Market Challenges And Opportunities

Drivers

Cyromazine is an insect growth regulator (IGR) or ectoparasiticide that disrupts the development of insects and is effective against leaf miners and fly larvae. Increasing population and rising disposable income of the population is resulting in huge demand for food items and agriculture products, which in turn increases the demand for IGRs.

Among region, Asia Pacific is the fastest growing region and accounted for the largest market share of 37.2% in 2021, owing to growing agricultural industry in economies such as India in this region. According to India Brand Equity Foundation report on Agriculture and Allied Industries published in May 2018, food grain production was 279.51 million tons in India during crop year of 2017-2018. The report also states that there is a rising demand for Indian food and agricultural products in the international market. The total agricultural exports from India witnessed a CAGR of 16.45% over FY10-18 to reach US$ 38.21 billion in FY18. In April 2018, agriculture exports was US$ 3.15 billion. Therefore, growth of agricultural industry is expected to increase crop protection solutions, which in turn is expected to propel demand for cyromazine insecticides.

Market Restraints

The slow-acting impact of cyromazine and availability of substitutes to cyromazine such as methoprene are expected to restrain the market growth. Furthermore, the development of resistance towards insect growth regulators is expected to be one of the major challenges restraining the market growth.