The insecticides market was valued at USD 14.63 billion in 2018 and is expected to register a CAGR of 5.1% during the forecast period, 2019
NEW YORK, Sept. 11, 2019 /PRNewswire/ --
Market Overview
The insecticides market was valued at USD 14.63 billion in 2018 and is expected to register a CAGR of 5.1% during the forecast period, 2019-2024.
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- The number of pests in different crops, across the world, is rising, and there is a tremendous increase in the number of insecticide-resistant pests.
- Insecticides can be used to control a variety of pests; however, over time, they lose their effectiveness, as pests develop resistance, a significant decrease in sensitivity to a pesticide, which reduces the field performance of pesticides.
- Reliance on insecticide-based pest management of insect pests often leads to the development of insecticide resistance.
Scope of the Report
All active ingredients that are used to control insect pests, including biological insecticides and antimicrobial insecticide, have been considered within the research scope. The market under study includes insecticides applied by owners or operators and commercial applicators, to farms and facilities that are involved in the production of raw agricultural commodities, fiber, mainly food, and tobacco. The market under study also includes crop and field applications, as well as non-crop and post-harvest use in agriculture.
Key Market Trends
Increasing Food Demand and Need for Increased Agricultural Productivity
According to FAO, the food demand in the United States is expected to increase by 50% to 90% by 2050. The world population is expected to grow by over a third, or 2.3 billion people, between 2009 and 2050. Many factors, from climate change to the outbreak of pests and lack of investment, make it challenging to produce enough food. The demand for food is expected to increase in the near future due to the increasing population, as well as rising income of individuals, in the United States. The percentage of the arable land area is falling in the United States, which indicates the need to increase agricultural productivity to meet the increasing demand of the US population, as well as of the countries that import from the United States. Owing to these trends, the market demand for food is expected to increase, thereby, increasing the demand for insecticides, globally.
Increasing Insecticide Consumption in the Asia-Pacific Region
Rise in the number of resistant pests, increasing food demand, and need for increased agricultural productivity are the major factors driving the insecticides market in the Asia-Pacific region. Farmers will need to increase production by increasing productivity and using pesticides to control the damage caused by pests. Without the use of crop protection products, such as insecticides, the overall food production may decline, as due to climate changes and pests, farmers are facing yield fluctuations by about 30%. Owing to the above reasons, Asia-Pacific is the largest market in terms of insecticide consumption.
Competitive Landscape
In the insecticides market, companies are adopting various strategies, such as product launches, partnerships, and acquisitions, to gain a larger share in the market. The global insecticides market is a largely consolidated market, with the top seven companies accounting for around 40% of the total market.
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