Insecticides Market
The global insecticides' market will reach $16.7 billion by 2020, registering a CAGR of 5.0% from 2014 to 2020. The Asia-Pacific regional market held over 44% of the total global insecticides' market in terms of value in the year 2013. Within the Asia-Pacific region, India is the largest market owing to high agricultural production of crops such as sugarcane, paddy, and cotton and the consequent high consumption of allied insecticides.
However, usage of insecticides is gradually declining in developed regional markets such as North America and Europe due to increased production of insect/pest-resistant genetically modified (GM) crops. As a result, North America and Europe collectively hold about 40% of the global insecticides' market in terms of volume.
In terms of value, Organophosphate insecticides hold nearly 30% of the market share in the global insecticides' market by types. Organophosphate insecticides are widely used owing to their multiple applications such as fumigant, systemic or contact insecticide. Many large companies such as DOW, Syngenta, and BASF manufacture organophosphate insecticides via trade names such as Lorsban, Dursban, Curacron and others.
High demand and ready availability are the factors driving the consumption of organophosphate insecticides worldwide. Synthetic pyrethroid insecticide is also widely used, as it is a broad-spectrum insecticide, stable under direct exposure to sunlight and requires minimum usage to control insects.
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