ALBANY, N.Y., March 01, 2022 (GLOBE NEWSWIRE) -- The global insect growth regulator market is estimated to expand at a CAGR of 4.3% from 2021 to 2031. The global market was valued at US$ 848.4 Mn in 2020 and is expected to cross the value of US$ 1.34 Bn by the end of 2031. The growing popularity of organic farming is a key factor in the expansion of the global insect growth regulator market. The global market is being driven by rising use of pest control strategies in the agriculture business, forestry, stored products, gardening, residential sector, and other areas.
The market is growing as the demand for pesticide alternatives that are good for the environment is rising. However, the global insect growth regulator market is hampered by the failure to kill adult insects as well as its ineffectiveness as a standalone pest management approach.
Since the past few years, there has been a rising desire for safer insecticide and pesticide solutions to lessen the adverse effects of regularly used pesticides. These insecticides or pesticides are harmful for both human health and the environment. This is a major element driving the need for insect growth regulators in developing markets. Insect growth regulators are extensively employed in agriculture as well as commercial pest management systems to prevent pests and insects from growing naturally at many stages, notably embryonic and post-embryonic growth, behavior, and reproduction.
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Key Findings of Market Report
- Insect growth regulators have risen in popularity in the recent decades as a class of pesticides that are safe and non-toxic for people and the environment, and is capable of treating pest insects that are resistant to traditional insecticides
- Chitin synthesis inhibitors are expected to account for a significant share of the global insect growth regulator market. The speed with which these chemicals work on a vast number of insect species, as well as their notable effectiveness in interrupting normal embryonic development, resulting to the loss of their eggs, has led to an increase in their use in agriculture.
- Insect growth regulators are utilized in a variety of ways in conjunction with other biological pest control approaches. These regulators are increasing in popularity in a number of areas, owing to their lack of toxicity and specificity of action.
- Pest control mechanism is increasingly being used in areas such as stored goods, forestry, gardening, and agriculture in recent times. This increase in the number of applications is estimated to assist in the expansion of the global market.
- A significant driving factor attributing to the rapid expansion of the market is the growing presence of firms operating in the global insect growth regulator market. Firms are diversifying their product portfolios in response to increasing demand from various end-use sectors. Increased rivalry among key industry participants is estimated to offer attractive prospects to establish a worldwide footprint.
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Global Insect Growth Regulator Market: Growth Drivers
- At present, North America is likely to control majority of the global market and is expected to remain so in the foreseeable future. The regional market is being fueled by significant advancements in insect growth regulator formulations.
- Insect growth regulators are increasingly being used in homes to limit the number of fleas, cockroaches, and bedbugs, among many other pests
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Global Insect Growth Regulator Market: Key Players
Some of the key market players are
- Platform Specialty Products Corporation
- ADAMA Agricultural Solutions Ltd.
- Central Garden & Pet Co.
- Bayer Crop Science AG
- Sumitomo Chemical Company Ltd.
- Dow Chemical Company
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
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