Insect Growth Regulators Market Grows at a CAGR of 6.16% During 2016 to 2022
Market segment develops at CAGR of 6.16% during 2016 to 2022
The global insect growth regulators market is estimated at $736.3 million in 2016 and is projected to reach $1,054.3 million by 2022, at a CAGR of 6.16% during the forecast period while the aerosol segment is projected to have the highest CAGR during the forecast period.
The global insect growth regulators market is estimated at $736.3 million in 2016 and is projected to reach $1,054.3 million by 2022, at a CAGR of 6.16% during the forecast period. The primary factors that drive the market are adoption of environmentally safe crop protection products and wider applicability of insect growth regulators in commercial pest control usage. The major restraining factors are that insect growth regulator products are effective only in the initial stages of pest and insect growth and are less effective when they are used as a stand-alone control method. They have a low knockdown effect when used as a stand-alone product as they only control the growth stages among insects and pests; do not kill them directly.
The juvenile hormone analogs & mimics segment is projected to have the highest CAGR, by type, during the forecast period. This is due to its wide-scale usage in commercial pest control, both indoors and outdoors, which increases the reach of the product in controlling the insect's maturation process.
The aerosol segment is projected to have the highest CAGR during the forecast period. Aerosol insect growth regulators are easy to store and also convenient to purchase in small quantities, which makes them preferable over other forms such as liquid or bait. They are most effective when the spray droplets contact the insect directly, rather than against insects in cracks and crevices.
The Asia-Pacific market is projected to have the highest CAGR during the forecast period considered for the study. The demand for insect growth regulator products is growing in this region due to the rise in awareness about better crop protection methods and the growing agricultural sector. There is also high demand for generic insect growth regulator products adopted by a majority of farmers in different countries in the Asia-Pacific region.
Key players include the following:
- Bayer Crop Science AG (Germany)
- Dow Chemical Company (US)
- Sumitomo Chemical Company Ltd. (Japan)
- Syngenta AG (Switzerland)
- ADAMA Agricultural Solutions Ltd. (Israel)
The key companies in the insect growth regulators market adopted mergers & acquisitions, agreements & collaborations, new product launches &product approvals, investments, and expansions as their key growth strategies to increase their market share and profits. Mergers & acquisitions accounted for the highest number of developments followed by the agreements and collaborations.