still invest in insecticide development in the given period.

Insecticides Market TrendsNeed for Increased Agricultural Productivity Amid Declining Farm Land

According to the FAO, global food demand is expected to increase from 50% to 90% by 2050, owing to the expected increase in the global population by over a third, or 2.3 billion people, between 2009 and 2050. Due to the increasing population globally, the global food production needs are likely to increase by about 70% by 2050 to meet the growing food demand. This implies that there must be a significant increase in the production of certain food commodities. For instance, the production of cereals must reach around 3 billion metric ton by 2050, an increase from nearly 2.1 billion metric ton in 2018. The increased demand for food security has impacted the insecticide market affirmatively. This can be attributed to the high productivity of farms where appropriate usage of insecticides is practiced.

Many factors, from climate change to the outbreak of pests and lack of investment, have also restricted the production of food products. The percentage of the arable land area is falling in major countries such as United States, which indicates the need to enhance agricultural productivity to meet the population's rising demand. Thus, farmers are focusing on increasing productivity by reducing the damage caused by pests. Hence, the market for crop protection chemicals is expected to grow around the world.

Asia-Pacific is the Fastest-growing Market for Insecticides

The rise in the number of resistant pests, increasing food demand, and the need for increased agricultural productivity are the major factors driving the insecticide market in the Asia-Pacific region. China captures the largest share in the Asia-Pacific insecticides market. However, the use of insecticides on agricultural crops in the country has declined in recent years, as the increased use of chemical insecticides, leading to environmental degradation, is causing severe soil pollution.

Farmers are anticipated to increase production by improving productivity through the use of pesticides to control the damage caused by pests. The lack of appropriate application of insecticides, along with the adverse climatic conditions, will reduce the yield by 30.0%. With the rising awareness regarding the impact of chemical insecticides on the health of humans, the gradual shift toward the usage of eco-friendly, natural insecticides and bioinsecticides by farmers has been observed in the region.

The region is also characterized by highly evolved technological advancements, which, in conjunction with increasing investments in R&D of biological insect control products, would serve the increasing domestic demand for quality food. The aforementioned factors can be attributed to the growth of the market in the region.

Insecticides Market Competitive Analysis

The insecticides market is consolidated, with major players holding 47.0% of the market share and others holding the remaining 53.0%. Syngenta AG, Bayer CropScience, FMC Corporation, ADAMA Agricultural Solutions Ltd, and BASF SE are the major players in the market studied. Players are likely to make efforts to make the market studied more consolidated in the future, as they have been expanding their business by adopting various strategies, such as mergers and acquisitions, expansions, partnerships, and product launches.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Please note: This publisher does offer titles that are created upon receipt of order. If you are purchasing a PDF Email Delivery option above, the report will take approximately 2 business days to prepare and deliver.