Global Insect Growth Regulator Market to be Propelled by Increasing Demand of Food Products by CAGR of 4% During 2023 – 2033
Research Nester published a report titled “Insect Growth Regulator Market: Demand Analysis & Opportunity Outlook 2033” which delivers detailed overview of the global insect growth regulator market in terms of market segmentation by type, form, application, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
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The global insect growth regulator market is anticipated to grow with a CAGR of ~4% during the forecast period, i.e., 2023–2033. The market is segmented 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.
The global insect growth regulator market is estimated to garner a notable amount of revenue by the end of 2033. Insect growth regulators are anticipated to witness a huge demand owing to the rising popularity of organic farming in recent times. Insect growth regulators are botanical extracts that are derived from plants, and synthetic pheromone medications are commonly used in organic farming. These products have a minimal impact on beneficial pests, help in pest reduction and foster healthy crop growth, which is expected to bolster the sales of insect growth regulators. The facility of insect growth regulators in conjunction with other pest control systems is further expected to intensify its demand.
Geographically, the global insect growth regulator market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Out of these, the market in Asia Pacific region is estimated to garner the largest market share by the end of 2031, on the back of increased demand for food grains by a burgeoning population, expansion in agricultural employment, high disposable income, and considerable growth in GDP.
The research is global in nature and covers detailed analysis on the market in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa). In addition, analysis comprising market size, Y-O-Y growth & opportunity analysis, market players’ competitive study, investment opportunities, demand for future outlook etc. has also been covered and displayed in the research report.
Rise in Agriculture Industry to Drive the Market Growth
The recent high demand for safer insecticide and pesticide products to reduce their harmful effects and protect human health is anticipated to be the key factor contributing to the growing demand for insect growth regulators in various economies. In the past few years, insect growth regulators have been commonly used in various applications, such as the agriculture industry, commercial pest control systems, and others. Lately, there has been an increasing popularity of organic farming methods due to surging demand for organic food products across the globe. People involved in the agriculture sector from all around the world are focusing on organic farming techniques to cater to the rising demand for nutritional food, and manufacturers are more prompted to invest in organic farming. This factor is forecast to fuel the demand for insect growth regulators in the assessment period.
However, the additional expenses incurred in the production process along with the lack of regulatory expenses and harmful effects on the environment are expected to operate as key restraints to the growth of the global insect growth regulator market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global insect growth regulator market which includes company profiling of 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, BASF SE, and others. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global insect growth regulator market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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