|02-08-2018 01:18 PM CET - Business, Economy, Finances, Banking & Insurance||
Global Organophosphate Pesticides Market is projected to reach $8.49 billion by 2022
Press release from: Market Data Forecast
Global Organophosphate Pesticides Market was worth $6.57 billion in 2017 and estimated to be growing at a CAGR of 5.27%, to reach $8.49 billion by 2022. Organophosphate Pesticides are one of the most commonly used groups of pesticides. In terms of significance, Organophosphate insecticides hold approximately 30% of the market share in the global insecticides' market by types.
Organophosphate pesticides are used for various crop types such as oil seeds, fruits & vegetables, grains & cereals. The organophosphate substances operate by hindering the enzyme acetyl cholinesterase, which in turn causes nervous and respiratory damages leading to the pest’s death. These pesticides are also comparatively low priced and extensively applicable.
The growth of the Global Organophosphate Pesticides market is majorly driven by factors such as wide range of pest control applications of organophosphate pesticides, lower price, and easy availability. Another major factor driving the market is the globally increasing population, which leads to the need for increase in crop yield. However, safer alternatives, volatile economies, and various environmental and health hazards linked with the chemicals from these pesticides are the major restraining factors for the market.
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The Global Organophosphate Pesticides market is segmented based on Ingredients, Type, and Application. The market for Organophosphate Pesticides, on the basis of Ingredients, is classified into Malathion, Diazinon, Glyphosate, Methamidophos, Dimethoate, Chloropyriphos, Parathion, and Other Organophosphates. On the basis of type, the global Organophosphate Pesticides market is segmented into Herbicide, Fungicide, Insecticide, and others. On the basis of Application, the global Organophosphate Pesticides market is segmented into Crop Based and Non Crop Based. Crop Based segment is further sub-segmented into Oil seeds, Fruits & Vegetables, Grains & Cereals, whereas Non Crop Based segment is further sub-segmented into Turf & Ornamental Grass and others. By application, grains & cereals lead the global market for Organophosphate Pesticides and this trend is anticipated to remain during the forecast period.
The market has also been geographically segmented into North America, Europe, Asia-Pacific and the Rest of the World. Asia Pacific has been leading the global Organophosphate Pesticides market and this trend is projected to stay in the near future. North America is the second major consumer of Organophosphate Pesticides, followed by Europe. Demand for Organophosphate Pesticides in North America and Europe is expected to grow at a slow rate largely owing to resilient government control, due to the dangerous effects of chemicals over humans and environment. Growing demand for Organophosphate Pesticides in South America is anticipated to offer huge growth prospect for the market.
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Accounting for approximately 30% of the global pesticides market share, the Organophosphate Pesticides market draws great deal of financing from agricultural input companies. The major companies dominating this market are Monsanto, DOW Agriscience LLC, Bayer Cropscience, Syngenta AG, BASF, Dupont, American Vanguard Corp, FMC Corporation, Adama Agricultural Solutions Ltd. and Nufarm.
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