New York, NY, March 01, 2018 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Insect Growth Regulator Market by Product Type (Chitin Synthesis Inhibitors, Juvenile Hormone Analogs and Mimics Inhibitors, Anti-Juvenile Hormone Agents), by Form Type (Bait, Liquid, and Aerosol) and by Application for Agricultural, Residential, Commercial, and Others: Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 - 2023”. According to the report, global insect growth regulator market was valued at approximately USD 830.93 million in 2017 and is expected to generate revenue of around USD 1140.52 million by end of 2023, growing at a CAGR of around 5.42% between 2017 and 2023.
Insect growth regulators are kind of bio-rational compounds that can disrupt the normal development of insects, in both embryonic and post-embryonic stage, and work essentially by interfering with their molting process. The soaring popularity of IGR’s in recent years is attributed mainly to their selectivity of action on specific pests and their non-toxicity to humans and the ecology. Unlike other pesticides, IGRs do not cause instant mortality but affect the hormonal process, and their long-term exposure to pests being treated cause their population to decline over time. The marked compatibility of IGR with other biological pest management systems is a key factor expected to bolster their uptake for controlling pests in agriculture, commercial, gardens, and other sectors.
Browse through 90 Tables & 22 Figures spread over 110 Pages and in-depth TOC on "Global Insect Growth Regulator Market Size, Share, Trends and Forecast 2016 – 2022”.
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Insect growth regulators are witnessing a huge demand owing to the rising popularity of organic farming. Crop protection products used in organic farming degrade rapidly and have minimal impact on the environment as they are mainly derived from natural sources. IGR’s botanical extracts derived from plants, synthetic pheromone medications, and several other biological pesticides are commonly used in organic farming. These products have a minimal impact on beneficial pests and on the environment. Also increasing use of pesticides is leading to harmful impact on the arable land. Synthetic-based pesticides contaminate the soil and groundwater and have a harmful impact on beneficial bacteria as well as plants. Repetitive usage of these pesticides has led pests to develop a resistance to them, thereby having no effect on the life cycle of the pests. Thus, IGRs serve as an effective mimic hormone interrupting the reproductive cycle of such pests.
The insect growth regulator market is segmented on the basis of product type into chitin synthesis inhibitors, juvenile hormone analogs and mimics inhibitors, anti-juvenile hormone agents. Chitin synthesis inhibitors segment is expected to grow at fastest rate in the global market over the forecast period.
Browse the full " Insect Growth Regulator (IGR) Market by Product Type (Chitin Synthesis Inhibitors, Juvenile Hormone Analogs and Mimics Inhibitors, Anti-Juvenile Hormone Agents), by Form Type (Bait, Liquid, and Aerosol) and by Application for Agricultural, Residential, Commercial, and Others: Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 - 2023" report at https://www.zionmarketresearch.com/report/insect-growth-regulator-market
Based on the type of form the market is segmented into bait, liquid, and aerosol. 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.
Agricultural, residential, commercial, and others are the key applications segments of the global insect growth regulator market. The agricultural segment dominated the market in terms of revenue in 2017.
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North America holds a dominant share of the global market and is anticipated to lead the market throughout the forecast period. Substantial developments in advance formulations of insect growth regulators are fuelling the regional market growth. The presence of a number of prominent companies in the region is also accentuating this market.
Europe is the second largest regional market and is expected to show significant growth in the years to come. Innovative packaging, as well as product innovations coupled with high standards of living, is supplementing the product demand in this region.
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The Asia-Pacific market is projected to have the highest CAGR during the forecast period. 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. Farmers in the Asia-Pacific region are more inclined towards generic products due to their low cost. Rise in integrated pest management and organic farming practices in emerging economies including India and China has played a major role in augmenting the demand in the last few years
Latin America is also another important regional market and is expected to experience moderate growth over the forecast period. The Middle East and Africa hold the least growth in comparison to another region, although, several research and development activities conducted in the region will contribute to growing interest for IGRs in the farming community and result in improving demand for the global market. Thus, all the aforementioned parameters are expected to propel the market growth globally.
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Some of the key players in insect growth regulator market include ADAMA Agricultural Solutions Ltd., Bayer Crop Science AG, Dow Chemical Company, Syngenta AG, Nufarm Ltd., Platform Specialty Products Corporation, Sumitomo Chemical Company Ltd., Central Garden & Pet Co, and Russell IPM Ltd. Major players are frequently engaged in mergers & acquisitions to retain their market share and diversify their product portfolio. Also, key parameters affecting competition are rapid adoption of advanced options and rising need for optimum capital utilization.
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This report segments the global insect growth regulator market as follows:
Global Insect Growth Regulator Market: Product Type Segment Analysis
- Chitin Synthesis Inhibitors
- Juvenile Hormone Analogs and Mimics Inhibitors
- Anti-Juvenile Hormone Agents
Global Insect Growth Regulator Market: Form Type Segment Analysis
- Bait
- Liquid
- Aerosol
Global Insect Growth Regulator Market: Application Segment Analysis
- Agricultural
- Residential
- Commercial
- Others
Global Insect Growth Regulator Market: Regional Segment Analysis
- North America
- The U.S.
- Canada
- Rest of North America
- Europe
- U.K.
- Germany
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Australia
- Rest of Asia Pacific
- Latin America
- Mexico
- Brazil
- Argentina
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- UAE
- Qatar
- South Africa
- Rest of the Middle East and Africa
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