Pyrethroids Market Is Estimated To Witness High Growth Owing To Increasing Crop Production And One Emerging Opportunity
The Pyrethroids Market is estimated to be valued at USD 3.87 billion in 2024, exhibiting a CAGR of 4.7% over the forecast period (2024-2031). Increasing applications of pyrethroids in several crop types such as fruits & vegetables, cereals & grains, and oilseeds & pulses is driving the market growth. Furthermore, boost in agricultural production to meet the rising food demand is also contributing to pyrethroids sales.
Rising crop production and growing need for effective pest control solutions are the key drivers propelling the pyrethroids market growth. Pyrethroids are widely used across various crop types owing to their effectiveness against a wide range of pests and relatively safer profile compared to organophosphates and carbamates. Additionally, the emergence of integrated pest management (IPM) is opening new opportunities for reduced risk pest control products like pyrethroids. IPM focuses on minimizing health and environmental risks associated with pest control and promotes the use of biopesticides and other alternative methods along with selective synthetic chemicals. This evolving concept is expected to boost the pyrethroids demand from sustainable agriculture over the forecast period.
Major growth in the agricultural sector is driving demand for pyrethroids
The agricultural sector has seen significant growth over the past few years globally. More land is being brought under cultivation and crop yields are increasing to meet the rising demand for food. Pyrethroids are widely used as insecticides in agriculture to protect crops from damaging pests. Their effectiveness against a wide range of insects makes them an attractive option for farmers. As agricultural production expands to feed a growing population, the need for crop protection solutions like pyrethroids is increasing substantially. This growth in the agricultural industry is a primary driver propelling the pyrethroids market forward.
Increasing pest resistance requires the development of new pyrethroid formulations
While pyrethroids are highly effective insecticides, over time pests can develop resistance against them if repeatedly exposed. This has led to failures in pest control and reduced crop yields in some regions. Pests are evolving and becoming immune to commonly used pyrethroid formulations. To combat this, companies in the pyrethroids market are investing heavily in research and development to create newer generations and combinations of pyrethroids. They are working on innovative formulations and mixtures that can overcome emerging resistances in pests. The need to stay ahead of evolving resistance patterns is driving innovation, however it also increases production costs for players in this market.
Stringent regulations around pyrethroid usage act as a restraint on the market
Due to the toxic nature of pyrethroids, many countries have stringent regulations around their sale and application. Prolonged or excessive exposure can pose risks to human and environmental health. The regulations specify maximum residue limits of pyrethroids on foods as well as approval processes for new product launches. The testing and compliance procedures entail high costs for manufacturers. Additionally, restrictive pesticide policies and bans in some nations restrain the market scope. Incidents of misuse or lack of precautions also lead to additional regulations being imposed which negatively impact the market. Complying with a complex global regulatory framework increases costs and acts as a restraint.
Rising insect problems in public health open new opportunities
In recent decades, insect-borne public health issues like malaria, dengue, Zika virus, etc. have grown significantly. International agencies are pumping in large budgets towards combating insect pests that transmit deadly diseases. Pyrethroids are widely used for indoor residual spraying in public health programs due to their low mammalian toxicity and effectiveness against mosquitoes and other vectors. This has opened substantial new revenue opportunities for pyrethroid suppliers to partner with governments and global organizations. Additionally, commercial development of formulations for public and consumer space like aerosols and coils also provide lucrative untapped opportunities to extend market reach.
Increasing pest problems in urban areas present a valuable market niche
With rapid urbanization, insect infestations in and around cities have also risen tremendously. Urban pests like cockroaches, bedbugs, ants, etc. not only damage property but can even spread diseases. While synthetic insecticides are generally not preferred for consumer use in urban spaces, pyrethroids have low toxicity profiles making them suitable. Their formulations in gels, sprays and other household products have high acceptance. As living spaces shrink and hygiene issues rise in burgeoning cities, effective and safe urban pest control solutions are in growing demand. This emerging niche segment presents major opportunities for targeted branding and marketing of specialty pyrethroid products.
Link - https://www.coherentmarketinsights.com/market-insight/pyrethroids-market-1004
Key Developments
- In 2022, UPL, announced that it would launch new insecticides in India containing the patented active ingredient, Flupyrimin to target the most damaging rice pests. Flupyrimin is an insecticide with unique biological properties and residual control, which is effective against major rice pests such as brown plant hopper (BPH) and yellow stem borer (YSB).
- In 2021, Insecticides (India) Ltd. launched a Japanese insecticide, Tadaaki. It is an insecticide that controls stem borer, leaf folder, and nematodes for a longer duration. It is beneficial for farmers, as it is effective against pests that have developed resistance to existing insecticides
- In 2020, FMC Corporation launched Elevest Insect Control. Elevest insect control targets key pests of soybeans often found at the R3 growth stage, including corn earworms, soybean loopers, armyworms, and stink bug species.
Key Players
BASF SE, Bayer AG, Dhanuka Agritech Ltd., Excel Crop Care Ltd., FMC Corporation, Hemani Industries Limited, Heranba Industries Ltd., Insecticides (India) Ltd., Nufarm, PelGar International, Pestech Australia Pty Ltd, Rallis India, Sumitomo Chemical Co.Ltd., Tagros Chemicals India Pvt. Ltd., UPL, ADAMA, and Aimco Pesticides LTD.
