Insect Growth Regulators Market to Hit USD 1.87 Billion by 2030 Owing to Rising Organic Farming Practices and Technological Advancements | Research SNS Insider
Based on SNS Insider’s research, the insect growth regulators market is experiencing robust growth due to a combination of environmental concerns, regulatory changes, the need for sustainable pest control solutions, and ongoing advancements in the field.
Pune, Sept. 18, 2023 (GLOBE NEWSWIRE) -- The Insect Growth Regulators Market, as per the SNS Insider report, had a 2022 valuation of USD 1.1 billion. Projections suggest it is poised to reach USD 1.87 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 6.9% during the forecast period spanning from 2023 to 2030.
Market Overview
Insect Growth Regulators (IGRs) represent a groundbreaking innovation in the field of pest management. Unlike traditional chemical insecticides that target adult insects, IGRs take a more strategic and eco-friendly approach by disrupting the life cycle of insects at various stages of development. This novel method has gained widespread recognition for its effectiveness and reduced environmental impact. Combining IGRs with other methods, such as biological control and cultural practices, can enhance their effectiveness and reduce the overall reliance on chemical pesticides.
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Market Analysis
The insect growth regulators market has experienced substantial growth in recent years, driven by a combination of factors that are reshaping the agricultural and pest control industries. Growing environmental awareness and stricter regulations on conventional chemical pesticides have encouraged the adoption of IGRs. IGRs are considered more environmentally friendly due to their specificity in targeting pests while minimizing harm to beneficial insects, animals, and the ecosystem. The global population continues to grow, increasing the demand for food production. IGRs are used in agriculture to control pests that damage crops, thus enhancing crop yields and food security. The rising demand for organic food products has boosted the adoption of IGRs in organic farming. These compounds are compatible with organic farming practices as they are derived from natural sources and have low toxicity to non-target organisms.
Insect Growth Regulators Market Overview & Scope:
Report Attributes | Details |
Market Size in 2022 | USD 1.1 billion |
Market Size by 2030 | USD 1.87 billion |
CAGR | CAGR of 6.9% From 2023-2030 |
Key Segments | By Product (Chitin synthesis inhibitors, Ecdysone Antagonists, Juvenile hormone analogs and mimics, and Ecdysone Agonists) |
Key Market Players | Russel IPM Ltd., Bayer CropScience AG, Valent U.S.A Corporation, DOW Chemical Company, Central Gardens, Syngenta AG, Nufarm, ADAMA India Pvt. Ltd., Pets Co., Sumitomo Chemical Company, and other players |
20% free customization scope (equivalent to 50 analyst working hours) | If you need specific information as per your business requirement, which is not currently within the scope of the report, we will provide it to you as a part of customization. |
Pricing & Purchase Options | Avail customized purchase options to meet your exact research needs. Explore purchase options. |
Key Takeaway from Insect Growth Regulators Market Study
The solid segment of chitin synthesis inhibitors has proven its mettle in safeguarding agriculture, public health, and ecosystems. Its ability to disrupt the growth and development of insect pests without harming beneficial organisms has positioned it as a sustainable and reliable choice for pest management.
In the liquid segment, inhibitors of chitin synthesis have demonstrated their ability to curtail the population growth of a wide range of insect pests, from crop-damaging species to disease vectors. As agriculture and pest management practices evolve, liquid chitin synthesis inhibitors are poised to maintain their dominance, offering efficient, targeted, and environmentally responsible solutions to pest-related challenges.
Recent Developments
NEOGEN Corporation has once again demonstrated its commitment to innovative solutions in the agricultural and livestock industry with the launch of Prozap Protectus Pour-On Insecticide featuring IGR (Insect Growth Regulator). One of the key advantages of using Prozap Protectus Pour-On Insecticide is its extended residual effect.
AMVAC, a leading player in the agricultural industry, has introduced a new plant growth regulator to its citrus product portfolio. This regulator is designed to be compatible with various citrus varieties, making it a versatile solution for a wide range of growers.
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Market Dynamics Analysis
The dynamics of the insect growth regulators market are influenced by a complex interplay of drivers, restraints, challenges, and threats. On the driver's side, increasing global concern for sustainable agriculture practices and a growing awareness of the adverse effects of chemical pesticides on the environment and human health are propelling the demand for IGRs. Moreover, the need for effective pest control solutions in the face of rising insect resistance to traditional pesticides is fueling market growth. However, this burgeoning market faces notable restraints, including the relatively high cost of IGRs compared to conventional pesticides, limiting their accessibility to small-scale farmers. Finally, threats to the IGRs market encompass the potential emergence of new, unforeseen insect pests and the competitive landscape driven by innovation, as new, more potent IGRs or alternative pest control methods could disrupt market dynamics. Adapting to these multifaceted dynamics is crucial for stakeholders in the IGRs market to capitalize on its growth potential while mitigating potential risks.
Key Regional Developments
The insect growth regulators market in the North America is driven by the need for sustainable pest control solutions due to stringent environmental regulations. Growers are increasingly adopting IGRs to reduce chemical pesticide usage. Countries like France, Germany, and the UK have well-established markets for IGRs. Stringent regulations on chemical pesticides and a growing focus on sustainable agriculture are driving the IGR market's growth. As one of the largest agricultural markets in the world, Asia Pacific's IGR market is growing rapidly. Increasing awareness of food safety and environmental concerns are driving IGR adoption.
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Impact of Recession
The impact of the ongoing recession on the insect growth regulators market is multifaceted. While reduced consumer spending, challenges in the agricultural sector, and supply chain disruptions present significant hurdles, opportunities may arise through a renewed focus on sustainability and urban agriculture. The long-term outlook for the IGR market will also depend on factors such as government policies and the industry's ability to adapt to changing economic conditions.
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