Market Research Report
Stored Grain Insecticide - Growth, Trends and Forecasts (2020 - 2025)
|Published by||Mordor Intelligence LLP||Product code||854047|
Delivery time: 2-3 business days
|Stored Grain Insecticide - Growth, Trends and Forecasts (2020 - 2025)|
|Published: April 1, 2020||Content info:||
The global stored grain insecticide market was valued at USD 225.6 million in 2018, and the market is projected to register a CAGR of 4.2% during the forecast period (2019-2024). Sustaining market pressure for better prices during the post-harvest stage and increasing focus on the reduction of post-harvest losses are the major factors driving the market growth.
Globally, India is expected to witness the fastest growth, while registering a CAGR of 4.8% during the forecast period. Lack of storage facilities led to the inability to store surplus grain. Additionally, the Indian government has been increasingly focusing towards keeping apace with its looming food storage crises and has increased the contribution towards the construction of high-tech grain storage silos. This is further likely to augment the demand for insect grain protectants in the country.
All the insecticides, including contact insecticides and fumigant insecticides, used to protect the grains such as rice, maize, wheat, soybean, sorghum, among others, that are stored post-harvest are considered under this study.
Sustaining Market Pressures for Better Post-Harvest Prices
With the increasing demand for grains in the global markets, farm storage and warehousing has become more of a necessity rather than an option. Improper storage of grains leads to pest infestation, which is difficult and expensive to control and reduces the value of grains by decreasing nutritive value and germination capacity. The fluctuation in prices of the grains, in the market, is the major reason for preserving the grains in the warehouses. Therefore, this urge to preserve grains with less insect infestation is inducing the usage of warehouse insecticides.
Companies are also investing in many new storage technologies and integrating advanced fumigant mechanisms, which is further likely to help in improving storage technologies and reducing post-harvest losses. From the aforementioned factors, it is quite avid that the urge for better pricing of grains in the international commodity markets is increasing the consumption of stored grain insecticides globally.
India to Dominate the Global Stored Grain Insecticide Market
Growing insect manifestations on the diverse crop-growing regions of India are leading to the nationwide losses in the cultivation of crops, especially for rice, maize, and wheat, by about 10-25%, as reported by the Food and Agricultural Organization (FAO). The most common insects damaging grain storages in India are the rice weevil, the khapra beetle, the grain moth, and the lesser grain/ hooded-grain/ paddy borer. The increase in the infestation of stored grains by such insects is further enhancing the market for stored grain insecticides in the country. However, regulations on the overuse of stored grain insecticides in India are speculated to slightly impact the storage grain insecticide sales in the coming years.
The global storage grain insecticide market is highly competitive, with various small and medium-sized companies coining reasonable shares in the world. This has resulted in very stiff competition. The increasing merger and acquisition activities by the major players in different parts of the world is one of the major factors for the consolidated nature of the market. North America and the Asia Pacific are the two regions showing maximum competitor activities.