by The Cypermethrin Insecticide Market is estimated to be valued at US$ 2.42 Bn in 2023 and is expected to exhibit a CAGR of 5.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview
Cypermethrin insecticide is an active synthetic pyrethroid insecticide. It is useful for the control of a variety of lepidopterous larval pests such as cotton bollworm, tobacco cutworm, beet armyworm, corn earworm, and european corn borer. It is also effective against many major sucking and chewing insect pests found in vegetables, fruits, nuts and field crops. Cypermethrin insecticide has very low toxicity to mammals and it is very safe to use when handled properly. It acts as a broad spectrum contact and systemic insecticide. Due to its wide range of advantages, cypermethrin insecticide is widely adopted by farmers across the globe.
Market key trends
Increasing agricultural production to meet rising food demand is expected to drive the Cypermethrin Insecticide Market growth over the forecast period. According to data presented by the United Nations’ Food and Agriculture Organization (FAO), global agricultural production is projected to increase by around 60% by 2050 to feed the growing population which is estimated to reach around 9.7 billion by 2050. Cypermethrin insecticide acts as an effective pesticide to control infestations in various crops and helps increase crop yields. Moreover, favorable government initiatives in several countries towards promoting insecticide usage in farming practices would also augment the demand for cypermethrin insecticide. For instance, the Indian government through various schemes is encouraging farmers to utilize insecticides judiciously in order to maximize crop production and minimize losses due to pests and diseases.
Porter’s Analysis
Threat of new entrants: There are high capital requirements for manufacturing operations and presence of stringent regulations acts as a barrier for new players.
Bargaining power of buyers: The presence of many suppliers and easy availability of substitutes increases the bargaining power of the buyers.
Bargaining power of suppliers: The suppliers have moderate bargaining power due to their fragmented presence and availability of raw materials from different sources.
Threat of new substitutes: The threat of substitutes is low as cypermethrin offers cost effectiveness and better efficacy than other substitutes.
Competitive rivalry: Intense competition exists among the key players.
SWOT Analysis
Strength: Cypermethrin has broad spectrum activity against many insects and effective at lower concentrations. It has low mammalian toxicity.
Weakness: It is moderately persistent in the environment and can harm non-target organisms like fish, bees, and certain types of beneficial insects at high concentrations. Cypermethrin has potential adverse health effects on humans.
Opportunity: Increasing demand from agriculture sector due to growing need to boost crop yields and protect crops from pests. Rising pest problems especially in Asia Pacific region.
Threats: Stringent regulations over pesticide use due to environmental and human health concerns. Introduction of bio-based alternatives.
Key Takeaways
The global Cypermethrin Insecticide market is expected to witness high growth, exhibiting CAGR of 5.4% over the forecast period, due to increasing agriculture production and growing need to control pests and insects that damage crops. The Asia Pacific region dominates the market and is expected to grow at the fastest rate due to rising pest problems in major countries like India and China.
Regional analysis: The Asia Pacific region is the largest as well as the fastest growing market for cypermethrin insecticide owing to the significant growth in agriculture production to feed rising population in major countries like India and China. Rising pest problems in the agriculture fields of Asia Pacific is also driving higher demand.
Key players: Key players operating in the cypermethrin insecticide market are FMC Corporation, BASF SE, Bayer AG, Sumitomo Chemical Co., Ltd., Syngenta AG, Adama Agricultural Solutions Ltd., UPL Limited (previously United Phosphorus Limited), Nufarm Limited, Tagros Chemicals India Ltd., Heranba Industries Limited.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
