The global organophosphate pesticides market is expected to grow at a considerable CAGR during the forecast period, i.e., 2021-2029. The major driving factor for the growth of the market is the wide range of applications, low price, and easy availability of organophosphate pesticides. In order to meet the rising need for food for the growing population, the farmers are implementing new farming practices, including increased use of chemical pesticides, which is estimated to boost the growth of the market. Moreover, ongoing research and experiments to reduce the toxicity and improve the efficiency of these pesticides is projected to boost the growth of the market.
The global organophosphate pesticides market is segmented on the basis of type into herbicide, insecticide, fungicide, and others, out of which, the insecticide segment is expected to gain the highest revenue during the forecast period owing to the increasing requirement of these chemicals to protect the crops from maggots and bugs. On the basis of ingredients, the market is further branched into malathion, glyphosate, methamidophos, chlorpyrifos, dimethoate, parathion, and others. Amongst these, the malathion segment is foreseen to hold the largest market share by the end of 2021, owing to its application in mosquito, ticks, and ant repellants. On the basis of application, the global organophosphate pesticides market is segmented into oil seeds, grains & cereals, turf & ornamental grass, and others, out of which, the cereals & grains segment is projected to hold a substantial market share during the forecast period owing to the growing demand for food crops. CLICK TO DOWNLOAD SAMPLE REPORT
However, rising concerns regarding the pollution of the aquatic ecosystem caused by pesticides are anticipated to act as a restraint in the growth of the global organophosphate pesticides market.
On the basis of regional analysis, the global organophosphate pesticides market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. Out of these, the market in North America is estimated to obtain a major share over the forecast period on the back of increasing export-oriented agricultural practices, as pesticides prolong the life of the crop after harvesting. The USA in particular, is estimated to be one of the biggest consumers of pesticides, as the nation recorded total pesticides use of around 4oo thousand tons in the year 2018. Moreover, organophosphate pesticides hold a major share of the total pesticides used in the U.S.
The market in the Asia Pacific is anticipated to attain considerable CAGR throughout the forecast period, owing to the notable utilization of pesticides in the agriculture sector. Increasing agricultural activities will raise the demand for pesticides, which is expected to promote the market growth. According to the World Bank, as of 2019, agriculture and fishery sector valued 16.291 % of the total GDP in the South Asia region. Moreover, increasing pesticides usage in major economies, such as, China, is projected to significantly boost the market growth in the region. The pesticides use in China amounted to more than 1.4 million tons in 2018. Along with protecting the crops from pests, pesticides also prolong the life of the crop, increase crop yield, and significantly reduce post-harvest losses. This property is highly beneficial in the hot and humid regions of the Asia Pacific, which is estimated to promote the market growth.
The global organophosphate pesticides market is further classified on the basis of region as follows:
Our in-depth analysis of the global organophosphate pesticides market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Increasing requirement for crop protection and the growing need to enhance crop yield to fulfill the food requirement for the growing population, are the major factors driving the market growth.
The market is anticipated to attain a considerable CAGR of ~4.9%, over the forecast period, i.e., 2021-2029.
High level of toxicity in organophosphate pesticides is one of the major factors which is estimated to hamper the market growth.
The market in the Asia Pacific is estimated to provide maximum growth opportunities owing to the notable production and utilization of pesticides in the agriculture sector.
The major players in the market are Spectrum Brands, Inc., Bayer AG, Nufarm Limited, BONIDE Products LLC, BASF SE, UPL Limited, Adama Agricultural Solutions Ltd., and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by ingredient, type, application, and by region.
The grains & cereals segment is anticipated to hold the largest market size during the forecast period on the back of increasing demand for food crops backed by the growing population.
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