A report published by Persistence Market Research on the pesticide inert ingredients market considers the global industry analysis for 2014–2018 and forecast 2019–2029 to project that the pesticide inert ingredients market is anticipated to reach nearly US$ ~ 5 Bn by the end of 2019 in terms of value, and is forecasted to reach US$ ~ 9 Bn by the end of 2029. The global pesticide inert ingredients market is expected to grow at a CAGR of ~ 5 % in terms of value from the estimated year (2019) to the forecast year (2029).
The crop protection sector is one of the fastest-growing sectors in the agriculture industry. Crop protection solutions are essential tools in crop management, and play a very important role in protecting crops from insects, weed, and fungal attacks. The demand for crop protection solutions is increasing day-by-day and manufacturers are able to provide solutions with new and innovative formulations. Numerous products are launched in the market and with every new product, thousands of ingredients are getting used in the manufacturing of crop protection solutions. These factors are expected to drive the growth of the pesticides inert ingredients market.
South Asia Region Expected to Boost the Growth of the Pesticide Inert Ingredients Market
Most of the South Asian countries have developing economies that are based on the agriculture industry. This region has huge agricultural land and the agriculture sector is growing rapidly. India, Malaysia, Thailand, and Indonesia are the largest economies where agriculture sector holds the highest share in the GDP growth. These countries have registered increasing consumption of pesticides in agricultural practices with the highest CAGR in the global pesticide inert ingredients market.
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Ascending Pesticide Usage in Modern Agriculture
Numerous innovations are taking place in the agriculture industry with developments in science and technology. Pesticides play an important role in the agriculture industry as crop protection solutions. Agriculture production is influenced by food trends, and as of now, the demand for food products is increasing dramatically. Hence, crop growers are adopting modern and advanced agriculture practices. Pesticides are getting used on a large scale in crop protection management. Due to these reasons, pesticide use is increasing in modern agricultural practices. Thus, the demand for pesticide inert ingredients is expected to increase on a huge scale.
Household and Industrial Uses of Pesticides Surging the Demand for Pesticide Inert Ingredients
Manufacturing industries require storehouses and warehouses to keep raw materials as well as finished goods. For the purpose of preserving goods for a long-time period and avoiding insect or fungal infestation, pest control is done. Suppliers and distributors use pesticides on a large scale for pest control. Household use of pesticides in gardens and storerooms is also increasing. These factors are creating huge opportunities for pesticide and pesticide inert ingredients.
Negative Impact of Pesticide Inert Ingredients on Non-Target Organisms
Sometimes, pesticide inert ingredients affect non-target organisms. Herbicides, also known as weed killers, sometimes damage crops as well. Also, herbicides can have a negative effect on livestock and cause many diseases in them. Due to these reasons, inert ingredients go through many trials before registration and the registration process for use in end-use products as an ingredient is quite tedious. These factors are becoming barriers in the growth of the pesticide inert ingredients market.
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Key Players in the Global Pesticide Inert Ingredients Market
Key players included in the pesticide inert ingredients market report are Clariant, Eastman Chemical Company, Evonik Industries, Solvay, BASF SE, Huntsman International LLC., DowDuPont, Oleon Corporate, Stepan Company, Croda International Plc., Chromatech Incorporated., Parry America, Inc. and others. Key competitors in the pesticide inert ingredients market are focusing on strategic product developments, and looking for new growth opportunities in the global pesticide inert ingredients market.