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Organophosphates Pesticides Market Trends, Market Research And Forecast Report To 2033
Organophosphates Pesticides Market Trends
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According to The Business Research Company's, The organophosphates pesticides market size has grown strongly in recent years. It will grow from $7.6 billion in 2023 to $8.1 billion in 2024 at a compound annual growth rate (CAGR) of 6.6%. The growth in the historic period can be attributed to widespread adoption in agriculture, replacement of other pesticides, cost-effectiveness, broad spectrum of activity, ease of application.
The organophosphates pesticides market size is expected to see strong growth in the next few years. It will grow to $10.09 billion in 2028 at a compound annual growth rate (CAGR) of 5.7%. The growth in the forecast period can be attributed to demand for food security, emerging markets, integrated pest management (IPM), regulatory changes, climate change impact. Major trends in the forecast period include research and development, sustainability and eco-friendly alternatives, precision agriculture integration, biological pest control solutions, stringent regulatory measures.
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Market Drivers and Trends:
The rise in the prevalence of crop infections is expected to propel the growth of the organophosphate pesticide market going forward. Crop infections refer to diseases that can affect plants through wounds, stomata, or pores. Organophosphate pesticides are used for controlling diseases that affect crops and making sure the crops are protected. For instance, in June 2021, according to a report shared by the Food and Agriculture Organization (FAO), a US-based specialized agriculture agency, in 2020, 40% of the global crop production lost annually due to pests and the rise in seed- and soil-borne diseases. These plant diseases cost the global economy approximately $220 billion each year, while invasive insects cost around $70 billion. Therefore, the rise in the prevalence of crop infection is driving the growth of the organophosphate pesticides market.
Product innovations are a key trend gaining popularity in the organophosphate pesticides market. Major companies operating in the organophosphate pesticides market are focused on launching innovative products and solutions to sustain their position in the market. For instance, in February 2021, Bayer AG, a Germany-based pharmaceutical and biotechnology company, launched a new and innovative insecticide, the Vayego 200SC, that uses tetraniliprole, which is an active ingredient, to control pests such as caterpillars. Tetraniliprole, an active chemical provides good Lepidopteran species control in a variety of crops, including rice, vegetables, and plantation crops, with little harm to beneficial insects.
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Major Key Players of the Market:
BASF SE, Dow AgroSciences LLC, Bayer AG, Hebei Chenguang Pesticide Co Ltd., Yara International ASA, Sumitomo Chemicals, The Mosaic Company, Syngenta Crop Protection AG, Solvay S.A., The Monsanto Company, DuPont de Nemours Inc., Sociedad Quimica y Minera, United Phosphorus Limited, FMC Corporation, Adama Agricultural Solutions, Nufarm Ltd., Chambal Fertilizers and Chemicals Ltd., Croda International PLC, Tata Chemicals Ltd., Piramal Agro Ltd., Ishihara Sangyo Kaisha Limited, Godrej Agrovet Ltd., Anhui Huaxing Chemical Industry Co Ltd., American Vanguard Corporation, Cheminova A/S, Valent USA LLC, Rallis India Ltd., Isagro SpA, Shandong Longlive Agrochem Co Ltd., Nantong Evergreen Agrochemical Co Ltd., Jiangsu Huai'an Chemical Industry Group Co Ltd., Zhejiang Xinyi Agrochemical Co Ltd., National Fertilizers Ltd.
Organophosphates Pesticides Market 2024 Key Insights:
• The organophosphates pesticides market size is expected to see strong growth in the next few years. It will grow to $10.09 billion in 2028 at a compound annual growth rate (CAGR) of 5.7%.
• Organophosphate Pesticides Market Surges Amid Crop Infection Rises
• Innovative Product Launches Driving Growth In The Organophosphate Pesticides Market
• North America was the largest region in the organophosphates pesticides market in 2023
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