Organophosphate Pesticides Market to reach USD 8.78 Billion by 2021 at a CAGR of 5.5%
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The global organophosphate pesticide market has been estimated at USD 6.36 Billion in 2015 and is projected to reach USD 8.78 Billion by 2021, at a CAGR of 5.5% during the forecast period from 2016 to 2021. Organophosphate is the general name of esters of phosphoric acid. Organophosphate group of chemicals have many domestic and industrial uses, though they are most commonly used as insecticides.
Organophosphates were initially developed as highly toxic biological warfare agents in 1940s. These products have become one of the most widely used pesticide around the globe. The organophosphate substances work by blocking the enzyme acetylcholinesterase causing nervous and respiratory damages that result in the insects/pests death.
Organophosphate pesticides market is driven by the need to increase crop yield and efficiency. The worldâ€™s population is growing, but the farmlands have been decreasing pushing farmers to increase their yields. New farming practices are adopted by farmers all over the world to increase crop yields. These factors coupled with high performance and availability of organophosphates against insects and pests have led a continuous market growth for the industry.
Product development, sustainable farming options and growing demand from developing regions are identified as the opportunity segments for the industryâ€™s future growth. However, the toxicity of chemicals towards environment leads to regulatory issues in many regions. High research and development costs and a girth of alternative options may act as obstacles for market growth.
The market is classified based on the active ingredients, crop types and geography. Depending on active ingredients, the market is classified into Parathion, Malathion, Chloropyriphos, Diazinon, Dimethoate, Glyphosate, Methamidophos and and Other organophosphates. For various crops, diverse pesticides are used as they are classified into herbicide, insecticides, fungicides and other pesticides.
The market is also segmented by their usage in crops like cereals and grains, oilseeds, fruits and vegetables etc. Non-crop utilization of organophospahtes in turfs, ornamentals and others is also studied. Market study indicated that Cereals and grains consumed the highest market in the use of insecticide products. This can be attributed to the food safety and wide variety of uses of cereals and grains.
The market is also segmented geographically into North America, Europe, Asia-pacific, South America and Africa. Asia-Pacific has the largest consumer base in the world. North America and Europe followed the list. The rising disposable income levels, rising population and food security have made Asia-pacific, the region with maximum potential for growth.
The emerging economies including China, India, Vietnam and Thailand are the major consumers of organophosphate pesticide for application in various cereal and grain crops. After the cessation of use of organochloride insecticides, organophosphate pesticides became the most commonly used Pesticides in the United States. Due to strong government control over the harmful effects of chemicals over humans and environment, the market in Europe would grow at a rather static pace.
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Organophosphate pesticides gain popularity over low cost and ample availability compared to other classes of insecticides. Accounting for one-fourth of the global pesticides market share, the segment attracts great deal of investments from agricultural inputs companies. The major companies in global organophosphates pesticides market are DuPont, Cheminova AS, Syngenta, Bayer Cropscience AG, Yara International etc. All major companies are investing profoundly in new product development to keep up with competition and gain market share. Acquisitions, joint ventures and investments are seen as the short term strategies for market growth.
Key Deliverables in the Study
Market analysis for the Global Organophosphate Pesticides Market, with region specific assessments and competition analysis on global and regional scales
Market definition along with the identification of key drivers and restraints
Identification of factors instrumental in changing the market scenarios, rising prospective opportunities, and identification of key companies that can influence this market on a global and regional scale
Extensively researched competitive landscape section with profiles of major companies along with their market shares
Identification and analysis of the macro and micro factors that affect the Global Organophosphate Pesticides market on both global and regional scales
A comprehensive list of key market players along with the analysis of their current strategic interests and key financial information
A wide-ranging knowledge and insights about the major players in this industry and the key strategies adopted by them to sustain and grow in the studied market
Insights on the major countries/regions in which this industry is blooming and to identify the regions that are still untapped
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