CLEVELAND, Feb. 6, 2017 /PRNewswire/ -- While herbicides are the most significant product at the active ingredient level (in both dollar and pound terms), insecticides surpassed herbicides in 2015 to become the most significant category for formulated pesticide products due to the significantly higher markups seen in these products. Going forward, newer, safer, higher-value products will support the fastest gains in insecticides. These and other trends are presented in Agricultural Pesticide Market in the US, a new study from The Freedonia Group, a Cleveland-based industry research firm.
Demand for insecticide active ingredients is projected to increase 2.6 percent per year to $910 million in 2020. Volume is expected to stay flat at 57 million pounds over the same period. Even faster growth for insecticides is limited by a number of factors. The market continues to be dominated by a small handful of products, and the deregulation and introduction of new insecticides has been slow and limited. The increases in practices like integrated pest management have hampered growth in the insecticide market, and the continued success of bioinsecticides and genetically modified plants has limited the need for conventional insecticides.
Another matter impacting insecticide demand is the continued trend toward formulations with lower levels of active ingredient. This trend has resulted from several factors, including the introduction of more potent active ingredients, improved adjuvants, and concerns regarding the high levels of pesticide residues being released into the environment.
More information about the study is available at http://www.freedoniagroup.com/industry-study/agricultural-pesticide-market-in-the-us-by-type-and-crop-3484.htm
About The Freedonia Group – The Freedonia Group, a division of MarketResearch.com, is a leading international industrial research company publishing more than 100 studies annually. Since 1985 we have provided research to customers ranging in size from global conglomerates to one-person consulting firms. More than 90% of the industrial companies in the Fortune 500 use Freedonia Group research to help with their strategic planning. Each study includes product and market analyses and forecasts, in-depth discussions of important industry trends, market share information and profiles of the leading industry players. Additional Chemical Reports can be purchased at www.freedoniagroup.com and are also available on www.marketresearch.com and www.profound.com.
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SOURCE The Freedonia Group