The global microencapsulated pesticides market is continually growing. Market growth attributes to the global food demand rising with the ever-increasing population. Besides, factors such as the widening adoption of modern farming practices and increasingly spreading awareness about the benefits of microencapsulated pesticides drive market growth. Currently, pests as western flower trips, aphids, whitefly, and spider mites are controlled by conventional chemical insecticides.
Resultantly, the rising demand for robust, targeted delivery systems for the effective control of pets escalates the market demand. According to Market Research Future (MRFR), the global Microencapsulated Pesticides Market is projected to reach USD 712 MN by 2024, growing at 12.34% CAGR during the assessment period (2019 to 2024). Augmenting demand for organic produces and surge in farming land under modern cultivations foster market growth.
Additionally, rising government efforts to increase crop production and encourage farmers to use microencapsulated pesticides accelerate the market demand. Several chemical-based pesticides have developed; however, their harmful impact on the environment and human health has become a paramount concern. Also, the increasing consumption of microencapsulated pesticides and the burgeoning agriculture industry worldwide substantiate the market size.
Global environmental concerns are rising continuously. Rising usages of agrochemicals play a significant role in affecting the environment, which, as a result, acts as a vital driving force behind the market growth. Also, the rising usages of advanced technologies in the development of microencapsulated pesticides influences market growth excellently.
Global Microencapsulated Pesticides Market – Segments:
The report is segmented into five dynamics.
By Type: Herbicides, Insecticides, Fungicides, and others.
By Technology: Physical, Chemical, Physio-Chemical, and others.
By Crop Type: Fruits & Vegetables, Cereals & Grains, Oilseeds & Pulses, and others.
By Mode of Application : Foliar Spray, Fertigation, and others.
By Regions: Americas, Europe, Asia Pacific, and Rest-of-the-World.
Global Microencapsulated Pesticides Market – Geographical Analysis:
North America dominates the global microencapsulated pesticide market. The market growth attributes to the adoption of integrated pest management by farmers. Moreover, ongoing technological research and development in microencapsulated pesticides fuel the growth of the regional market.
Besides, the increasing awareness among cultivators about the benefits of microencapsulated pesticides, alongside the large user base, impacts market growth positively. Also, the ample availability of farming land under cultivation and growing demand for organic produce drives the regional market growth. The European microencapsulated pesticides market is projected to retain its dominance throughout the review period
North America stands second in the global microencapsulated pesticides market. The market is driven by the growing agriculture sector and augmenting demand for organic produce in the region. Additionally, the rapidly growing demand for natural food products and the presence of many notable industry players positively impact market growth. With its augmenting demand for organic food products, the US holds the largest share in the regional market. The North American microencapsulated pesticides market is expected to witness steady growth throughout the forecast period.
The Asia Pacific microencapsulated pesticides market is growing rapidly. Factors such as the rising awareness about pesticides' benefits and the increase in population, leading to increased food demand, boost the market growth. Additionally, the expansion and commercialization of agricultural activities in countries like India and China support the growth of the microencapsulated pesticides market in this region.
Furthermore, the growing trend of precision farming practices substantiates market growth. Strong government policies and the availability of sizeable agricultural land areas in the region bolster market growth. Moreover, the growing exports of microencapsulated pesticides in the region push the growth of the market. The APAC microencapsulated pesticide market is projected to register the highest CAGR during the forecast period.
Microencapsulated Pesticides Market – Competitive Analysis:
Highly competitive, the microencapsulated pesticides market appears to be fragmented due to the presence of several well-established players. Mergers & acquisitions, collaboration, innovation, and brand reinforcement remain key trends for leading players to gain a larger competitive share. Industry players strive to develop pesticides designed to have a longer life effect & shelf life and lower costs. The market is expected to perceive intensifying competition due to planned extensions in product innovations.
Players leading the global microencapsulated pesticides market include Bayer Cropscience AG (Germany), BASF SE (Germany), The DOW Chemical Company (US), Syngenta AG (Switzerland), The Monsanto Company (US), FMC Corporation (US), Belchim Crop Protection (Belgium), ADAMA Agricultural Solutions Ltd. (Israel), Reed Pacific Pty Limited (Australia), EcoSafe Natural Products Inc. (Canada), UPL Corporation Ltd. (India), GAT Microencapsulation Gmbh (Austria), McLaughlin Gormley King Company (US), China National Chemical Corporation (China), and BotanoCap Ltd. (Israel), among others.
Industry/ Innovations/ Related News:
July 02, 2020 ---- Bionema Ltd. (the UK), a leading biotechnology company, announced receiving a grant from Innovate UK to continue its bioinsecticide microencapsulation formulation project. The funding would support the company's continual efforts to develop unique microencapsulation technology, which can deliver an effective alternative to chemical pesticides. Biopesticide formulation and its targeted delivery are a more sustainable approach for controlling increased pests causing billions of dollars of crop damage worldwide.
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