by Pyrethroids are synthetic chemical compounds that are modeled after the chemical structure of natural pyrethrins which are produced by chrysanthemum flowers. Pyrethroids have a wide range of applications in insect control in agricultural settings, household insecticide sprays, pet shampoos and public health insecticidal fogging/spraying programmes. They are preferred over natural pyrethrins due to their stability in sunlight and stronger insecticidal action.
The global pyrethroids market is estimated to be valued at US$ 4819.8 Bn in 2024 and is expected to exhibit a CAGR of 43.% over the forecast period 2024 to 2030.
Key Takeaways
Key players operating in the pyrethroids market are AVT Natural, Archer Daniels Midland Company, Blueberry Agro, Cymbio Pharma Pvt Ltd., Harrisons Malayalam Ltd., Indena S.p.A., Martin Bauer Group, Synthite Industries Ltd., Synergy Flavors, Teawolf, Martin Bauer Group., and Taiyo International.
The key opportunities in the Pyrethroids Market Size include its increasing application scope in commercial as well as household insecticide formulations. Agriculture and public health sectors are expected to drive significant demand for pyrethroids.
Technological advancements have led to development of new pyrethroid formulations that are more effective, have lower mammalian toxicity and reduced environmental impact. Water-dispersible formulations (WDG, WP, WG etc.) and micro-encapsulated formulations are gaining popularity.
Market Drivers
The major market driver for pyrethroids is its increasing application scope for insect control in agriculture and vector control programs. Pyrethroids offer broadspectrum control of a wide range of insects including flies, mosquitoes, ticks, moths and beetles. They aid in increasing crop yields by protecting crops from devastating insect pests. Moreover, factors like rapid urbanization and rising public health concerns regarding vector-borne diseases will positively influence the pyrethroids demand.
The pyrethroids market faces several challenges due to stringent regulations imposed by authorities regarding the use of synthetic pesticides. Farmers and agrochemical companies have to adhere to guidelines related to MRL (Maximum Residue Limits) set by organizations like the EPA and EFSA. Non-compliance can lead to penalties and product recalls.
Another major challenge is the development of pest resistance against pyrethroids. Overreliance and excessive use of pyrethroid products have made many pests resistant to their effects. This has reduced the efficacy of these insecticides. Companies must invest in R&D to introduce new formulations that can overcome such resistance.
SWOT Analysis
Strength: Pyrethroids are more stable and have lower mammalian toxicity compared to organophosphates and carbamates. They biodegrade faster.
Weakness: Development of pest resistance is a major concern. Costly process for developing new molecules.
Opportunity: Growing demand for natural agrochemicals offer opportunities. Scope for combination products with other active ingredients.
Threats: stringent regulations regarding MRL levels. Competition from newer chemistries and biopesticides.
In terms of value, the North America region accounts for the largest share in the pyrethroids market due to extensive agricultural practices and high pest control requirements. Asia Pacific is poised to be the fastest growing market between 2024-2030 with China, India and other Southeast Asian countries driving demand. Countries like Brazil and Argentina also contribute significantly to Latin America’s share. Europe currently captures a moderate market share.
Another fast emerging market for pyrethroids is Africa aided by initiatives to boost farm yields and crop protection. Countries like South Africa, Nigeria, Ethiopia offer scope for market penetration. Overall, pyrethroids market growth will be fuelled by the need to ensure food security through effective pest management in both developed and developing economies worldwide.
Challenges in the Pyrethroids industry:
The pyrethroids industry faces a number of pressing challenges currently. One of the major issues is the development of pest resistance that reduces the efficacy of these insecticides over time. Pests are evolving and continuously building resistance against pyrethroids. This forces agriculturists and manufacturers to identify new formulations and molecules. Another challenge is the implementation of stringent regulations regarding MRL levels of residues. Non-compliance can attract penalties and costly product recalls. The industry has to invest in newer technology and bioassays to ensure that residues fall within permissible limits. Further, market consolidation due to M&A activities has intensified competition. Companies require deep pockets to invest in R&D for developing advanced pyrethroid solutions.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
