Pyrethroids Market Is Estimated To Witness High Growth Owing To Stringent Regulations Regarding Pyrethroid Use
Pyrethroids are man-made chemical insecticides that are modeled after natural chemicals from chrysanthemum flowers called pyrethrins. Pyrethroids are commonly used in agricultural insecticides, agriculture, and public health for their effectiveness and low toxicity to humans when used properly. Some pyrethroids are also used in household insecticide sprays, pet flea and tick collars and sprays, and mosquito control. The global pyrethroids market is estimated to be valued at US$ 2.7 billion in 2023 and is expected to exhibit a CAGR of 43.% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
Stringent regulations regarding pyrethroid use present a major opportunity for growth in the pyrethroids market. Regulatory bodies worldwide are imposing strict controls on the usage of pyrethroids due to environmental and health concerns such as water contamination, toxic accumulation in soil, and harmful effects on aquatic life and non-target insects. For instance, the European Commission has banned the agricultural use of certain pyrethroids such as deltamethrin, lambda-cyhalothrin, and bifenthrin. Increasing regulations are leading to the development of new-generation biopesticides and safer alternatives to pyrethroids. This shift towards safer and environment-friendly options for pest control presents a huge market opportunity for manufacturers of advanced biopesticides that can substitute conventional pyrethroids in the coming years.
Porter's Analysis
Threat of new entrants: The threat of new entrants into the pyrethroids market is moderate. Establishing manufacturing facilities requires high capital investments and R&D which deter new players.
Bargaining power of buyers: The bargaining power of buyers is moderate to high due to the availability of various substitutes. However, buyers have low bargaining power due to the industry's intellectual property rights and differentiation in products.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as suppliers of raw materials like pyrethrins have few alternatives to sell their products. However, suppliers have low bargaining power due to established long term relationships with manufacturers.
Threat of new substitutes: The threat of substitutes is moderate as alternative insecticides exist but offer a narrow product profile compared to pyrethroids which serve diverse applications in agricultural and household sectors.
Competitive rivalry: Competitive rivalry is high due to many regional and global players operating in the pyrethroids market and investing in R&D to develop new formulations with longerlasting efficacy.
SWOT Analysis
Strengths: Pyrethroids possess high insecticidal activity, low mammalian toxicity and are degraded rapidly by environmental factors. They offer compatibility with Integrated Pest Management programs.
Weaknesses: Pyrethroids have relatively high toxicity to aquatic organisms and frequent applications can reduce soil microbial activity. They also exhibit cross-resistance with other synthetic insecticides.
Opportunities: There is opportunity to develop new pyrethroid formulations and combinations with other active ingredients to expand product profiles and applications in agriculture, public health and vector control programs.
Threats: Stringent regulations around the world on pesticide usage and Maximum Residue Limits pose challenges. Alternatives like biopesticides also threaten market share.
Key Takeaways
The global Pyrethroids Market Growth is expected to witness high growth over the forecast period of 2024 to 2031.
Asia Pacific region currently dominates the market and is expected to maintain its leading position due to the large agriculture sector in countries like China and India where pyrethroids have widespread application.
Key players operating in the pyrethroids market are BASF SE, Bayer Cropscience, Celebrate, China National Chemical, Sumitomo Chemical and Nufarm.
For more insights, read- https://www.pressreleasebulletin.com/pyrethroids-market-trends-size-and-share-analysis/
For more details on the report, Read- https://www.ukwebwire.com/lab-on-a-chip-and-microarray-biochip-market-scope/
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