The substance that is produced in the form of gel, spray, powder to exterminate the insects and parasites that habitat in the environment is called as insecticides. The effect of these can be instant in some cases or may result in a certain delay of time. Pesticide products are made from synthetic chemicals and organic compounds. The selection of these substances depends on its application. Some type of the insecticides damages the exoskeleton whereas another type disrupts nervous system of the pests and insects. The home application also plays an important role in motivating the market growth.
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Insecticidal products are globally utilized by the individual farmers and commercial farming companies. Based on the product, the global insecticides market is segmented as organophosphates, neonicotinoids, methyl carbamates, and pyrethroids. Insecticides are purposely sprayed or applied on every type of crops to keep away the pest and insects. So, based on the type of crop it’s bifurcated as oilseeds, pulses, grains, cereals, grains, fruits, vegetables, and others.
Rising incidences of insect transferable infection and growing pest management industry and its demand are the prominent factors responsible for the growth of the global market. Increase in the global food demand owing to rising figures of the population is also spurring the growth of the global market. Bio-based insecticides are most preferred by the consumers looking at its chemical free composition. Similarly, growing need for pest-free homes and insect control in gardens has also fuelled the demand for the insecticides in large quantity.
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The global market was valued at USD 2.63 Billion in 2015, and is estimated to reach USD 3.48 Billion in 2021 and is likely to grow at a CAGR of 4.8% between 2016 and 2021.
Some of the leading insecticide producers dominating the global market include Syngenta AG, Bayer Cropscience AG, DOW Agroscience LLC, Adama Agricultural, BASF SE, Solutions Ltd, DuPont, Cheminova AS, and FMC Corporation.
FMC Corporation is planning to purchase the Insecticide and cereal herbicide business assets of DuPont. In return for this deal, Dupont will get FMC’s nutrition assets, health assets, and an added $1.2 Billion. The closing of this deal is anticipated to occur in the fourth quarter of 2017.