IMARC Group, a leading market research company, has recently releases report titled “Insect Growth Regulators Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032” The global insect growth regulators market size reached US$ 1,024.9 Million in 2023. Looking forward, IMARC Group expects the market to reach US$ 1,699.2 Million by 2032, exhibiting a growth rate (CAGR) of 5.6% during 2024-2032.
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Factors Affecting the Growth of the Insect Growth Regulators Industry:
- Environmental Concerns and Regulatory Policies:
The growing environmental concerns and stringent regulatory policies aimed at reducing the use of conventional chemical pesticides are positively influencing the market. Insect growth regulators (IGRs), being more targeted and less toxic to non-target species, including humans, are gaining preference over traditional pesticides. This shift is a result of increased awareness about the adverse effects of chemical pesticides on the environment, leading to ecosystem imbalance and health hazards. Regulatory bodies worldwide are implementing stricter regulations on pesticide use, encouraging the adoption of environment friendly alternatives. IGRs, which inhibit the growth and reproduction of pests without harming other organisms, align well with these regulatory policies and environmental sustainability goals.
- Advancements in Agricultural Practices:
The adoption of modern and sustainable agricultural practices is propelling the market growth. With the global population on the rise, there is a pressing need to enhance agricultural productivity while minimizing environmental impact. IGRs, offering a sustainable solution to pest management, are becoming integral to integrated pest management (IPM) programs. These substances work by disrupting the life cycle of pests, leading to their control without affecting crop yield. As farmers and agronomists are seeking innovative, effective, and eco-friendly methods to increase crop production and protect against pests, the demand for IGRs is rising.
- Rising Demand for Organic Products:
The preferences for organic and naturally produced food items, driven by concerns over food safety and the health implications of consuming produce treated with synthetic chemicals, are supporting the market growth. This shift is driving the demand for pest management solutions that are compliant with organic farming standards, where IGRs play a pivotal role. Unlike conventional pesticides, IGRs are seen as more compatible with organic agriculture due to their specific modes of action and lower toxicity profiles.
Leading Companies Operating in the Global insect growth regulators Industry:
- BASF SE
- Central Life Science (Central Garden & Pet Company)
- Control Solutions Inc (China National Chemical Corporation)
- Dow Inc
- Nufarm Limited
- OHP Inc. (AMVAC Chemical Corporation)
- Russell IPM Ltd
- Sumitomo Chemical Co. Ltd. and Syngenta AG.
Insect Growth Regulators Market Report Segmentation:
By Product:
- Chitin Synthesis Inhibitors
- Juvenile Hormone Analogs and Mimics
- Ecdysone Antagonists
- Ecdysone Agonists
Chitin synthesis inhibitors represent the largest segment as they play a crucial role in pest management strategies across various industries.
By Form:
- Aerosol
- Liquid
- Bait
Liquid accounts for the majority of the market share due to their easy application.
By Application:
- Agriculture
- Residential
- Commercial
Agriculture exhibits a clear dominance in the market owing to the rising utilization of insect growth regulators in improving farming practices.
Regional Insights:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
North America’s dominance in the insect growth regulators market is attributed to investment in research and development (R&D), leading to the production of advanced insect growth regulators.
Global Insect Growth Regulators Market Trends:
Research and development (R&D) activities aimed at enhancing the efficacy, stability, and application methods of IGRs are bolstering the market growth. Innovations, such as microencapsulation technologies, improve the longevity and effectiveness of IGR formulations, making them more appealing to both agricultural and residential users. Additionally, the development of novel IGRs with specific action against a broader range of pests or those that can be effectively integrated into various delivery systems (like baits, sprays, and foggers) meets the diverse needs of pest management professionals. These advancements not only extend the utility of IGRs across different settings, including urban pest control, livestock protection, and forestry but also enhance market competitiveness against traditional pest control methods.
Other Key Points Covered in the Report:
- COVID-19 Impact
- Porters Five Forces Analysis
- Value Chain Analysis
- Strategic Recommendations
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