Global Microencapsulated Pesticides Market: Key Highlights
Global Microencapsulated Pesticides Market: Key Market Dynamics
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Global Microencapsulated Pesticides Market: Regional Overview
North America emerged as one of the prominent region in the microencapsulated pesticides owing to increasing adoption of advanced farming practices for maximizing agricultural yield. In 2017, agriculture, food and related sectors contributed about USD 1.053 Trillion in the GDP of the US, accounting for 5% share. Increasing investment of around USD 50 million for time period of 5 years by the Canadian government under the Canadian Agricultural Strategic Priorities Program (CASPP) is expected to drive the growth of this market.
Agriculture is one of the major occupations in India, China, Indonesia and other countries. Growing population, higher food demand, ongoing urbanization with lack of arable land, is pushing towards adoption of sustainable and advanced farming practices. Increasing incorporation of advanced farming techniques and equipment to boost the agricultural yield in limited arable land in the China, (10-15% of total arable land when compared to US) is driving the growth of the microencapsulated pesticides higher.
Global Microencapsulated Pesticides Market: Key Players Overview
BASF SE offers range of chemicals for agriculture, paints & coating, packaging & printing, nutrition, personal care, pharmaceuticals and many other sectors. In November 2016, Environmental Protection Agency (EPA) granted approval for the BASF’s Fastac CS insecticide formulation, a microencapsulated formulation for optimizing agricultural yield through higher protection from insect damage.
ADAMA is a manufacturer and distributor of products for weed control, pest control, crop growth stimulator, disease controlling products and seed treating chemicals along with services for offering innovative farming methods. In 2018, the company signed an agreement with the agricultural biotechnology company, AgroSpheres with aim towards development of crop protection products with joint efforts for research & development for pesticide encapsulation.
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