SPECIALTY PESTICIDES MARKET ANALYSIS

The global specialty pesticides market has been facing stringent regulations regarding pesticide usage and safety in many countries. Regulatory authorities are increasingly imposing restrictions on the usage of certain chemical pesticides and introducing safety standards to minimize their side effects on human health and environment. This is negatively impacting the sale and demand of conventional chemical pesticides. Many agrochemical companies such as BASF SE and others are facing challenge in developing bioequivalent pesticide products within restricted timing amid rising costs of R&D and regulatory compliances. The ban or restrictions on handful of popular pesticides have also reduced available product options for farmers. The pesticide manufacturers require to thoroughly test products and spend significantly to obtain approvals under strict norms. Non-compliance may lead to penalties or prohibition on sales, impacting their top and bottom lines.

Market Opportunity - Development of Biopesticides and Environmentally Friendly Pest Control Solutions

The growing development of biopesticides and environmentally friendly alternatives present a major opportunity in the global specialty pesticides market. For instance, on September 28, 2023, Croda International Plc is a specialty chemicals company, announced the launch of its new product, Atlox BS-50, a specialized delivery system designed to cater to the needs of the expanding biopesticide market. This innovative product aims to enhance the effectiveness and application of biopesticides, providing a solution that meets the increasing demand for sustainable agricultural practices. With increasing environmental consciousness, consumers are preferring food products and crops grown without toxic chemical pesticide residues. The development of pesticides derived from natural materials like plants, animals, bacteria and certain minerals provides a viable solution. The biopesticides usually have minimal effects on human health and help boost organic farming. Many agrochemical giants and new emerging players are heavily investing in R&D of biopesticides to cater the demand and tap growth prospects. This shifting trend towards greener products also allow companies to position themselves as sustainability driven and allay concerns of stringent regulations. The market for biopesticides is expected to witness double digit growth and help capture significant market share from chemical pesticides.