Biocides Market Outlook 2024 : Expected Market Growth Rate, Major Driver And Segments

"The Business Research Company recently released a comprehensive report on the Global Biocides Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The biocides market size has grown strongly in recent years. It will grow from $12.31 billion in 2023 to $13.08 billion in 2024 at a compound annual growth rate (CAGR) of 6.2%. The growth in the historic period can be attributed to growing population and urbanization, expansion of healthcare sector, increasing awareness of hygiene, rising concerns about water quality, stringent regulations on preservatives, preventive measures in agriculture.

The biocides market size is expected to see strong growth in the next few years. It will grow to $17.23 billion in 2028 at a compound annual growth rate (CAGR) of 7.1%. The growth in the forecast period can be attributed to development of bio-based biocides, expansion of oil and gas exploration, demand in wood preservation, increasing consumer awareness, focus on antimicrobial textiles, growth in personal care products. Major trends in the forecast period include increased use in water treatment, innovations in microbial control, biosecurity measures in agriculture, rise in antifouling solutions, emerging technologies in biocide delivery.

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Market Drivers and Trends:

Increasing demand for the food and beverage industry is expected to propel the growth of the biocides market going forward. The food and beverage industry refers to the sector of the economy that involves the production, processing, distribution, and sale of food and drink products. It encompasses a wide range of businesses and activities, including agriculture, food manufacturing, and food service, retailing, and catering. Biocides are used in the food and beverage industry to control microbial growth, prevent foodborne illness, and extend the shelf life of food and beverages. For instance, in April 2022, according to reports shared by the Common Thread Collective, a US-based e-commerce growth agency, global food and beverage sales were $506 billion in 2022 and are expected to reach $857 billion by 2025. Furthermore, in September 2022, according to Statistics Sweden, a Sweden-based government agency, food and beverage sales in 2021 were $30.74 billion (SEK 334 billion), an increase of 2.9 percent, or $8.28 billion (SEK 9 billion), from 2020. This rise is the result of a 2.5 percent rise in sales volume and a 0.4 percent rise in food and beverage prices. Therefore, the increasing demand for the food and beverage industry is driving the growth of the biocides market.

Major companies operating in the animal and biocides market are focused on developing innovative products such as ENTAZIA to help rice farmers protect their crops and increase their yields. ENTAZIA is a broad-spectrum biocide that is effective against a wide range of plant diseases, including rice leaf blight. It is also a highly selective biocide, meaning that it is effective against harmful organisms while leaving beneficial organisms unharmed. For instance, in August 2023, FMC Corporation, a US-based chemical manufacturing company, launched its new biocide, ENTAZIA, in India to combat rice leaf blight. ENTAZIA is a new-generation biocide that is based on a unique active ingredient, fluopicolide. It has broad-spectrum activity, high selectivity, systemic action, and low environmental impact. Overall, ENTAZIA is a powerful and effective biocide that can help rice farmers protect their crops and increase their yields.

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Major Key Players of the Market:

Chem Treat Inc., The Dow Chemical Company, LANXESS AG, Thor Group Limited, BASF SE, Kemira Oyj, Solvay SA, Nouryon Holding B.V., Solenis LLC, Veolia Environnement S.A., Troy Corporation, Sigma-Aldrich Corporation, BWA Water Additives, General Electric Company, Italmatch Chemicals S.p.A., Ecolab Inc., Evonik Industries AG, Clariant AG, Corbion NV, Kemin Industries Inc., Albemarle Corporation, Berkshire Hathaway Inc., Reckitt Benckiser Group plc, GOJO Industries Inc., Henkel AG & Co. KGaA, Unilever N.V., Akzo Nobel NV, Buckman Laboratories International Inc., Hexion Inc., Lonza Group Ltd.

Biocides Market 2024 Key Insights:

• The biocides market size is expected to see strong growth in the next few years. It will grow to $17.23 billion in 2028 at a compound annual growth rate (CAGR) of 7.1%.
• Antimicrobial Protection Fuels Growth Across Diverse Industries
• Fmc Corporation Launches Entazia, A Next-Generation Biocide For Rice Farmers
• Asia-Pacific was the largest region in the biocides market in 2023

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