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Insect Growth Regulator Market Share, Latest Trends, Growth Status, Top Major Players And Forecast To 2033
Insect Growth Regulator Market Share
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According to The Business Research Company's, The insect growth regulator market size has grown strongly in recent years. It will grow from $0.94 billion in 2023 to $1.01 billion in 2024 at a compound annual growth rate (CAGR) of 7.9%. The growth in the historic period can be attributed to growing pest problems, environmental concerns, regulatory support, advancements in formulations.
The insect growth regulator market size is expected to see strong growth in the next few years. It will grow to $1.36 billion in 2028 at a compound annual growth rate (CAGR) of 7.7%. The growth in the forecast period can be attributed to growing agricultural practices, increased pest resistance, expanded application areas, consumer preferences, global climate change. Major trends in the forecast period include technological advancements, expanding application across industries, advancements in formulations, increasing focus on non-target species, technological advancements, market consolidation.
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Market Drivers and Trends:
The growing usage of environment-friendly pesticides is significantly contributing to the growth of the insect growth regulators market. Pesticides are chemical elements that are supposed to kill pests such as a virus, bacterium, antimicrobial, or disinfectant that deters, incapacitates, and kills, pests. Environment-friendly crop protection products are being used in organic farming which rapidly degrades and has a minimal environmental impact as these products are derived from natural sources. In addition, it also minimizes the potential risk of chronic poisoning caused by chemical insecticides among its applicants. For instance, in June 2021, according to a report shared by MDPI, a Switzerland-based organization for deposit and exchange of molecular and biomolecular samples, currently on the market, Bacillus thuringiensis, also known as Bt, is the source of about 90% of the microbial biopesticides. There are more than 200 items accessible on the US market, compared to only 60 comparable products on the EU market. Globally, the usage of biopesticides is rising by about 10% annually. Therefore, increasing demand for the growing usage of environment friendly pesticides contributes to the growth of the insect growth regulators market.
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
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Major Key Players of the Market:
Bayer CropScience LLC, Syngenta AG, Valent U. S. A Corporation, Russell IPM Ltd., Nufarm Limited, ADAMA Agricultural Solutions Ltd., OHP Inc., McLaughlin Gormley King Company, Dow Inc., Sumitomo Chemical Company Limited, Corteva Agriscience Inc., BASF SE, Element Solutions Inc., Central Garden & Pet Company, Helm Agro US Inc., Control Solutions Inc., Central Life Sciences LLC, Zoecon Professional Products, Panpan Industry Group Co. Ltd., Averstar Industrial Co. Ltd., Algenex S. L., Ÿnsect SAS, Oxitec Ltd., Protix Biosystems, MealFood Europe S. L., Smart Resilin Ltd., Hexafly, Norbite, Koppert Biological Systems, Biobest Group NV, Suterra LLC
Insect Growth Regulator Market 2024 Key Insights:
• The insect growth regulator market size is expected to see strong growth in the next few years. It will grow to $1.36 billion in 2028 at a compound annual growth rate (CAGR) of 7.7%.
• Environment-Friendly Solutions Fuel The Insect Growth Regulators Market
• Modern Innovations Powering The Insect Growth Regulators Market
• Asia-Pacific was the largest region in the regulator market in 2023 and is also expected to be the fastest-growing region in the forecast period
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