Insecticides Market: Population Growth witnessed globally to Create Lucrative Prospects | 2023

The global insecticides market is moderately fragmented as the top three manufacturers of insecticides, namely Bayer AG, The Dow Chemical Company, and Syngenta AG, held nearly 35.1% of the overall market in 2014. Transparency Market Research (TMR) projected that the competition in this market will remain moderate till 2023. More than half of the market was held by a few prominent players in 2014, and are expected to sustain the same through the forecast period. The strong distribution channels built by the key players make it tough for regional players to expand and new players to enter this market.

In the report, Transparency Market Research has estimated that in 2016 the market was valued at US$2.75 bn, which is expected to reach the value of US$3.89 by the end of 2023. The market is expected to expand at a CAGR of 5.1% over the forecast period of 2015-2023.

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Biopesticides, one of the most commonly used insecticides, which are naturally derived chemicals are experiencing high growth in demand. Biopesticides such as baking soda and canola oil are harmless to the environment and are very inexpensive to manufacturing. These biopesticides can be effectively used for farms and gardens due to their harmlessness towards humans and animals. Geographically, the Asia Pacific market for insecticides holds dominance in the global market owing to large availability of agrarian land. Furthermore, the development in agricultural sectors in countries such as China and India is expected to assist the market of Asia Pacific to grow.

Limited Arable Land Fuels Demand for Effective Insecticides

The rising population witnessed around the world has put direct pressure on the agricultural industry to escalate the production of crops. This demand for high crop yield is the key driver for the global market for insecticides. Furthermore, the lack of arable land to keep up with the rising demand for crops, is fuelling the demand for more effective fertilizers and insecticides. The World Bank has stated that in order to sustain the needs of growing population, farmers are likely to adopt methods that would allow them increase their crop yield by 60% by the year of 2050. Furthermore, the rising threat of pest infestation boosting the market for insecticides. The rising global temperature is affecting the crop health and infecting plants with weeds, infestations, and infections. The number of crop-based infections are increasing due this rising temperature and various types of pollutions, which is fuelling the demand for efficient insecticides.

Adverse Effects of Chemical Insecticides Could Restrain the Market

Although insecticides help crops to resist infestation, studies have shown that regular use of insecticides, help pests to build resistance from insecticides. This resistance built in pests, lowers the effect of insecticides on crops. Furthermore, chemical insecticides have adverse effects on human health and environment. For instance, when insecticides are carried out by water to water bodies, they kill fish and other aquatic wildlife. However, to curb such adverse impacts, consumers to adopt natural insecticides such as biopesticides. Biopesticides are fulfilling the demand for non-toxic insecticides and are expected to enable growth in the global market of insecticides. Furthermore, the continuous research and development are expected to create more effective and cost-efficient biopesticides in the coming years thereby creating lucrative prospects for the market’s growth.

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