Pyrethroids Market to Hit US$ 5,495.79 Million By 2031 | Research Reports Insights

New York, Oct. 09, 2023 (GLOBE NEWSWIRE) -- The global Pyrethroids Market is expected to witness significant growth at a CAGR of 6.0% during the forecast period of 2023-2031. Factors such as rising awareness of vector-borne diseases, growing urban populations, and increasing mortality rates caused by vector-borne diseases, among others are accelerating the market growth.

According to a recent report by Consegic Business Intelligence, the pyrethroids market is poised for strong expansion and is expected to reach USD 5,495.79 million by 2031 and USD 3,651.55 million in 2023. The market which was valued at USD 3,530.70 million in 2022, is predicted to grow at a compound annual growth rate of 6.0% during the period 2023-2031. The report highlights the significant growth in the demand for pyrethroids to control a variety of insect pests on crops, such as soybeans, corn, and cotton, which is augmenting the global market growth. Consegic Business Intelligence study also provides insights into the market's competitive landscape, market segmentation, regional outlook, and emerging technologies in the pyrethroids market.

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Pyrethroids are a class of synthetic insecticides that are similar to the naturally occurring pyrethrins found in chrysanthemum flowers. Pyrethroids are widely used in agriculture, public health, and animal health to control a variety of insect pests, including mosquitoes, fleas, flies, moths, ants, and cockroaches.

Pyrethroids are available in a variety of forms, including sprays, powders, aerosols, and liquids. These substances can be used to treat a variety of surfaces, including floors, carpets, furniture, and clothing. In addition, pyrethroids can also be used to treat pets for fleas and ticks.

Global Pyrethroids Market: Report Attributes

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Global Pyrethroids Market Segmentation Details:

Based on Type, the type II pyrethroids segment contributed the largest shares to the market growth in 2022. The growth of the segment is driven by the rising awareness of vector-borne diseases among rapidly growing urban populations. For instance, according to the latest World Malaria Report, in 2021, malaria cases amounted to 247 million compared to 245 million cases in 2020. Further, the estimated number of malaria deaths stood at 619,000 in 2021 compared to 625,000 in 2020. Hence, the increasing incidence of diseases caused by mosquitoes is one of the major factors proliferating the segment growth.

Based on Application, the agricultural pest control segment accounted for the largest market share in the year 2022. Process innovations and increasing production of cash crops and food crops are some of the key factors boosting the demand for pyrethroids to control pests. Also, the growing demand for sustainable pest control solutions is another significant factor contributing to the segment growth.

Based on End-use, the agriculture segment accounted for the largest market share in the year 2022. The growth of the segment is attributed to several factors, including increased crop production, the rising resistance to other insecticides, the development of new pyrethroid formulations, and the increasing demand for sustainable pest control solutions.

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Based on Region, in the year 2022, Asia Pacific accounted for the largest share contribution to the market growth. Recent trends such as agriculture production growth, including barley, cotton, and more, and the newly developed residential complexes across key countries such as India, and China, among others, are propelling the demand for pyrethroids to ensure superior pest control efforts.

Competitive Landscape

BASF SE, Bayer AG, and Sumitomo Chemical Co., Ltd., among others, are major market players that comprise the latest market circumstances. These companies are substantially leveraging their technologies for the development of a new range of pyrethroids. Further, the market is expected to grow steadily due to the growing use of pyrethroids by veterinarians to treat a variety of insect-borne diseases in pets, such as fleas and ticks. Additionally, the trend toward increasing expansion of pyrethroids players in the international market is expected to increase the competition in the industry.

Recent Developments

• In May 2021, BASF introduced Alucion 35 WG insecticide for the golf course market. The product is formulated with the active ingredients alpha-cypermethrin and dinotefuran and is a pyrethroid-containing insecticide for golf courses.
• In May 2020, FMC Corporation launched Elevest Insect Control for a wide range of crops such as soybeans, sweet corn, cotton, peanuts, and potatoes. New Elevest insect control comprises Rynaxypyr, which further constitutes bifenthrin, the leading pyrethroid.

Key Market Takeaways

• Asia Pacific accounted for the highest market share at 47.48% valued at USD 1,676.38 million in 2022 and USD 1,742.52 million in 2023 and is expected to reach USD 2,718.77 million in 2031. The region is also expected to grow at the fastest CAGR. Moreover, in the Asia Pacific region, China accounted for the highest market share of 36.86% during the base year of 2022.
• Based on type, the type II pyrethroids segment accounted for the highest market share contribution to the pyrethroids market statistics in 2022.
• Based on application, the agricultural pest control segment accounted for the highest share contribution to the pyrethroids market statistics in 2022.
• Based on end-use, the agriculture segment accounted for the highest share contribution to the pyrethroids market statistics in 2022.

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List of major players in the Global Pyrethroids Market:

• Bayer AG
• BASF SE
• Sumitomo Chemical Co., Ltd.
• Heranba Industries Ltd.
• Aimco Pesticides LTD.
• Rallis India Limited
• Tagros Chemicals India Pvt Ltd
• Gharda Chemicals Ltd
• Bharat Group
• FMC Corporation
• Meghmani Organics Ltd
• Hemani Industries Limited

Global Pyrethroids Market Segmentation: 

• By Type
  • Type I Pyrethroids
    • Allethrin
    • Tetramethrin
    • Resmethrin
    • D-phenothrin
    • Bioresmethrin
    • Permethrin
  • Type II Pyrethroids
    • Cypermethrin
    • Cyfluthrin
    • Deltamethrin
    • Cyphenothrin
    • Fenvalerate
    • Fluvalinate
• By Application
  • Agricultural Pest Control
  • Mosquito Pest Control
  • Others
• By End-use
  • Agriculture
  • Residential
  • Commercial
  • Others

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Frequently Asked Questions in the Pyrethroids Market Report

• What was the market size of the pyrethroids industry in 2022?
  • In 2022, the market size of pyrethroids was USD 3,530.70 million.
• What will be the potential market valuation for the pyrethroids industry by 2031?
  • By 2031, the market size of pyrethroids is expected to reach USD 5,495.79 million.
• What are the key factors restraining the growth of the pyrethroids market?
  • Hazardous nature of pyrethroids is likely to hamper the market growth.
• What is the dominating segment in the pyrethroids market by type?
  • In 2022, the type II pyrethroids segment accounted for the highest market share in the overall pyrethroids market.
• Based on current market trends and future predictions, which geographical region is growing at the fastest CAGR over the forecast period in the pyrethroids market?
  • Asia Pacific is expected to grow at the fastest CAGR in the overall pyrethroids market.

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