Insecticides market is anticipated to witness growth owing to increasing pressure to meet rising food demand among consumers, continually increasing population coupled with reduction in arable land. Furthermore, farmers in various regions intend to reduce losses and hence employ insecticides which aid in increasing yield and quality of crops thus increasing profitability. This is likely to fuel insecticide market over the next six years. Global insecticide market is primarily driven on account of modern farming techniques, protected agricultural practices in various regions, emerging technologies in the farming sector and high returns on investment. Furthermore, numerous companies continually invest in research and development to introduce new products in order to meet changing customer requirements.
Insecticides are primarily a type of pesticides that are employed to kill or inhibit the growth of insects. The insecticides market in segmented based on various types of products including pyrethroids, neonicotinoidsn, organophosphorus compounds and methyl carbamate. Organophosphorus compounds are anticipated to witness highest market growth among other insecticides on account of their multiple uses including as a systematic or contact insecticide and as a fumigant. However, organophosphorus compounds are known to be lethal to humans as well as environment. This is likely to restrict its market over the forecast period.
Asia Pacific is likely to witness above average growth for insecticides owing to increasing agricultural activities in developing countries such as India and China. India is likely to witness significant growth on account of high production of agricultural crops including paddy, sugarcane and cotton. Increasing population coupled with rising demand for food is likely to propel insecticide market over the forecast period. Furthermore, demand for insecticides in developed regions including North America and Europe is likely to decrease on account of increasing production of genetically modified (GM) crops. These crops are pest resistant and hence do not require insecticides. This is likely to be a major restraint for insecticide market in these regions over the projected forecast period.
Key companies present in the insecticides market include FMC Corporation, Syngenta AG, Cheminova As, BASF, DuPont, Sumitomo Chemical Company, Nufarm Limited, Bayer CropScience and Makhteshim Agan Industries.
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