In 2023, Malaysia's export of insecticides stood at 28.633 million kilograms, marking a steady growth trajectory over the previous decade. Analyzing the year-on-year variations, there was a noticeable increase of 3.31% from the previous year (2022). This continues a trend of growth seen consistently over recent years, with an average yearly CAGR of 2.3% in the last five years.
From 2013 to 2018, the market experienced fluctuations with some significant drops, but saw a robust growth of 21.22% in 2018. Post-2018, the growth remained steady with minor declines, maintaining an average economic incline. Moving into 2024 and beyond, the forecasted data suggests a consistent growth rate with a forecast 5-year CAGR of 2.22%, projecting to reach 32.957 million kilograms by 2028.
Future trends to watch for:
- Enhanced environmental regulations that could impact production and export quantities.
- Technological advancements in insecticide formulations leading to higher efficiency and possible market expansion.
- Fluctuations in global demand due to changing agricultural practices and pest resistance.
