Microencapsulated Pesticides Market: Overview of Vital Industry Drivers
The savings from reduced agrochemical wastage and labor cost increase the grower’s returns; this is the main factor driving the market for microencapsulation in agriculture. Microencapsulated pesticides market is projected to reach USD 539.5 million by 2022, at a CAGR of 11.54% from 2017.
On the basis of type, the insecticides segment is projected to grow at the highest rate from 2017 to 2022. The product portfolios of major companies involved in the pesticides market consists of microencapsulated formulations as well; hence, these formulations are expected to play an important role in the next five years. Also, these companies have been entering into R&D agreements and seeking regulatory approvals for microencapsulated formulation that prevents damage from insects.
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By technology, microencapsulation through chemical methods is projected to be the fastest-growing segment from 2017 to 2022. This growth is attributed to the wide use of interfacial polymerization for encapsulation of pesticides that are being commercialized. Also, this technology is less expensive and helps to produce materials on a large scale, when compared to other technologies.
Based on the application, the use of microencapsulated pesticides in the agricultural industry is projected to be growing strongly, as compared to non-agricultural applications. As the agricultural industry is a major consumer of pesticides, microencapsulation can help in reducing the number of pesticide applications and limiting environmental damage which can translate into significant input cost savings at the grower’s end.
Europe is projected to be the fastest-growing region in the microencapsulated pesticides market from 2017 to 2022. With the increasing ban on the usage of certain harmful chemicals and formulations such as emulsifiable concentrates in European countries such as France and Germany, the demand for microencapsulated pesticides is projected grow at the highest CAGR during the forecast period. The key countries that contribute to the significant demand for these formulations in Europe include France, Germany, Spain, and Italy.
Wide-scale implementation of advanced and cost-effective technologies of medium- and small-scale companies, with the help of large players through collaborations, can significantly develop the market demand. The formulations have also been gaining acceleration in professional pest management operations in developed markets of North America and Europe. Also, investing in untapped microencapsulated pesticides market such as in South American and African countries through expansions and investments are also an opportunity for market players.
However, high formulation costs are expected to increase the product prices for the growers, and eventually reduce their profit margins, which can hamper the market growth in the next few years.
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Key players in the microencapsulated pesticides market include Syngenta (Switzerland), BASF (Germany), Bayer AG (Germany), Monsanto (US), and FMC Corporation (US). ADAMA (Israel), BotanoCap (Israel), Arysta LifeScience (US), GAT Microencapsulation (Austria), McLaughlin Gormley King Company (US), Reed Pacific (Australia), and Belchim (Belgium) are few other key market players who also have a significant share in the microencapsulated pesticides market.