The Insect Growth Regulators market accounted for $ 931.65 million in 2019 and is expected to reach $1,744.97 million by 2027 growing at a CAGR of 8.2% during the forecast period.
Adoption of environmentally safe crop protection products and rising popularity of organic farming are the major factors driving market growth.
However, prevalent use of conventional insecticides is restraining market growth.
Insect growth regulators are substances which inhibit the growth and development of insects.
It is used to break the life-cycle of pest insects by stopping the pests reaching maturity stage and further preventing them to reproduce.
Insects develop resistance to insecticides and hence farmer uses broad spectrum insecticides which would eventually loss resistance.
Therefore, famers prefer these regulators as an alternative to board spectrum insecticides. Furthermore, they are more selective and less harmful to the environment.
Based on type, the juvenile hormone analogs & mimics segment is likely to have a huge demand as they are known to disrupt the insect development.
The leading key players are concentrating on the development of the ones that can also take action on the eggs of these insects.
They are mostly utilized across indoor and outdoor in commercial pest control.
By geography, Asia Pacific is going to have a lucrative growth during the forecast period due to the high production of cereals and grains to meet the domestic consumption requirements and the growing usage in warehouses and grain storage units in order to minimize wastage.
Some of the key players profiled in the Insect Growth Regulators Market include Adama Agricultural Solutions Ltd (Makhteshim-Agan), Bayer Cropscience AG, Central Garden & Pets Co, Central Life Science, Control Solutions Inc, McLaughlin Gormley King Company (MGK), Nufarm Limited, OHP Inc, Platform Specialty Products Corporation, Russell IPM Ltd, Sumitomo Chemical Company Limited, Syngenta AG, The DOW Chemical Company and Valent U.S.A Corporation.
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