Global insect growth regulators market is projected to grow at a CAGR of 4.95% during the forecast period to reach a total market size of US$1261.30 million by 2023, increasing from US$943.70 million in 2017. Increasing pressure on farmers to increase the crop yield to meet the rising demands of growing global population is fuelling the adoption of advanced farming methods by the farmers. Shrinking agricultural land, owing to increasing industrialisation, is further increasing the adoption of advanced farming methods by the farmers which is boosting the growth of insect growth regulators market. Increasing awareness regarding health hazards associated with the growth of insects in residential and commercial spaces is increasing the demand for insect growth regulators. Market players are investing huge amounts into research and development to increase the efficacy of these regulators while minimising their harmful impacts on human health. These investments into R&D will continue to fuel the growth of this market over the projected period.
Commercial segment in insect growth regulators market is expected to grow at a high CAGR over the projected period. Increasing number of commercial buildings with developing infrastructure, especially in emerging economies like India, Brazil and South Korea among others, coupled with growing awareness about infestation of pest and insects drive this segment growth. Rising spending for the maintenance of commercial buildings further contributes to the segment’s growth.
Geographically, North America and Europe hold a major share in the global market on account of increasing adoption of advanced farming methods in this region. Europe also holds a significantly large share in the global market owing to increasing use of IGRs in residential and commercial spaces. The market in Asia Pacific will witness the highest growth over the projected period on account of huge investments by market players and increasing awareness regarding the importance of IGRs in this region.
The global insect growth regulators market is highly fragmented due to the presence of wide range of players across the world. The major players discussed in the report include The DOW Chemical Company, OHP, Inc. , Central Life Sciences, Nufarm Limited , Valent U.S.A Corporation and Russell IPM. Merger and acquisition is one of the key strategies adopted by players to be ahead in competition by enhancing their reach and offerings. Moreover, the players are increasingly investing in R&D for product innovation to expand their market share.
Insect growth regulators market has been segmented by type, end-user and geography
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Middle East and Africa