NANOPESTICIDES MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Developing new nanopesticides formulations requires extensive research to ensure the safety of nano-enabled agrochemicals for both humans and the environment. Nano-enabled formulations aim to improve the delivery and effectiveness of existing agrochemical actives. However, testing the impact of nano-carriers and assessing their interactions with active ingredients involves complex experimental procedures and analysis. This significantly increases the costs associated with product development. Conducting toxicity tests in line with regulatory standards further raises R&D expenses. Nanotoxicity assessment involves long-term in vivo and in vitro studies to understand acute and chronic effects of nanoparticles. Testing for oral, dermal, and inhalation exposure routes has to be performed as nanoparticles can be absorbed via multiple pathways. Evaluating immuno-toxicity and genotoxicity of novel nanopesticide formulations using advanced diagnostic techniques like polymerase chain reaction (PCR) and enzyme-linked immunosorbent assay (ELISA) increases financial investment. Regulatory dossiers compiling safety and efficacy data need to be prepared adhering to guidelines of authorities like the US Environmental Protection Agency (EPA). This regulatory burden on developing bio-safe and eco-friendly nanotechnology-driven agrochemicals increases costs.

Opportunity: Potential to penetrate developing markets in Asia Pacific and Latin America

Both regions have seen a significant rise in agricultural output and farming activities over the past decade to meet the rising food demands of their vast populations. However, smallholder farmers who contribute significantly to the agricultural production in these regions often struggle with issues like pest attacks on crops, lack of access to advanced pest management solutions, and financial constraints. Nanopesticides could help address some of these challenges for small and marginal farmers in Asia Pacific and Latin America. Due to their targeted nature, nanopesticides require lower volumes and frequencies of application compared to conventional pesticides, thereby reducing input costs for farmers. Their precise pest control ability also minimizes collateral damage to crops, environment and non-target organisms. This makes nanopesticides an economically viable and environment-friendly solution for smallholder farmers.