Market Size of Insecticides Industry
| Study Period | 2017-2027 |
| Market Size (2023) | USD 18.17 Billion |
| Market Size (2028) | USD 23.18 Billion |
| CAGR (2023 - 2028) | 5.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Insecticides Market Analysis
The Insecticides Market size is expected to grow from USD 18 billion in 2023 to USD 23.18 billion by 2028, at a CAGR of 5% during the forecast period (2023-2028).
- The continuous rise in the population across the globe, increasing agricultural production to satisfy the rising food demand, and improvements in farming techniques and technologies are the factors that drive the market growth over the forecast period.
- The number of pests in different crops across the world is rising, and there is also a tremendous increase in the number of insecticide-resistant pests. Insecticides can be used to control a variety of pests. However, over time, they lose their effectiveness as pests develop resistance. This results in a significant decrease in sensitivity to a pesticide, which reduces the field performance of pesticides. Reliance on insecticide-based pest management of insect pests often leads to the development of insecticide resistance. This pushes the insecticide manufacturers to invest more in their R&D activities.
- The demand for professional pest management products is being driven by factors such as economic growth, urbanization, and the emergence of new pests and diseases. Consumers are increasingly looking for targeted and effective solutions with minimal environmental impact. Strict Regulations with respect to insecticides and high costs associated with molecule development may act as a barrier to the market in the coming years. However, given the profitability of the market, companies may still invest in insecticide development in the given period.
