Wilmington, Delaware, United States, Oct. 19, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global insect growth regulator market was estimated to have acquired US$ 848.4 million in 2020. It is anticipated to register a 4.3% CAGR from 2021 to 2031 and by 2031 the market is likely to gain US$ 1.34 billion.
The agriculture and pest management industries continue to expand globally due to increasing food production needs and the ongoing battle against pest-related crop damage. IGRs have found applications in various agricultural and pest management practices because of their effectiveness in controlling insect populations.
With the growth in these industries, the demand for IGRs is on the rise as they provide a valuable tool for integrated pest management (IPM) strategies that aim for sustainable and effective pest control while minimizing the use of traditional chemical pesticides.
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Global Insect Growth Regulator Market: Key Players
Many players are concentrating on creating sophisticated insect growth regulator formulations that can address a variety of insect pests. Well-known businesses are combining through mergers and acquisitions in order to strengthen their position in the market. The following companies are well-known participants in the global insect growth regulator market:
- Dow Chemical Company
- Bayer Crop Science AG
- ADAMA Agricultural Solutions Ltd.
- Syngenta AG
- Nufarm Ltd.
- Platform Specialty Products Corporation
- Sumitomo Chemical Company Ltd.
- Valent USA Corporation
- Central Garden & Pet Co.
- Russell IPM Ltd.
Key Findings of the Market Report
- Insect growth regulators have emerged quickly in recent decades due to growing demand for a category of pesticides that are safe for the environment, safe for humans, and capable of treating pest insects that are resistant to traditional insecticides.
- Insect growth regulators are a type of bio-rational substance that can interfere with an insect's ability to molt, hence disrupting the insect's natural development throughout both the embryonic and post-embryonic stages.
- Their rapid rise in popularity worldwide in recent times is mostly ascribed to their ability to selectively target particular pests as well as their non-toxicity towards both humans and the environment.
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Market Trends for Insect Growth Regulators
- Juvenile hormone analogs and mimics, chitin synthesis inhibitors, and anti-juvenile hormone medicines are among the several product kinds. With a significant proportion, the chitin synthesis inhibitors segment is expected to increase at the highest rate in absolute terms every year between 2021 and 2031, reaching an anticipated US$ 183 million. By the end of 2020, the segment's valuation was estimated to be US$ 477.6 million, or 56.3% of the market.
- It is anticipated that by the end of 2031, the product category of insect growth regulators, chitin synthesis inhibitors, will have grown to US$ 661.1 million, or 49.0% of the market. From 2021 to2031, the segment is expected to grow at a 3.0% CAGR.
- These substances' increased use in agriculture is a result of their ability to interrupt normal embryonic development and quickly affect a wide variety of insect pets, ultimately resulting in the death of the insects' eggs.
Global Market for Insect Growth Regulator: Regional Outlook
Various reasons are propelling the growth of the insect growth regulator market in different regions. These are:
- The following regions have different insect growth regulator markets: Europe, Latin America, North America, Middle East and Africa, Asia Pacific (except Japan), and Japan. North America is expected to continue leading the global market during the forecast period, having a significant share of the market at the moment. From a worth of US$ 290.1 million in 2020 to US$ 446.7 million in 2031, the regional market is expected to grow. From 2021 to 2031, this translates into a 4.0% CAGR.
- The regional market is being driven by significant advancements in the formulation of insect growth regulators. This market is being highlighted by the fact that several well-known businesses are located in the area.
- With the exception of Japan, Asia Pacific will provide rich growth prospects. The market for insect growth regulators in Asia Pacific, excluding Japan (APEJ), is expected to develop at an absolute potential of US$ 40.3 million between 2021 and 2031, providing significant opportunities for industry participants. Between 2021 and 2031, the European market is expected to provide an absolute potential of US$ 39.2 million.
Key developments in the global market are:
| Company | Year | Key Developments |
| Dow Chemical Company | 2022 |
|
| Bayer Crop Science AG | 2023 |
|
Global Insect Growth Regulator Market Segmentation:
Product Type
- Chitin Synthesis Inhibitors
- Juvenile Hormone Analogs & Mimics
- Anti-Juvenile Hormone Agents
Form
- Bait
- Liquid
- Aerosol
Application
- Agriculture & Gardens
- Livestock Pest Control
- Commercial Pest Control
- Others
Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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