North America to Hold Dominant Revenue Share in Global Insect Growth Regulator Market
Albany, New York, Nov. 09, 2018 (GLOBE NEWSWIRE) — In the backdrop of the continuing adverse effects of commonly used pesticides on human health and the ecology, the demand for a safer and eco-friendly grain protectants has emerged. The intensifying search for environmentally-benign, alternatives to control measures for insect pests is a key factor that led to the evolution of insect growth regulators (IGRs). IGRs essentially affect the natural development of insects in various stages, including embryonic and post-embryonic development, reproduction, and behavior. In various parts of the world, these compounds or chemicals are gaining prominence as most of them are considered more efficacious than the currently available broad spectrum of insecticides. Used in combination with other biological pest management systems, they are gaining potential acceptance in various regions mainly owing to their selectivity of action and non-toxicity to humans.
The global insect growth regulator market is projected to rise from a valuation of US$747.7 Mn in 2017 to reach US$907.2 Mn by 2022 end. The market is anticipated to expand at a CAGR of 3.9% during the forecast period of 2017–2022.
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A comprehensive overview of key factors and trends impacting the growth of the global insect growth regulators market is offered here:
World over, the rising demand for an eco-friendly and safer alternative measures to control insect pests is a key factor driving the market. The growing number of commercial applications in pest control mechanism in agriculture and forestry, gardens, and stored products is boosting the worldwide insect growth regulators market. The mounting concern of insecticides-resistant pests in post-harvest ecosystem in various parts of the world is a key factor bolstering the demand for insect growth regulators. The intensifying need for insecticides alternatives that do not affect other beneficial insects in a closed environment is catalyzing the growth of the market. The growing use of these compounds to disrupt the normal development of embryo is fueling the growth of the market. Insect growth regulators also find wide applications in controlling populations of a variety of insect pests, including cockroaches, bedbugs, and fleas.
The growing application of insect growth regulators in managing stored-product insect pests is a key factor accentuating the market. The advent of highly targeted insect growth regulators for controlling the insecticidal activity of higher order vertebrates in indoor and outdoor applications is an important trend catalyzing the growth of the market.
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The lack of activity in adult insects and their selectivity of action are key factors that make the use of insect growth regulators largely uneconomical for some applications. This is a key factor likely to adversely impact their demand to an extent. Nevertheless, a number of unique benefits of insect growth regulators, such as low-toxicity to humans and their compatibility with other biological pest control systems, are key factors expected to bolster their uptake.
Regionally, the North America leads the global insect growth regulators market as it currently holds the dominant revenue share. The regional market is likely to maintain its lead in the coming years as well. The North America is projected to be worth US$319.7 Mn by 2022 end. Of all product types, the chitin synthesis inhibitors is predicted to stay ahead of the pack throughout the forecast period. The wide demand of these compounds is attributed to their versatile activity over longer period of time than other insect growth regulators used to treat insects.
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Several players are actively engaged in developing insect growth regulators formulations that can treat a wide range of pests, are eco-friendly, and are non-toxic to humans, in order to stay ahead of the pack. Key players operating in the insect growth regulators market include Dow Chemical Company, Bayer Crop Science AG, ADAMA Agricultural Solutions Ltd., Syngenta AG, Nufarm Ltd., Platform Specialty Products Corporation, Sumitomo Chemical Company Ltd., Valent USA Corporation, Central Garden & Pet Co., and Russell IPM Ltd.
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