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Pyrethroids market estimated to reach $3,233 mn by 2019
Feb. 2, 2015
The market for pyrethroids is estimated to be valued at $2,559.62 million in 2014, and is projected to reach $3,233.24 million by 2019, at a CAGR of 4.8% according to a latest report published by MarketsandMarkets. The pyrethroids market is projected to grow steadily due to the increasing importance regarding the health of crops in the agriculture industry. In 2013, Asia-Pacific was the largest market; this market is projected to grow to $1,216.79 million by 2019, at a CAGR of 5.2%, as studied from 2014. Europe is the second-largest market for pyrethroids after Asia-Pacific and is projected to grow at a CAGR of 4.6% for the period under review.
The market for pyrethroids has a significant impact on food and processed food markets. Pyrethroids are broadly categorized as bifenthrin, deltamethrin, permethrin, cypermethrin, cyfluthrin, lambda-cyhalothrin on the basis of active ingredients. Pyrethroids are gaining a more favorable response when compared to other insecticide classes. The pyrethroids market is also segmented on the basis of its applications in different crop types such as cereals & grains, oilseeds & pulses, fruits & vegetables, and others that include turf, forage, and ornamental crops. The oilseeds & pulses were found to form the largest market for pyrethroids in 2013. These products were mostly used to control household pests and maintain turfs & ornamentals, but its usage has become essential for all key crops such as cereals grains, tubers, and vegetables.
The key players in this market have developed a range of innovative products to target specific crops needs. Thus, the pyrethroids market is gaining more global presence and acceptance among customers. Key participants in the pyrethroids market include Bayer CropScience AG (Germany), Sumitomo Chemical Co., Ltd. (Japan), Syngenta AG (Switzerland), FMC Corporation (U.S.), and Nufarm Limited (Australia). These players are implementing different strategies to grow in the pyrethroids market. Expansions and acquisitions have been the key moves made by the market players for global expansion. In the next five years, research collaborations and distributional contracts will line up the agenda of the companies.
Source: MarketsandMarkets (M&M)
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