The cypermethrin insecticide market is estimated to be valued at US$ 2.42 Bn in 2023 and is expected to exhibit a CAGR of 5.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Cypermethrin insecticide is widely used to control a variety of pests infecting commercial crops including cotton, wheat, vegetables and fruits. It is considered more effective than organophosphate and carbamate insecticides. Some key properties of cypermethrin insecticide include low mammalian toxicity, broad spectrum of pest control, and rapid knockdown of target pests. It is available in various formulations like liquid, powder and granules depending upon the application method and crop type.
Market Dynamics:
The growth of the cypermethrin insecticide market is driven by rising demand for high-value commercial crops across geographies. Rapid urbanization and changing dietary preferences have increased the cultivation of cash crops which require effective pest management solutions to boost yield and protect crops from damages. For instance, cypermethrin insecticide effectively controls destructive caterpillars, beetles, and flies in cotton fields. Additionally, growing emphasis on integrated pest management practices and sustainability in agriculture has also augmented the demand for cypermethrin as it breaks down quickly in the environment and poses minimal toxicity to non-target species if applied judiciously. However, increasing popularity of biopesticides and regulations restricting the use of synthetic chemicals present challenges to the market.
Segment Analysis
The Cypermethrin Insecticide Market is segmented based on type, application, and region. Based on type, the alpha-cypermethrin segment accounts for the largest market share owing to its high insecticidal activity against various sap-sucking pests and diseases. Based on application, the agricultural segment dominates owing to increasing demand for cypermethrin-based insecticides to protect key crops from insect attacks.
PEST Analysis
Political: Stringent regulations regarding the use of synthetic pesticides could impact the market growth. However, cypermethrin is widely adopted due to its effectiveness and eco-friendly nature compared to other insecticides.
Economic: Rising agricultural production and increasing spending on crop protection solutions are driving the market. However, fluctuating raw material prices remain a key concern.
Social: Growing population and the subsequent rise in food demand positively impact the market. However, environmental and health concerns related to extensive pesticide use could hinder the growth.
Technological: Advancements in agricultural practices, such as precision farming and adoption of biological alternatives for crop protection, could provide new growth opportunities for cypermethrin insecticide manufacturers.
Key Takeaways
The global cypermethrin insecticide market is expected to witness high growth, exhibiting a CAGR of 5.4% over the forecast period, due to increasing adoption across the agricultural sector to boost farm yield and protect crops from pest attacks.
The Asia Pacific dominated the market in 2023 owing to the large agricultural base and rising pesticide usage in countries such as India and China. Rapid industrialization and increasing need to improve agricultural productivity are propelling market growth.
Key players operating in the cypermethrin insecticide market are FMC Corporation, BASF SE, Bayer AG, Sumitomo Chemical Co., Ltd., Syngenta AG, Adama Agricultural Solutions Ltd., UPL Limited (previously United Phosphorus Limited), Nufarm Limited, Tagros Chemicals India Ltd., Heranba Industries Limited. Key players are focusing on developing innovative formulations and expanding their geographic footprint to strengthen market presence.
Read More: https://www.ukwebwire.com/cypermethrin-insecticide-market-share/
