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Pyrethroids Market Size, Growth And Forecast 2024-2033
Pyrethroids Market Size
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According to The Business Research Company's, The pyrethroids market size has grown strongly in recent years. It will grow from $3.71 billion in 2023 to $3.92 billion in 2024 at a compound annual growth rate (CAGR) of 5.7%. The growth in the historic period can be attributed to increased agricultural pest pressure, shift from organophosphates to pyrethroids, growth in urbanization and pest control, advancements in agriculture practices, public health concerns and vector control.
The pyrethroids market size is expected to see strong growth in the next few years. It will grow to $4.83 billion in 2028 at a compound annual growth rate (CAGR) of 5.3%. The growth in the forecast period can be attributed to growing demand for organic farming, emergence of new pest strains, expansion of public health programs, increasing awareness of insect-borne diseases, expansion of animal husbandry practices. Major trends in the forecast period include technological innovations in formulations, biopesticide alternatives to pyrethroids, precision agriculture and targeted application, collaboration for research and development, application in non-agricultural settings.
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Market Drivers and Trends:
The growing demand for insect-repellent products is expected to propel the growth of the pyrethroids market going forward. Insect-repellent products refer to substances or formulations designed to deter or repel insects, preventing them from landing on or biting humans, animals, or surfaces. These products are commonly used by individuals, especially in outdoor settings or areas with a high presence of insects. The growing demand for insect-repellent products formulated with pyrethroids is highly effective in repelling and controlling insects, including mosquitoes, ticks, flies, and other biting or nuisance insects. Their potency in protecting against these pests makes them a popular choice in insect-repellent formulations. For Instance, in May 2023, according to Eurostat, a European-based government agency, pesticides accounted for 355,175 tons of sales in Europe in 2021. This was a modest 2.7% rise over 2020 (346,000 tons). Fungicides and bactericides, herbicides, humus destroyers, moss killers, and insecticides and acaricides had the biggest sales volumes of pesticides in 2021, respectively (44%, 34%, and 14%). Therefore, the growing demand for insect-repellent products is driving the growth of the pyrethroids market.
Product innovations are a key trend gaining popularity in the pyrethroids market. Companies operating in the pyrethroids market are adopting new technologies to sustain their position in the market. For instance, in August 2023, Albaugh LLC, an Ankeny-based Chemical manufacturing company, launched new soybean insecticide called Afiado, which is a combination of Acetamiprid and Bifenthrin. The insecticide is intended to suppress soybean stinkbugs, a notoriously difficult-to-control pest in Brazil. Albaugh's commitment to agricultural innovation and sustainability is shown in the development of Afiado pesticide, which provides farmers with a new way to manage soybean stinkbugs and protect their harvests. This new chemical combines acetamiprid, a pyrethroid insecticide, with bifenthrin, a broad-spectrum insecticide that targets a variety of crop pests.
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Major Key Players of the Market:
BASF SE, Dow Inc., Bayer CropScience AG, Rallis India, Sumitomo Chemical Co Ltd., Heranba Industries Limited, Monsanto Company, DuPont de Nemours Inc., United Phosphorus Limited, FMC Corporation, Nufarm Limited, Meghmani Organics Ltd, Jiangsu Yangnong Chemical Co. Ltd., Nanjing Red Sun Co.Ltd., Bonide Products LLC, Gharda Chemicals Limited, Tagros Chemicals India Pvt Ltd., Bharat Rasayan Ltd., Hemani Industries Limited, Australian Botanical Products Pty Ltd, Adama Agricultural Solutions Ltd., Shandong Dacheng Pesticide Co. Ltd, Syngenta AG, SinoHarvest Corporation, Shanghai Mingdou Chemical Co Ltd., Dalian Sinobio Chemistry Co. Ltd, Boehringer Ingelheim Animal Health Inc, Jiangsu Huangma Agrochemicals Co. Ltd.
Pyrethroids Market 2024 Key Insights:
• The pyrethroids market size is expected to see strong growth in the next few years. It will grow to $4.83 billion in 2028 at a compound annual growth rate (CAGR) of 5.3%.
• Elevated Demand For Insect-Repellent Solutions Fuels Growth In The Pyrethroids Market
• Innovative In Bifenthrin Solutions Transforming Agriculture
• Asia-Pacific was the largest region in the pyrethroids market in 2023
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