Organophosphate Insecticides Market - Growth, Trends, and Forecast (2019 - 2024)
The Organophosphate Insecticides Market is expected to witness a CAGR of 1.2% over the forecast period. Organophosphates constituted a major share in the insecticide market by type of active ingredient. However, over the past few years, several notable organophosphates (Ops) have been withdrawn from use, including parathion which is no longer registered for any use, and chlorpyrifos, which is no longer registered for home-use in the US. The banning of many organophosphate molecules from many leading countries, including some of the countries, and the availability of other safer alternatives have constrained the market. However, many countries in the Asia-Pacific region still use organophosphate insecticides.
Organophosphate insecticides are used in agriculture, home, and garden, and also in a variety of veterinary practices. Like other agricultural inputs market, this market is driven by the need to increase crop yield and efficiency to cater to the growing food demand.
Increasing Food Demand and Need for Increased Agricultural Productivity
Owing to these trends, such as increasing population, as well as rising income of individuals, the market demand for food is expected to increase. The demand for cereals is likely to reach around 3 billion metric ton by 2050, up from today's nearly 2.1 billion metric ton. The arable land (% of land area) is falling globally, which indicates a need for increasing agricultural productivity to meet the increasing demand of the global population. Farmers will need to increase the production by increasing productivity and using pesticides to control the damage caused by pests. Without the use of crop protection products, such as organophosphate insecticides, the overall food production may decline, as due to climate changes and pests, farmers are facing yield fluctuations by about 30%.
Asia-Pacific is one of the Largest Markets for Organophosphate Insecticides
Asia-Pacific accounts for more than 40% of the global market share, followed by North America and Europe. The rising disposable incomes, population, and food security concerns have made Asia-Pacific the region with maximum growth potential. The emerging economies of China, India, Vietnam, and Thailand are the major consumers of organophosphate insecticides for application in various cereal & grain crops.
The Organophosphate Insecticides Market is fairly consolidated. Pyrethrins are preferred by most farmers on account of its versatility in controlling sucking as well as chewing and biting type insects. All the major pests in rice including Rice Blister Beetles are controlled by the Pyrethrin insecticides. Moreover major pests in cotton such as Pink bollworm (Pectiniophera gossypiella), Whiteflies (Bemasi Tabaci) & Beet Armyworm (Spodoptera exigua) are commonly controlled by Pyrethrin insecticides .