SPECIALTY PESTICIDES MARKET ANALYSIS

Market Challenges And Opportunities

Drivers:

Agricultural intensification has occurred in recent decades as a result of rising demand for food as a result of the rapid growth in human population. Agrochemicals (fertilizers and pesticides) are widely used in agriculture to meet rising food demands, bridging the gap between food production and consumption. For instance, introduced by Dow Chemical in 1965, Chlorpyrifos is the most commonly used pesticide on crops such as corn, soybeans, broccoli, and apples, as well as non-agricultural settings such as golf courses.

Vegetation management professionals use specialty pesticide products to keep weeds from choking lakes, rivers and streams. Also, pesticide and fertilizer products are used to protect homes and grow gardens. Specialty pesticides are used by foresters to control undesirable vegetation and promote tree growth, reducing the risk of wildfire and also improving the quality of the forests.

Market Restraints

With rising awareness regarding health, environmental protection, food safety, and animal welfare reforms, the organic food industry has seen rapid growth in emerging economies. Demand for organic food products is growing, with nearly 81% of U.S. based families purchasing organic food at least once, according to the Organic Trade Association's estimates. Specialty pesticides are synthetic chemicals, hence, improper use of specialty pesticides is extremely toxic and harmful to the environment. Therefore, there are several alternative pesticides available in the market such as bio pesticides.