Thedominance of well-established and larger players has rendered the competitivelandscape of the globalinsecticide market significantly consolidated. Therefore,the focus is on expanding their regional footprint besides retaining theirexisting market share. To achieve this, the market players are strategizing thelaunch of novel products. Besides this, several of them have taken up onstrategic collaborations, which some have entered into mergers and acquisitionsto explore newer and more lucrative markets, finds Transparency Market Research(TMR) in a new study. “Over the next few years, the companies operating in theglobal insecticide market are likely to focus on sustainable practices andintegrated pest management techniques in order to improve crop yield withoutadversely affecting the environment,” said a lead TMR analyst.
Accordingto TMR, the global insecticide market is forecast to US$23 mn by the end of2025, from US$14.6 mn, which was its value in 2016. During this period, themarket is expected to exhibit a CAGR of 5.3%. In terms of value, the globalinsecticide market was led by organophosphates in the product category in 2016.Regionally, Asia Pacific showcased the most lucrative prospects in terms ofvolume, trailed by Latin America in the same year. The presence of large arableland supported the market’s expansion in Asia Pacific. Besides this, theinsecticide markets in North America and the Middle East and Africa areexpected to expand considerable during the forecast period.
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Marketto Expand as Companies Adopt Innovative Strategies for Growth
Innovativestrategies adopted by the market players to emerge at the fore, besidesgovernment initiatives over the past few years aimed at supporting agriculturalgrowth have tilted scales in favor of the global insecticide market. Positiveoutcome of government campaigns conducted across the US, Nigeria, and India hasencouraged several other countries to follow the drill and spread awarenessregarding vector diseases affecting agriculture. Various NGOs have come forwardto support the cause. For instance, the WHO has various programs implemented topropagate healthy agricultural practices across the world. Such efforts willhave a strong influence on the overall insecticide market.
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As thedemand for insecticide rises further, the competition prevailing in the globalmarket will get steeper. To counter this, several companies are likely to focuson diverse marketing channels such as the internet, radio, newspapers, and billboards.In addition, the market players are also looking to spread awareness regardingvarious vector diseases. Also, several companies are regionalizing theirmarketing efforts in a bid to gain increased traction in the coming years. Suchexpansion strategies adopted by the market players have the ability ofaffecting the insecticide market positively in the coming years.
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Certain Properties ConsideredHazardous to Children Could Hinder Growth
Otherfactors that will contribute significantly toward the market’s expansion in thecoming years include escalating concerns of diseases transferable by insects,commercial availability of pest management services, and focus on preventingdiseases rather than cure will aid the market’s expansion in the coming years.The market will also benefit from research and development in the field ofbio-insecticides market. On the downside, the toxic properties present ininsecticides are considered hazardous for domestic pets and young children.While this could be a key challenge for the market, secure operating methodsand proper handling can help keeping the hindrance at bay.
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