Global Insecticides Market: Key Highlights
Global Insecticides Market: Key Market Dynamics
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Global Insecticides Market: Regional Overview
North America is anticipated to dominate the insecticides market during the forecasted period owing to increasing agriculture exports. According to United States Department of Agriculture (USDA), the U.S. agriculture exports were valued USD 140 billion in 2018. Moreover, shortage in arable land, higher spending on enhancing agriculture activities are some other factors that drive the market growth in the region. The demand to increase agriculture productivity per acre has expected to drive the demand for insecticides market growth.
The Asia Pacific is anticipated to have sustainable growth in the insecticides market during the forecasted period. This is attributed to a rise in food demand, need for increased productivity, and a rise in the number of resistant pests. An increasing need for food production has made farmers use the crop protection products such as insecticides which will help control the damages caused by the pets and increase productivity. Moreover, initiatives are taken by the government to help the farmers increase their productivity. For instance, Pradhan Mantri Krishi Sinchai Yojana (PMKSY) in India helps to provide solutions in irrigation and supply chain.
Global Insecticides Market: Key Players Overview
ADAMA Ltd. is one of the global leaders in crop protection and engaged in providing a solution to farmers and customers across the globe. The company operates in three business segments including crop protection, service & innovation, and other solutions. ADAMA Ltd has direct presence in over 40 countries, reaching farmers in more than 100 markets with its over 270 active ingredients. The company has 21 production sites and 7 global product development centers across the globe.
BASF SE is a German-based company, engaged in providing specialty chemical across the globe. The company operates in six business segments including, chemicals, materials, industrial solution, surface technologies, nutrition & care, and agriculture solution. Insecticide products are offered under agriculture solution segment. BASF SE generated sales of around USD 69.8 billion in 2019. In March 2019, the company launched Ventigra insecticide, for ornamental market. These insecticides will help growers to maintain the sustainable practice and produce high-quality plants.
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