Press release
Microencapsulated Pesticides Market CAGR of 12.34% From 2019 to 2024: Top Key Players Like BASF SE, The DOW Chemical Company, The Monsanto Company, Syngenta AG, FMC Corporation
Microencapsulated Pesticides Market
The Global Microencapsulated Pesticides Market is expected to register a CAGR of 12.34% from 2019 to 2024 and reach USD 712 million by the end of 2024. Microencapsulated pesticides are chemical fertilizers enclosed in a protective layer made of starch, plastic, or some other material. These pesticides are used for localized spraying of pesticides against targeted pests, insects, fungus, and weeds. It is available to plants as per requirement and to avoid toxic effects of pesticides on environment and human beings. There is a surging demand for microencapsulated pesticides as conventional pesticides reduce the soil fertility and have adverse effects on plant growth.
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The global microencapsulated pesticides market has been categorized on the basis of product, crop type, technology, application, and region. Based on product, the global microencapsulated pesticides market has been segmented into herbicides, insecticides, fungicides, rodenticides, and others. The insecticides segment dominated the global market in 2017 due to significant adoption rate and easy degradability. In addition to this, low leaching property of the product and major companies focusing on the development of insecticides formulation through R&D activities further drive the market growth. The herbicides segment is projected to grow at a healthy CAGR in the coming years due to surging demand for the product in controlling weed growth.
Competitive Analysis
BASF SE (Germany), Bayer Cropscience AG (Germany), The DOW Chemical Company (US), The Monsanto Company (US), Syngenta AG (Switzerland), FMC Corporation (US), ADAMA Agricultural Solutions Ltd. (Israel), Belchim Crop Protection (Belgium), Reed Pacific Pty Limited (Australia), UPL Corporation Ltd. (India), EcoSafe Natural Products Inc. (Canada), GAT Microencapsulation Gmbh (Austria), China National Chemical Corporation (China), McLaughlin Gormley King Company (US), and BotanoCap Ltd. (Israel) are some of the key players in the global microencapsulated pesticides market.
Market Segmentation
The global microencapsulated pesticides market has been categorized based on product, crop type, application, technology, and region.
By product, the global microencapsulated pesticides market has been classified into herbicides, insecticides, fungicides, rodenticides, others.
Based on crop type, the global microencapsulated pesticides market has been divided into cereals and grains, oilseed and pulses, fruits and vegetables, turf and ornamental.
Based on technology, the global microencapsulated pesticides market has been segmented into physical, chemical, physio-chemical, and others. The physical segment is further classified into centrifugal extrusion and vibrational nozzle. The chemical segment is further bifurcated into polymerization and interfacial polycondensation. The physio-chemical segment is further divided into ionotropic gelation and supercritical fluid precipitation.
By application, the global microencapsulated pesticides market has been bifurcated into agricultural and non-agricultural.
The global microencapsulated pesticides market has been analyzed across five major regions, namely Asia-Pacific, North America, Europe, Latin America, and the Middle East & Africa.
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Regional Analysis
Geographically, the global microencapsulated pesticides market has been studied across the five regions --Asia-Pacific, North America, Latin America, Europe, and the Middle East & Africa.
The European market held the largest market share in 2017 and is projected to grow at the highest CAGR in the coming years owing to government initiatives on consumption of controlled spraying of pesticides and increased focus on product innovation. Germany is the major contributor in the region owing to ban on certain toxic pesticides and due to the presence of major companies such as Bayer AG and BASF SE serving microencapsulated pesticides in nearby countries. Austria, France, Belgium, and Italy are other regions contributing to regional market growth.
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