The market is driven by growth in demand for pesticides that square measure effective in insect management, limits application prices, and reduces the toxicity risks to setting and human health. High value of production is one amongst the foremost restraints for the expansion of the microencapsulated pesticides market. The direct use of non-microencapsulated pesticides could cause losses attributable to leach, evaporation, and degradation. The microencapsulated pesticides market is projected to achieve USD 539.5 million by 2022.
Microencapsulated Pesticides market is projected to grow at a CAGR of 11.54%
The microencapsulated pesticides market is projected to reach USD 539.5 million by 2022, from USD 312.5 million in 2017, at a CAGR of 11.54%. The market is driven by growth in demand for pesticides that are effective in insect control, limits application costs, and reduces the toxicity risks to environment and human health. High cost of production is one of the major restraints for the growth of the microencapsulated pesticides market.
Agricultural applications are projected to boost the growth of microencapsulated formulations, more than non-agricultural applications, from 2017 to 2022
Based on the application sector, the agricultural segment is projected to grow at a higher rate during the forecast period. The direct use of non-microencapsulated pesticides may cause losses due to leaching, evaporation, and degradation. Thus, the microencapsulated pesticides are preferred more in agriculture, as they provide protection to the pesticide molecules from direct contact with the environment.
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Insecticides led the market with the largest share in 2016
Insecticides accounted for the largest share in the microencapsulated pesticides market in 2016. Globally, the research & development activities and product commercialization trends are more concentrated toward microencapsulated insecticides; hence, it accounted for the largest share in the microencapsulated pesticides market.
Europe accounted for the largest market share in 2016
Europe was the largest microencapsulated pesticides market in 2016. The European Crop Protection Association (ECPA) encourages the use of modern agricultural technologies in sustainable development to protect the human health and the environment. The market in this region is also projected to be growing at the highest CAGR from 2017 to 2022. It is driven by the increasing ban on the usage of certain harmful pesticide chemicals and its formulations in European countries such as France and Germany. Italy, Spain, and the UK are other key countries considered in this market.
The breakdown of the primaries on the basis of company, designation, and region, conducted during the research study, is as follows:
- By Company type: Tier I - 20%; Tier II - 30%; and Tier III - 50%
- By Designation: C-Level - 15%; D-Level - 25%; and Others* - 60%
- By Region: Asia Pacific - 40%; Europe - 30%; Americas - 20%; and RoW- 10%
*Others include sales managers, marketing managers, and product managers.
Note: Tier I: Revenue > USD 1 billion; Tier II: USD 500 million < Revenue < USD 1 billion; Tier III: Revenue < USD 500 million
The global market for microencapsulated pesticides is dominated by large players such as BASF (Germany), Syngenta (Switzerland), Bayer AG (Germany), Monsanto (US), and FMC Corporation (US). Some of the emerging players in the microencapsulated pesticides market include ADAMA (Israel), BotanoCap (Israel), Arysta LifeScience (US), McLaughlin Gormley King (US), GAT Microencapsulation (Austria), Belchim (Belgium), and Reed Pacific (Australia).
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