The global insecticides market will grow at a CAGR of 5.3% during the forecast period to reach USD 18,451.2 million by 2022, according to the latest publication from Meticulous Research®. The global insecticides market is primarily driven by the growing population, reduction of arable land, increasing crop losses due to insects, and advanced agricultural practices and technologies. Further, integrated pest management (IPM) and developing nations provide significant opportunities in this market. However, growing concern over side effects of insecticides, growing emphasize on bio-insecticides and organic farming, and stringent government regulations obstructs the growth of this market to some extent.
The global insecticides market is mainly segmented by type (chemical and biological), by chemical type (organophosphates, pyrethroids and pyrethrins, carbamates, cyclodiene organochlorines, neonicotinoids, benzoylureas, and others), by crop type (cereals and grains, oilseed and pulses, fruits and vegetables, turf grass and ornamentals, andothers), by application (foliar spraying, soil treatment, seed treatment, and post-harvest), by form (solid, liquid, and microencapsulated suspension).
Based on the product type, the chemical insecticides segment dominated the market in 2016 and is also estimated to continue its dominance over the forecast period, owing to its increasing usage in developing countries, easy availability, higher efficiency, and low cost as compared to biologicals.
On the basis of crop type, cereals and grains segment commanded the largest share in the global market in 2016, owing to the large production of cereal & grains across the globe and increasing adoption of insecticides by farmers to control the yield losses due to insects, especially in developing nations. On the basis of application, foliar spray segment held the largest share in the market in 2016. The large share of this segment is mainly attributed to its higher efficiency as compared to other modes of applications.
Geographically, Latin America accounted for the largest share in the global insecticides market in 2016, followed by Europe and Asia-Pacific region. The largest share of the Latin America region is mainly attributed to the large arable land, increasing demand for crop yield & efficiency, increasing crop yield losses, less stringent laws related to food safety, increased crop yield, higher adoption of advanced technologies, and availability of government funding. However, Asia-Pacific region is slated to register the fastest growth during the forecast period, primarily due to large area under agriculture cultivation, growing need to increase crop yield due to increasing population, increasing organic farming and use of biological fungicides, and increasing government funding.
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The leading companies have employed various strategies to expand their product and application offerings, global footprint, and augment their market shares. The key strategies followed by most companies in the global insecticides market were new product launches, mergers & acquisitions, and expansions. The key players in the global insecticides market are BASF SE, Syngenta AG, E.I. DUPONT De Nemours And Company, FMC Corporation, Sumitomo Chemical Co., Ltd, BAYER Cropscience AG, Nufarm Limited, The Dow Chemical Company, Marrone Bio Innovation, Monsanto Company, Arysta LifeScience, ADAMA Agricultural Solutions Ltd., Drexel Chemical Company, BioWorks Inc., Heranba Industries Ltd., and Novozymes A/S.
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