The competitive landscape of the microencapsulated pesticides market is fragmented with the presence of plethora of players, says Transparency Market Research (TMR). Some of the prominent players operating in the microencapsulated pesticides market are Bayer AG, Syngenta, BASF SE, ADAMA Agricultural Solutions Ltd., and FMC Corporation.
These players are focusing towards research and development of activities in order to broaden their product portfolio. Along with this, they are seeking regulatory approvals for new formulations to strengthen their market position.
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Further, lowering down the product prices is one of the prominent agenda of the microencapsulated pesticides. In addition to this, they are adopting strategies such as mergers and acquisitions, collaboration and business expansion in order to concretize their foothold in the microencapsulated pesticides market.
According to a report by TMR, The global microencapsulated pesticides market was valued at US$ 327.05 mn in 2017. During the forecast period from 2018 to 2026, the microencapsulated pesticides market is anticipated to rise at a CAGR of 10.4%.
On the basis of geography, Europe is anticipated to hold maximum share in the microencapsulated pesticides market. This is mainly due to the rising awareness regarding the harmful effects of pesticides on the environment and the increasing application of integrated pest management in the region. Based on types, the insecticides segment is expected to lead over all market segment owing to the increasing demands of by consumers.
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Favorable Properties of Microencapsulated Pesticides Over others to Boost Prospects
The microencapsulation pesticides market is expected garner a robust growth in the coming few years. This is mainly due to the growing adoption of the microencapsulated pesticides by farmers owing to their several benefits. The microencapsulated pesticides ensure controlled delivery of active ingredients on the plants and has an effective action over targeted pests.
Further, lesser harmful impact of environmental and health risks to the applicators, and in turn, is projected to pose a strong influence on the growth of the microencapsulated pesticides market in the next five years.
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Pesticides are widely used by the famers to kill pests, including insects, fungi, and rodents from plants. Thus it helps them improve their production rates, however access usage of pesticides harm plants, surrounding ecosystem, and human health. Microencapsulated pesticides are innovative concept of pouring pesticides on plants. They ensure that the controlled amount of pesticides are spread on the plants. The ability of the microencapsulated pesticides to control the amount of pest is expected to drive the global microencapsulated pesticides market in the coming few years.
Microencapsulated pesticides are liquid or dry pesticides enclosed in a protective coating made of plastic, starch, or other material. They are mixed in water and sprayed on crops. After spraying, the capsule breaks and the pesticide is released gradually, which helps in the controlled delivery of pesticides and has an effective action on targeted pests.
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Lower Storage Capacity of the Product to Hamper Market’s Growth
Despite several drivers, growth in the microencapsulated pesticides market is projected to hamper due to the factors such as high manufacturing costs, inadequate awareness among farmers, lesser governmental subsidiary. In addition to this, technical restraints such as storage issue pertaining to the products is expected to hamper the growth of the microencapsulated pesticides market.
Nonetheless, ability of the microencapsulated pesticides to minimizes soil degradation by preserving its physical and chemical properties are expected to boosts the prospective of the global microencapsulated pesticides market.
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.