Published Date : May 17, 2016
Insecticides are a group of chemicals used to deter insects from consuming crops. Insects can cause significant damage to both cash and food crops and hence cause major disruptions in the supply chain for the same. In today’s times of increasing food shortages, insecticides have emerged as a necessity for farmers. According to Transparency Market Research, the global insecticides market is expected to be valued at US$3.9 bn by 2023. The market, valued at US$2.5 bn in 2014, is expected to exhibit a CAGR of 5.1% therein.
Rising Demand to Increase Crop Yields Drives Insecticides Market
The frequent food shortage problems witnessed these days, with a significant portion of the global population suffering from starvation, have led to an increasing global demand to bring about an increase in crop yields of food crops. The increasing demand for products made from cash crops such as cotton and tobacco has also resulted in a growing demand to boost crop yields. The major role played by insecticides in protecting existing crops has driven the global insecticides market.
Organophosphates to Drop in Demand due to Adverse Health Effects
Of the various types of insecticides used around the world, organophosphates accounted for a 50% share in 2014. However, this category of insecticides is expected to experience a steady fall in demand in the coming years. Organophosphates are effective in eliminating pests, but they also affect other insects such as bees and other wildlife in the area. They can also cause complications in humans upon consumption of food crops upon which organophosphates have been used. Due to this, demand for organophosphates is expected to drop in the coming years, with bio-pesticides increasing in demand.
Fruits and Vegetables, Cereals and Grains Lead Demand from Global Insecticides Market
Due to their nearly universal consumption, fruits and vegetables are the major application segment of the global insecticides market. Cereals and grains, also consumed all around the world, are the second largest segment of the market, followed by oilseeds and pulses.