The Pyrethroids Market Growth Is Projected To Driven By Increasing...

The Pyrethroids Market Growth Is Projected To Driven By Increasing Consumer Awareness

Posted 2024-02-20 11:56:53

The pyrethroids market has seen significant growth over recent years due to growing consumer awareness about its natural properties as an alternative to synthetic pesticides. Pyrethroids are synthetic chemicals similar to natural extracts from chrysanthemum flowers and have become increasingly popular as a substitute for organophosphate pesticides as they degrade quickly in the environment and are less harmful to mammals. They are widely used in pesticides for agriculture as well as household insecticides. Increasing demand for organic food is also expected to drive uptake of pyrethroids due to their natural origins. Stringent regulations against harmful pesticides along with rising demand for eco-friendly pest control measures will further accelerate pyrethroid sales.

The Global Pyrethroids Market is estimated to be valued at US$ 4819.8 Bn in 2024 and is expected to exhibit a CAGR of 43% over the forecast period 2024 to 2030.

Key Takeaways

Key players operating in the Pyrethroids market include AVT Natural, Archer Daniels Midland Company, Blueberry Agro, Cymbio Pharma Pvt Ltd., Harrisons Malayalam Ltd., Indena S.p.A., Martin Bauer Group, Synthite Industries Ltd., Synergy Flavors, Teawolf, Martin Bauer Group., and Taiyo International.

Pyrethroids are increasingly replacing organophosphates due to their safer profile, causing increased demand from the agricultural and pest control sectors. Stringent regulations against harmful pesticides coupled with rising consumer preference for natural products are contributing to market growth.

With the increased demand, pyrethroid sales are growing across global markets, especially in Asia Pacific and South America. Key players are expanding their production and distribution networks in high growth regions to leverage opportunities.

Market drivers

Growing agricultural activities and the need for effective pest control is a key driver for the pyrethroids market. As the global population rises, the demand for food is also growing at a rapid pace. Farmers require natural yet powerful pesticides to protect their crops from destruction. Pyrethroids have emerged as a popular biopesticide preferred by farmers worldwide due to their low toxicity. Stringent norms against residues of harmful chemicals and rising health concerns also favor increased pyrethroid consumption.

Current geopolitical situation and its impact on Pyrethroids Market growth

The Pyrethroids Market Size is witnessing significant challenges due to the prevailing geopolitical instability across various regions. The ongoing Russia-Ukraine war has severely disrupted global supply chains and export-import activities. Both Russia and Ukraine are among the major producers and exporters of raw materials used in pyrethroid manufacturing such as chrysanthemum flowers. The conflict has constrained the availability of these key agrochemical inputs, putting upward pressure on prices. Additionally, economic sanctions on Russia are also posing indirect threats to the market.

The market will have to devise effective strategies to mitigate over-dependence on single or high-risk regions. Companies need to diversify their sourcing networks and establish alternative supply partnerships in politically stable nations. Adopting a "China plus one" policy can help reduce supply concentration risks. Investing in local farming and processing facilities, particularly in emerging markets, can boost self-sufficiency. Partnerships with regional players may facilitate access to indigenous raw materials. The industry must also focus on developing substitute ingredients to pyrethrum extracts to deal with any long-term supply disruptions.

Geographical regions with highest pyrethroids market value

Asia Pacific currently dominates the global pyrethroids industry in terms of value, accounting for over 35% share. China, India, Japan, and Indonesia present substantial demand, driven by the extensive usage of pyrethroids formulations in agriculture, public health programmes and crop protection. The vast arable land and burgeoning population rely heavily on agrochemicals to boost farm productivity and ensure food security. Moreover, Asia Pacific serves as the major production and export hub for pyrethroids globally.

Fastest growing region in the pyrethroids market

Central and South America have emerged as the fastest expanding regional market for pyrethroids projected to grow at a CAGR of around 8% during the forecast period. Growing pyrethrum cultivation and formulation manufacturing especially in Brazil and Argentina is bolstering the market growth. Additionally, initiatives to promote integrated pest management and large-scale crop production are propelling the demand for pyrethroid insecticides in agriculture. A rise in urbanization and economic development coupled with increasing health expenditures are also supporting the market expansion.