According to a comprehensive report by SNS Insider, the Insect Growth Regulators market was valued at USD 1.2 billion in 2023 and is expected to expand at a Compound Annual Growth Rate (CAGR) of 6.02% from 2024 to 2031. This robust growth trajectory underscores the rising demand for IGRs across diverse sectors.
Growing Demand and Expanding Market Scope
The heightened demand for IGRs is fueled by their exceptional efficiency and minimal environmental impact. These regulators disrupt the life cycle of pests without harming beneficial insects or contaminating soil and water. This makes them an attractive option for various applications, including agriculture, residential pest control, and commercial settings.
Emerging economies like India and China are witnessing a surge in integrated pest management (IPM) and organic farming practices. These practices prioritize sustainable pest control methods, further boosting the demand for IGRs.
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Some of the Key Players Included are:
The major key players are Russel IPM Ltd., Bayer CropScience AG, Valent U.S.A Corporation, DOW Chemical Company, Central Gardens, Syngenta AG, Nufarm, ADAMA India Pvt. Ltd., Pets Co., Sumitomo Chemical Company, and other key players mentioned in the final report.
Market Analysis
The Insect Growth Regulators market presents several lucrative opportunities. The increasing adoption of organic farming globally is a significant growth driver. IGRs, derived from natural sources, align with organic farming principles and offer effective pest control without compromising environmental sustainability.
Furthermore, the expanding global population and shrinking arable land necessitate higher crop yields. The resistance developed by pests against conventional pesticides, coupled with growing environmental concerns, is propelling the adoption of IGRs as a safer and more sustainable solution.
Recent Developments
- In April 2024, Bayersecured an exclusive license for a novel biological insecticide targeting arable crops from UK-based AlphaBio Control.
- In February 2024, Syngenta Crop Protectionand Lavie Bio Ltd. announced a collaboration to develop new biological insecticidal solutions.
These developments underscore the growing investment in research and innovation within the IGR market, aimed at expanding the range of available products and applications.
Segment Analysis
By Product, Chitin synthesis inhibitors dominated the market in 2023 due to their dual action mechanism, inhibiting chitin and exoskeleton formation in pests. By Form, Liquid IGRs held the largest market share in 2023, primarily due to their cost-effectiveness and efficacy in managing severe infestations.
By Product
- Chitin synthesis inhibitors
- Ecdysone Antagonists
- Juvenile hormone analogs and mimics
- Ecdysone Agonists
By Form
- Liquid
- Aerosol
- Bait
By Application
- Agriculture
- Commercial
- Residential
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Impact of the Russia-Ukraine War and Economic Slowdown
The ongoing conflict between Russia and Ukraine has disrupted global supply chains, leading to increased prices for raw materials and finished goods, including IGRs. However, the long-term impact on the IGR market remains uncertain, contingent on the duration and intensity of the conflict.
The economic slowdown has resulted in reduced consumer spending and investment in non-essential products. However, the demand for IGRs, particularly in the agricultural sector, has remained relatively stable due to their critical role in ensuring crop yields and food security. For example, farmers in developing countries continue to rely on IGRs to protect their crops from pest damage, even in the face of economic challenges.
Regional Landscape
North America– The region dominated the market in 2023 with revenue share of about 39.2% in 2023, driven by health concerns, product innovation, and a high standard of living that favors eco-friendly pest control solutions.
Asia Pacific– This region is projected to witness the fastest growth, attributed to rising awareness of professional pest control, improving living standards, and increasing health consciousness among consumers.
Key Takeaways
- IGRs offer a targeted and sustainable approach to pest management, making them an attractive alternative to traditional chemical pesticides.
- The agriculture industry is a major consumer of IGRs, but their application is expanding across residential and commercial sectors.
- Research and development efforts are focused on expanding the range of available IGR products and applications.
- The market is expected to continue its growth trajectory, driven by factors such as the increasing demand for organic food, environmental concerns, and the need for effective pest control in a world with a growing population and shrinking arable land.
Table of Contents – Major Key Points
- Introduction
- Research Methodology
- Market Dynamics
- Impact Analysis
- COVID-19 Impact Analysis
- Impact of Ukraine- Russia war
- Impact of ongoing Recession
- Value Chain Analysis
- Porter’s 5 Forces Model
- PEST Analysis
- Insect Growth Regulators Market Segmentation, By Product
- Insect Growth Regulators Market Segmentation, By Form
- Insect Growth Regulators Market Segmentation, By Application
- Regional Analysis
- Company Profiles
- Competitive Landscape
- Use Case and Best Practices
- Conclusion
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