The Global Organophosphate Insecticides Market is valued a USD 8.54 billion in 2022 and is projected to reach a value of USD 14 billion in 2030 expanding at a CAGR of 5.2% over the forecast period of 2022-2030.
As a result of escalating competition, the market for organophosphate pesticides is predicted to exhibit encouraging growth possibilities over the forecast period. In order to meet the demand for organophosphate pesticides and provide accessibility for consumers, new rivals are providing a range of choices at competitive prices.
While organophosphate pesticides are insecticides with organophosphate as their primary ingredient, organophosphates are phosphoric acid esters. Pesticides containing organophosphates are extremely dangerous and may negatively impact the nervous system. Organophosphates have been modified for use in agriculture and other fields after being first used as a warfare gas. Organophosphate insecticides are dangerous substances that can affect farmers over the long term. Some organophosphates have been banned by many countries, but others are still used extensively abroad for a variety of purposes.
Organophosphate pesticide sales are anticipated to increase dramatically. Additionally, there will be an increase in demand for organophosphate insecticides worth US$11 billion by 2026. The growth of the market share for organophosphate pesticides is also anticipated to be aided by rising sales of these pesticides.
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Due to its usage in veterinary medicine, residential pest control, crop protection, and garden protection, sales of organophosphate insecticides are rising. Sales of organophosphate pesticides are anticipated to rise sharply despite environmental restrictions and product bans. It is anticipated that demand for organophosphate pesticides would increase in the coming years as a result of greater innovation and novel chemical synthesis.
Demand Is Driven by High Efficiency and Low Cost:
Organophosphate insecticides are among the most powerful crop protection compounds for controlling insects. In some circumstances, the price of pest control may increase to the point where farmers choose to accept yield losses over paying for an alternate method of pest control. For instance, there is currently no effective substitute insecticide available to farmers of broccoli to combat cabbage maggots. Producers will be compelled to accept yield losses if organophosphate pesticides are outlawed because cabbage maggot decimates crops.
Analysis of Ingredient-Segmentation:
In terms of market share for organophosphate pesticides in 2019, the glyphosate segment accounts for more than 30%. The market is expanding due to the rising demand for organophosphate pesticides to eradicate weeds from farms. Weeds harm crops because they take up water, sunlight, and nutrients. They also act as a conduit for harmful plant viruses. Additionally, glyphosate inhibits plant enzymes involved in the synthesis of amino acids like tyrosine, tryptophan, and phenylalanine as well as being absorbed through foliage and roots. While the elimination of enzymes reduces weed growth and boosts agricultural yield.
Global Organophosphate Insecticides Market- Key Market Trends
Rising global food demand and low cost with efficient outputs
Every market has its growth determinant and challenges. One of the major factor that has fuelled the market growth over the forecast period is the rising global food demand and low cost with efficient outputs. The sales of organophosphate pesticides are increasing because of being used for crop protection, garden protection, veterinary care, and household bug control. While, despite environmental controls and bans on a particular product, sales of organophosphate pesticides are increasingly significantly. Demand for organophosphate pesticides is predicted to rise in the following years because of rising innovation and novel chemical combinations.
Global Organophosphate Insecticides Market- Segmental analysis of the Market
Based on Ingredient • MALATHION • DIAZINON • GLYPHOSATE • METHAMIDOPHOS • DIMETHOATE • CHLOROPYRIPHOS • PARATHION • OTHERS The malathion segment has dominated the market growth over the forecast period.
Based on Application • CROP BASED • NON-CROP BASED The crop based segment has dominated the market growth over the forecast period. This is because of the health benefits associated with it.
Based on Type • HERBICIDE • FUNGICIDE • INSECTICIDE • OTHERS The herbicide segment has dominated the market growth over the forecast period.
Competitive Landscape: Some of the prominent companies operating in the market are ADAMA AGRICULTURAL SOLUTIONS LTD., AMERICAN VANGUARD CORP., BASF SE, BAYER CROPSCIENCE, DOW AGRISCIENCE LLC, E. I. DU PONT DE NEMOURS AND COMPANY, FMC CORPORATION, MONSANTO COMPANY, NUFARM LTD., and SYNGENTA AG.
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