PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1182881
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1182881
Microencapsulated Pesticides Market size was valued at USD 620.8 Million in 2021, expanding at a CAGR of 14.8% from 2022 to 2028.
Microencapsulated pesticides are pesticides encapsulated by a protective coating and are either dry or liquid. The coating is made up of starch and plastic to protect the ingredients from the surrounding environment. Additionally, the dry and liquid material is used in agriculture and non-agriculture applications such as ornamental & turf, structural, and forestry. Moreover, owing to their ability insecticides are formulated to reduce the risk of insects on the crop by killing them. Furthermore, the rising use of microencapsulated pesticides in agriculture applications is expected to drive market growth.
Microencapsulated pesticides are safer as compared to other pest control and also provide benefits such as the slow release of the active ingredient, reduced odor, fewer pesticides wastage, and pesticide volatilization. Thus, in turn, contribute to the global microencapsulated market growth. However, farmers' lack of knowledge about adopting new techniques and high production costs are expected to hamper the market growth during the forecast period. Furthermore, in the agriculture field microencapsulated pesticides control various diseases, insect infections, weeds, mosquitoes, mice, and more. As a result, the growing utilization of microencapsulated pesticides in agriculture applications further drives the market growth during the forecast period.
In the production of pesticides, it has been expected newer opportunities for manufactures to explore organic and non-volatile chemicals due to reduced usage of toxic chemicals and materials. The trend is expected to propel market growth. COVID-19 had a negative impact due to various economic regulations and restrictions. Because of the lockdown the production and export of vegetables and fruits decreased as a result decreased the demand for microencapsulated pesticides.
The Global Microencapsulated Pesticides Market is segmented on the basis of type, technology application industry, and region.
The market is divided into four categories based on type: insecticides, herbicides, rodenticidmes, fungicides, and others. The insecticides segment expected to hold the market share during the forecast period. In the different formulations like sprays and gets insecticides get applied. .
The market is divided into three categories based on technology: physical, physico-chemical, and, chemical. The physical segment expected to dominant the market share during the forecast period. The physical segment of the microoperation technique includes freeze-drying, extrusion technique, and spray drying technology.
The market is divided into two categories based on application industry: agriculture and non-agriculture. The agriculture sector is one of the prominent sectors in the global market due to the increase demand for the microencapsulated pesticides. It helps to reduce the application in comparison to the traditional formulations.
Due to the continued development in demand for agriculture applications in the coming years, the worldwide market for microencapsulated pesticides market is made of both international and local producers, making it one of the most competitive sectors globally. The key players of the microencapsulated market are going to work on various innovations and create shelve for themselves that will serve the customer in different regions. In product design and quality assurance R&D activities have been stimulating innovation. Moreover, for manufactures, the agricultural industry has created a highly competitive environment, which acts as a barrier for new entrants.
The scope of this report covers the market by its major segments, which include as follows: