by The pyrethroids are synthetic insecticides that are structurally similar to natural pyrethrins. They are highly effective against a wide range of pests and have low mammalian toxicity. Pyrethroids provide effective control of many agricultural and household pests. The global Pyrethroids Market is estimated to be valued at US$ 15 billion in 2023 and is expected to exhibit a CAGR of 43.% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.
Market key Trends:
The increasing demand for agrochemicals from the growing agriculture industry has been the key driving factor for the pyrethroids market growth. According to the Food and Agriculture Organization, agriculture production must rise by 60% by 2050 to feed the growing global population which is projected to reach nearly 10 billion. This rising food demand has promoted the use of agrochemicals including pyrethroids for crop protection. Pyrethroids are predominantly used to control insects that damage crops or transmit diseases. Their effectiveness and low toxicity make them a popular choice for farmers. The growth in agriculture production and areas under cultivation will continue driving the demand for pyrethroids over the forecast period.
SWOT Analysis
Strength: Pyrethroids have less toxicity to mammals and are biodegradable. They are the most widely used insecticides in agriculture and household products.
Weakness: Pyrethroids have high toxicity to aquatic lifeforms and bees. Overuse can also lead to insect resistance.
Opportunity: Increasing crop cultivation and need to control pests in developed and developing regions will boost demand. New product development for public health applications can expand market reach.
Threats: Stringent regulations around the globe regarding the use of synthetic pesticides poses challenges. Natural and organic pest control methods are gaining popularity.
Key Takeaways
The global Pyrethroids Market Growth is expected to witness high growth.
Regional analysis:
The Asia Pacific region currently dominates the pyrethroids market. Rapid population growth and rising food demand are increasing agricultural production in countries like India and China. This is driving the need for effective and affordable crop protection tools. North America and Europe are also major markets due to widespread household and public health uses of pyrethroids.
Key players
operating in the Pyrethroids market are BASF, Bayer CropScience, Sumitomo Chemical, Syngenta, Nufarm, United Phosphorus, and FMC. These companies invest heavily in R&D to develop new pyrethroid formulations and product mixes. They also focus on expanding distribution networks worldwide to leverage growth opportunities.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
