SPECIALTY PESTICIDES MARKET ANALYSIS

Market Concentration and Competitive Landscape

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Rising Awareness about Sustainable Farming Practices and Integrated Pest Management

There is growing concern around the world about the harmful effects of excessive agrochemical usage on the environment as well as human health. Continuous and indiscriminate spraying of broad-spectrum pesticides has led to myriad issues like biodiversity loss, soil and water pollution. Many pests are developing resistance to commonly used pesticide active ingredients at an alarming pace. Moreover, stricter regulations are being enacted in several countries pertaining to Maximum Residue Limits (MRLs) of pesticides in crops. This is significantly boosting demand for ecofriendly specialty pest management products and integrated pest management programs.

IPM focuses on monitoring pest population levels and employs cultural, mechanical, biological and chemical methods in an optimum combination for managing pests. Specialty pesticides have a key role to play in IPM as they target specific pests and are less harmful for natural enemies of pests. Biopesticides derived from natural materials like plants, animals, bacteria, and certain minerals are gaining widespread acceptance among IPM practicing farmers. Similarly, newer generation semio-chemicals that mimic natural insect pheromones are enabling effective trapping of pests. Sustainability oriented farmers also prefer reduced risk pesticides during the last stages of crop cultivation as part of IPM. All these factors are fueling growth of specialty pesticides market.