According to the latest report published by Credence Research, Inc., the global insecticides market was valued at US$ 18.47 Bn in 2017, expected to grow at a CAGR of 5.9% from 2018 to 2026.
Insecticides are solutions that are formulated to harm, repel, kill or mitigate one or more species of insects. Some insecticides are responsible for the disruption of the nervous system of the insects while the others damage the exoskeletons. Insecticides can be packaged in several forms inclusive of sprays and various others. Insecticides are highly used for crop protection. Insecticides were long popular in the residential sector as well, and were dominated by coils & mats. However, owing to the toxic substances that are present in them, manufacturers have put extra focus on developing more sophisticated products with minimal harmful ingredients. Moreover, the inclusion of natural ingredients in home insecticide products has further stimulated the growth of the insecticides market as well.
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Growing demand for crop protection is one of the key factors augmenting the growth of the insecticides. Growing demand for food products has attributed to the growth in demand for crop protection, which in turn has created several paths for the growth of the insecticides market. Approximately 1 billion metric tons of corn were produced during the period from 2017-2018, while close to 750 million metric tons of wheat were produced during the same period. Corn is considered to be the most important grain, mainly based on production volume. Corn is majorly used in the production of industrial ethanol. More than 35% of the corn produced in the U.S. were used to produce ethanol in 2016. These factors signify the high demand for insecticides in crop protection. Furthermore, demand for home insecticide products, the growth of which is attributed to the outbreak of several fatal diseases. India witnessed approximately 19,113 cases of dengue and chikungunya till May 2017. This has raised serious concerns among the residents in the country and called for a greater demand for home insecticide products.
Based on active ingredient, the organophosphorus segment accounted for the majority share in 2017. This ingredient finds major usages as an insecticide, hence dominating the market. Based on source, the synthetic segment accounted for the major market share in 2017, while the natural segment is expected to be the fastest growing segment during the forecast period. Based on form, the liquid segment dominated the market in 2017, followed by the dry segment. Further, based on end-use, the agriculture segment accounted for the majority share in 2017 on account of high usage of insecticides for the purpose of crop protection.
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Latin America dominated the global insecticides market in 2017, with Brazil and Argentina spearheading the growth of the market. The region plays an imperative role in the global agricultural trade. Asia Pacific is expected to display the fastest growth during the forecast period, with China, India and Japan expected capture a larger share of the market in the coming years. North America is a prime region for insecticides as well, with the U.S. being a key country for the growth of the insecticides market in North America.
The global insecticides market is marked by intense competition from the major players operating in this industry. Frequent mergers & acquisitions, joint ventures, product developments, and expansions are some of the key strategies adopted by these players in order to ensure long term sustenance in the insecticides market. Notable players operating in the global insecticides market include BASF S.E., Bayer CropScience, DowDupont Inc., FMC Corporation, Monsanto Company, Syngenta A.G., Adama Agricultural Solutions Ltd., Arysta Lifescience, Vanguard Corporation, NuFarm Ltd., Avon Products Inc., Enesis Group, ExOfficio LLC, Reckitt Benckiser Group Plc, and 3M Company among others.
Report Scope by Segments
By Active Ingredient Segment
- Eucalyptus Oil
- Citronella Oil
By Source Segment
By Form Segment
By End-use Segment
- Cereals & Grains
- Oilseeds & Pulses
- Fruits & Vegetables
By Geography Segment
- North America (U.S., Rest of North America)
- Europe (U.K., Germany, France, Rest of Europe)
- Asia Pacific (China, Japan, India,Rest of Asia Pacific)
- Rest of the World (Middle East & Africa, Latin America)
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