Insecticides Market 2015 Trends, Research, Analysis and Review Forecast 2023

Global Insecticides Market: Snapshot

The global population explosion put direct pressure on the agriculture industry to increase its yield of crops in the immediate future. This demand for high yield crops is the primary driver for the increasing demand for insecticides on a global level. The demand for higher yield is further complicated by the lack of arable land in terms of total crop output needed, compounding on the pressure for highly efficient insecticides and fertilizers. As stated by the World Bank, farmers are expected to increase their crop yield by 60% by 2050 in order to sustain the current increase in global population.

The demand for insecticides goes up even further with a growing threat of pest infestation. Climate change i.e., an increase in the global average temperatures, has brought about a growth in the number of crop-based infections, infestations, and weeds. Warmer winters cause most frost sensitive insects to now survive the winter and breed again in the summers, further increasing the number of moths, certain types of infestation beetles, aphids, and certain types of butterflies that are detrimental to crop yield.
The growth rate of the global insecticides market is therefore considered very high, despite it already being a large scale market. It is expected to progress at a CAGR of 5.1% from 2015 to 2023 in terms of revenue. The revenue is expected to reach US$2.75 bn by the end of 2016 and US$3.89 bn by the end of 2023.

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APAC Demand for Insecticides Remains High

By the end of 2023, Asia Pacific is expected to hold a 38.63% share in the volume of insecticides globally. The key reason for this is the primarily agrarian culture of the region, especially in nations such as India. Organophosphates is the leading insecticide type consumed in the region, similar to other major regions.

While the global average demand for insecticides is led by fruits and vegetables till 2023, it comes a close second to the leading demand for insecticides in oilseeds and pulses in Asia Pacific. Cereals and grains are expected to remain in the third position in terms of insecticides consumption rates.

China is expected to continue leading the demand for insecticides in Asia Pacific till 2023. In 2023, China is expected to hold a volume-based share of 53.57% within the Asia Pacific insecticides market.

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Biopesticides Expected to be the Future of Insecticides

Naturally derived chemicals that are used to combat insects and infestations in fields – commonly known as biopesticides – are showing a high growth in demand. A lot of biopesticides such as canola oil and baking soda are not only harmless to the environment, but are also very inexpensive to manufacture. Such insecticides can effectively be used in small scale farms as well as gardens due to their harmlessness towards animals and humans.

Biopesticides are fulfilling a major gap in the demand for insecticides that will not be toxic to the environment around them. This is a growing concern in the use of conventional insecticides, most of which are moderate to high in toxicity and need to be handle and disposed with care. The future of insecticides is expected to reside in the development of effective biopesticides.

The leading manufacturers of insecticides from a global standpoint include DuPont, Bayer AG, The Dow Chemical Company, Syngenta AG, BASF SE, ADAMA Agriculture Seolutions Ltd., FMC Corporation, and Sumitomo Chemical Co. Ltd.

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