On the back of narrow spectrum targeting, long-term insect population control and an insidious speed of action, insect growth regulators have become a popular choice. Fact.MR in its latest report says that the past half of a decade has seen a significant shift in the usage pattern of pesticides with end-users inclined towards pragmatic solutions.
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This trend is largely reflected in developed clusters including the Americas and Europe, where non-toxicity of pesticides is being observed to be need of the hour. The Insect growth regulators market will reach maturity levels in the next decade. With these dynamics in place, Fact.MR opines that the insect growth regulators market is projected to witness a modest CAGR of ~ 4%, between 2019 and 2027.
Key Takeaways from the Insect Growth Regulators Market:
- According to Fact.MR, the ability to cover large areas in less time and easy application makes aerosol insect growth regulators an attractive segment. Aerosols are expected to show a growth rate of about 1%, marginally higher than the second fastest growing segment which is liquid.
- In the developing clusters of Asia and Africa the adoption of insect growth regulators is comparatively slower as insect growth regulators are costlier vis-à-vis traditional pesticides.
- Pet-care products market has grown at a swift pace in the past five years and is projected to create an Incremental $ opportunity of US$ 15 Mn in next 8 years . This will create intrinsic opportunities for the insect growth regulators market for pest control in pets
- Among products, Juvenile Hormone Analogs and Anti-Juvenile Hormone Agents together are expected to reach a valuation of about US$ 530 Mn in 2027, expanding by 1.4x the current value.
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“The pet care segment holds immense potential for growth, with increasing pet humanization and ever increasing adoption of pets. Players can reap rich benefits by developing products that are specifically targeted at various pet animal groups. ” -states a Fact.MR analyst
Leveraging Mutual Strengths to Tackle Mounting Competitive Pricing
Insect growth regulators market is fragmented with a high presence of regional competitors. The competition and pricing between them is stiff. Large multinationals including Bayer AG, Dow Chemicals and Syngenta AG have strong geographical presence and high brand value. The companies have focused on strategic acquisitions of smaller companies, so as to increase their foothold in the market.
For instance, MGK acquired the business of Flynexx from Piedmont Animal Health to add the Flynexx granules fly control product and EPA registered Insect Growth Regulator, ‘Cyromazine’ to its product offering.
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The frontrunners in the industry have also aimed at leveraging mutual strengths to promote growth. In April 2018, Bayer, BASF, Mitsui Chemicals, Sumitomo Chemical Company and Syngenta announced collaborative research activities for vector control solutions including insect growth regulators. The companies have also continually focused on development of newer and more effective insect growth regulators. For instance, Bayer launched an insect growth regulator ‘Fludora Fusion’, in Dec 2018, which has cleared the prequalification from WHO to control the growth of malaria causing mosquitoes.
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