Insecticides Market to Witness Comprehensive Growth by 2020
On the basis of the chemical composition of the insecticides, the global insecticides market is broadly categorized in five different segments namely organophosphorus compounds, pyrethroids, neonicotinoids, methyl carbamates, and others. Based on crops type, the pesticides market is categorized as cereals & grains, oilseeds & pulses, fruits & vegetables, and others.
Growing concerns of insect transferable diseases and trend towards disease prevention rather than cure and growing commercial pest management service industries are some of the predominant driver of the market. Moreover growth in demand for food grains owing to increasing global population coupled with reducing per capita farm land due to surging urbanization and industrialization is further driving the insecticides market.
The increasing research and development (R&D) in the fields of bio-insecticides in order to compete with demand of health and nature friendly insecticides is most prominent recent trend in global agrochemicals market. The toxic properties of insecticides are hazardous for the small children and domestic pets and hence proper handling and secure operating methods are required which is hindering the overall popularity of insecticides for domestic use.
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Asia Pacific is the largest market for insecticides followed by North America and Europe. Per hectare consumption of insecticides is highest in North America. However due to large diversity of flora and fauna the consumption of insecticides is highest in Asia Pacific. Moreover with growing health concern coupled with increasing exports of food grains from developing countries such as India and China, the market for insecticides is expected to witness a double digit growth in Asia Pacific. The U.S. is the largest producer of insecticides in North America. Japan and China are two major producers of agrochemicals in Asia Pacific.
The insecticide market is consolidated with top six manufactures accounting for more than 50% of the total market share. Some of the major companies operating in global insecticides market include, E.I. DuPont De Nemours & Company, BASF SA, Cheminova As, Dow Chemical Company, Bayer Cropscience AG, Makhteshim Agan Industries, Nufarm Limited, Syngenta AG, Sumitomo Chemical Company Ltd., and FMC Corporation
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