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Insecticides Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

Insecticides Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

  • April 2021
  • 142 pages
  • ID: 6067767
  • Format: PDF
  • Mordor Intelligence LLP

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The global insecticides market was valued at USD 12.11 million in 2020. It is projected to increase to USD 17.70 million by 2026, registering a CAGR of 5.0% during the forecast period (2021-2026). Temporarily disruption in operations during the initial days of the COVID-19 lockdown resulted in the partial decline of the market. However, the operations were resumed in a phased manner from the beginning of April 2020 as per instructions from Government bodies across the globe. Since the product falls under an essentials category, companies operating in the industry don’t foresee any major impact on the business due to the pandemic.

The growing demand for food security in the Asia-Pacific region on account of the rising population has resulted in the increased usage of insecticides. These factors can be attributed to the growth of the insecticide market in the Asia-Pacific region.

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. This results in 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. This pushes the insectiides manufacrturer to invest more on their R&D activites.

The demand for professional pest management products is being driven by factors, such as economic growth, urbanization, and the emergence of new pests and diseases. Consumers are increasingly looking for targeted and effective solutions with minimal environmental impact.

Key Market Trends
Increasing Food Demand and Need for Increased Agricultural Productivity

According to FAO, global food demand is expected to increase from 50% to 90% by 2050, owing to the expected increase in global population by over a third, or 2.3 billion people, between 2009 and 2050. Due to the increasing population, globally, the global food production needs are likely to increase by about 70% by 2050, to meet the growing food demand. This implies that there must be a significant increase in the production of certain food commodities. For instance, the production of cereals must reach around 3 billion metric tons by 2050, an increase from nearly 2.1 billion metric tons in 2018. The increased demand for food security has impacted the insecticide market affirmatively. This can be attributed to the high productivity of farms where appropriate usage of insecticides is practiced. Many factors, from climate change to the outbreak of pests and lack of investment have also restricted the production of food products. The percentage of the arable land area is falling in major countries such as the United States, which indicates the need to enhance agricultural productivity to meet the rising demand of the population. Thus, farmers are focusing on increasing productivity, by reducing the damage caused by pests. With proper pest management and the use of crop protection products, such as insecticides, fungicides, and nematicides. Hence, the market for crop protection chemicals is expected to grow, around the world.

Asia-Pacific is the fastest growing market for insecticides

The rise in the number of resistant pests, increasing food demand, and the need for increased agricultural productivity are the major factors driving the insecticide market in the Asia-Pacific region. Farmers are anticipated to increase production by improving productivity through the use of pesticides to control the damage caused by pests. The lack of appropriate application of insecticides along with the adverse climatic conditions will reduce the yield by 30.0%. With rising awareness regarding the impact of chemical insecticides on the health of humans, the gradual shift towards the usage of eco-friendly, natural insecticides and bioinsecticides by farmers has been observed in the region. The region is also characterized by highly evolved technological advancements, which, in conjunction with increasing investments in R&D of biological insect control products would serve the increasing domestic demand for quality food. The aforementioned factors can be attributed to the growth of the market in the region.

Competitive Landscape
The global insecticides market is consolidated, with major players holding 47.0% of the market share and others holds 53.0% of the market share. Syngenta AG, Bayer CropScience, FMC Corporation, ADAMA Agricultural Solutions Ltd, and BASF SE are the major players in the market studied. Players in the market studied are likely to make efforts to make the studied market more consolidated in the future, as they have been expanding their business by adopting various strategies, such as mergers and acquisitions, expansions, partnerships, and product launches.

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