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Albany, New York, March 12, 2019 (GLOBE NEWSWIRE) -- The analysts at Transparency Market Research (TMR) estimates that the global microencapsulated pesticides market has a consolidative vendor landscape. The key players such as Syngenta, BASF SE, Bayer AG, FMC Corporation, and ADAMA Agricultural Solutions Ltd. are some of the players operating in the global microencapsulated pesticides market. Few players dominate the market, which is leading to an increasing entry threat for the small and new players in the market.
According to TMR, the global microencapsulated pesticides market is projected to collect revenue of US$797.09 mn by 2026-end from a value of US$327.05 mn in 2017. The market is expected to expand with a CAGR of 10.4% over the forecast period from 2018 to 2026.
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Based on the type, the insecticides segment is dominating the global microencapsulated pesticides market. Based on crops, the cereals & grains segment dominated the global microencapsulated pesticides market by accounting a leading share in 2017. Based on region, Europe dominated the global microencapsulated pesticides market in 2017. This growth is attributable to the growing adoption of microencapsulated pesticides due to growing favorable government initiatives for the acceptance of advanced pest management practices in the region.
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Growing Initiatives for Lowering Soil Pollution to Reflect Positively on the Market’s Growth
The microencapsulated pesticides market is gaining traction due to growing adoption of the products, which ensures food security. The focus is majorly on environmental sustainability factors in the agriculture sector, which enhances crop protection and maintaining its quality in terms of nutrients in soil and yield. This is leading to boost implementation of the microencapsulated pesticides and likely to drive the growth of the microencapsulated pesticides market. Additionally, growing awareness and initiatives for minimizing the degradation of chemical and physical properties of soil is resulting to boosting adoption of microencapsulated pesticides.
Initiatives for lowering soil pollution are leading to encouraging adoption of the microencapsulated pesticides, which are resulting, into a growth of the microencapsulated pesticides market. Furthermore, growing awareness about hazards from the chemical-based pesticides on human health and contribution in air and soil pollution is leading to encouraging adoption of healthy alternatives such as microencapsulated pesticides. This is boosting the microencapsulated pesticides market since past few years and likely to remain one of the key driving factors over the forecast period.
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Lack of Skills Using Microencapsulated Pesticides to Restrain Market’s Growth
The microencapsulation is a technical procedure; thus, the farmers who are lacking in skills of using the microencapsulated pesticides mainly in developing countries are finding some difficulties to adopt the technology. Thus, the farmers are opting to use conventional pesticides, for their easy use, inexpensiveness, and availability. This is leading to restrained growth of the global microencapsulated pesticides market. Nonetheless, global players are trying to introduce insecticides and pest control systems, which are easy to use. This is expected to offer opportunities for growth of the global microencapsulated pesticides market. Additionally, growing demand for healthy foodstuff produces with natural or less hazardous pesticides is projected to offer lucrative opportunities for growth over the forecast period.
This information is encompassed in the report by TMR, titled, “Microencapsulated Pesticides Market (Type - Insecticides, Herbicides, Fungicides, Rodenticides; Crop - Cereals and Grains, Oilseeds and Pulses, Fruits and Vegetables, Turf and Ornamental; Application - Agricultural, Non-agricultural) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2026.”
For the study, the microencapsulated pesticides market has been segmented as follows:
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