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CHEMICALS AND ADVANCED MATERIALS

Insect Growth Regulator Market Analysis by Type (Anti-juvenile Insect Growth Regulators, Chitin Synthesis Insect Growth Inhibitors, Juvenile Hormone Analogs, and Mimics Insect Growth Inhibitors); by Form (Liquid Insect Growth Regulators, Aerosol Insect Growth Regulators, and Bait Insect Growth Regulators); and by Application (Agriculture & Gardens, Commercial Pest Control, Livestock Pest Control, and Others) – Global Supply & Demand Analysis & Opportunity Outlook 2023-2033

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Inflation And Looming Recession to Haunt Businesses:

In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.

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Purchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.                                                         Request Insights

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IN THE NEWS

  • BASF SE has launched Exponus insecticide which can deliver powerful, quick & versatile control of toughest insect pests like caterpillars & thrips. The pioneering solution is powered by BASF’s new active ingredient, Broflanilide in a specialized formulation.
  • Syngenta Group has launched PLINAZOLIN technology that helps growers manage resistant and difficult to control pests, through targeted spray programs.

Global Insect Growth Regulator Market Highlights Over 2023 - 2033

                  Base Year                     

2022

Forecast Year

2023-2033

CAGR

~4%

Base Year Market Size (2022)

~USD 850 Million

Forecast Year Market Size (2033)

~USD 1 Billion

The global insect growth regulator market is estimated to garner a revenue of ~USD 1 billion by the end of 2033 by growing at a CAGR of ~4% over the forecast period, i.e., 2023 – 2033. Further, the market generated a revenue of ~USD 850 million in the year 2022. The primary growth factor for the expansion of the insect growth regulator market is the availability of large land areas dedicated to farming and agriculture across the world. As per the World Bank data, the total agricultural land in the world accounted for 36.9% of the total land in 2018.

Insect-Growth-Regulator-Market-Size

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Insect growth regulators (IGRs) are insecticides that halt and slow down the process of an insect’s maturation. These regulators are extensively used by farmers to make their crops insecticide-resistant and develop insecticides. Thus, the increase in the number of farmers in the world is forecasted to bring lucrative opportunities for the key players in the assessment period. In a recent report published in the year 2021, it stated that in India there are almost 150 million farmers.

Market Definition:

Insect growth regulators are insecticides that mimic hormones in young insects. They disrupt how insects grow and reproduce. IGRs can control many types of insects including fleas, cockroaches, and mosquitos. Although they are rarely fatal for adult insects, they can prevent reproduction, egg-hatch, and molting from one stage to the next. Many IGR products are mixed with other insecticides that kill adult insects. IGRs are generally low in toxicity to humans. IGRs affect certain hormones in insects, which humans don’t have. They do not kill insects immediately, but they can stop a pest population from reproducing until all of the pests have died.

Global Insect Growth Regulator Market: Growth Drivers and Challenges

Growth Drivers

  • Proliferation of World Population – As the world is witnessing the rapid swelling of the population, the demand for organic and hygienic food has also increased considerably. In order to balance the demand and supply equation, the utilization of insect growth regulators is projected to rise. As per the World Bank, the global population stood at 7.84 billion in 2021. Furthermore, the United Nations stated that the global population is estimated to rise to 9.8 billion in 2050 and 11.2 billion in 2100.

Insect-Growth-Regulator-Market-Scope

  • Rise in Demand of Food Products – Hunger is a common phenomenon experienced with a lack of food. With the swelling of the population, it is anticipated that to avoid hunger, the demand for food products has increased notably. This trend is expected to increase the sales of insect growth regulators for the production of agricultural products. The global cereal food demand is predicted to be approximately 10,000 million tons by 2030 and grow at a steady pace to reach 15,000 million tons by 2050.
  • Growth in Food Production – The latest statistics reveal that the production of food grains in India rose by almost 6 million tons in the years 2021-22 to approximately 320 million tons.
  • Expansion of the Agricultural Industry – Agriculture, food, and the related industries in the United States region contributed almost USD 1.060 trillion to the nation’s gross domestic product (GDP) in the year 2020.

Challenges

  • Harmful Effect on Environment
  • Lack of Regulatory Standards
  • Additional Expenses Incurred in Production Process

The insect growth regulator market is segmented and analyzed for demand and supply by application into agriculture & gardens, commercial pest control, livestock pest control, and others. Out of these, the agriculture & gardens segment is anticipated to garner the highest market share by 2033. The large employment rate in the agricultural sector is predicted to be the primary driver for the segment's growth in the forecast period. The World Bank stated that employment in agriculture accounted for at least 27% of the total employment in 2019.

Major Macro-Economic Indicators Impacting the Market Growth

Major-Macro-Economic-Indicators-Impacting-the-Market-Growth

The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in future. According to UNEP (United Nations Environment Program), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, that accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favorable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labor as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for the investment in businesses in Asia Pacific countries in the upcoming years.

Global Insect Growth Regulator Market Regional Synopsis

Regionally, the global insect growth regulator market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these, the market in Asia Pacific is projected to hold the largest market share by the end of 2033. Asia Pacific region holds a large share of agricultural land, which has prompted a large employment rate. The high involvement of the population in the agricultural industry is an anticipated factor for the increased adoption rate of insect growth regulator and to fuel its market growth. As per a recent study, total employment in agriculture in India has gone up from 36% in 2017-18 to 37% in 2018-19 and then to 38% in 2019-20. Further, the presence of large agricultural land in the region is forecasted to drive the market growth positively in the recent period. As per the World Bank, the East Asia and Pacific region held about 47.7% of agricultural land in 2018. Moreover, the recent focus on consuming organic food products, high expenditure on research and development activities, and growth in GDP level, coupled with high chemical consumption, are anticipated to be other growth factors. In 2021, domestic chemical sales in Asia Pacific garnered approximately USD 3 trillion.

Insect-Growth-Regulator-Market

The global insect growth regulator market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook

Market Segmentation

Our in-depth analysis of the global insect growth regulator market includes the following segments:

By Type

  • Anti-juvenile Insect Growth Regulators
  • Chitin Synthesis Insect Growth Inhibitors
  • Juvenile Hormone Analogs
  • Mimics Insect Growth Inhibitors

By Form

  • Liquid Insect Growth Regulators
  • Aerosol Insect Growth Regulators
  • Bait Insect Growth Regulators

By Application

  • Agriculture & Gardens
  • Commercial Pest Control
  • Livestock Pest Control
  • Others

Top Featured Companies Dominating the Global Insect Growth Regulator Market

  • BASF SE
    • Company Overview
    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis
  • Bayer CropScience LLC
  • Syngenta AG
  • Valent U. S. A Corporation
  • Russell IPM Ltd.
  • Nufarm Limited
  • ADAMA Agricultural Solutions Ltd.
  • OHP Inc.
  • MGK Insect & Pest Control Solutions
  • Dow Chemical Company
  • Sumitomo Chemical Company
  • Corteva Agriscience

 

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