Global Organophosphate Pesticides Market By Product (Organophosphate Insecticides, Organophosphate Herbicides, Organophosphate Fungicides), By Crop Type (Grains and Cereals, Turf and Ornamental Plants, Pulses and Oilseeds, Fruits and Vegetables) and By Geography

 

Global Organophosphate Pesticides Market was valued at USD 5.7 Billion in 2020 and is anticipated to grow at USD 8.68 Billion till 2027 recording a CAGR of 6.2% during the forecast period 2021-2027. Organophosphate pesticides are widely used pesticides. These pesticides have wide applications and low cost, used for various kinds of crops. organophosphate pesticides is predicted to rise as a result of increased use of these insecticides due to their lower cost than alternative options. Furthermore, due to their low cost, rising crop losses due to insect attacks and dwindling per capita arable land are predicted to boost insecticide sales, particularly organophosphate insecticides. Insecticides containing organophosphates are widely used for pest management in homes, businesses, and agriculture. Because organophosphate pesticides break down quickly and have a shorter lifetime in the environment, they are commonly used on insects such as ants, termites, spiders, and others. The global market for organophosphate pesticides is expected to be dominated by the agriculture sector. Because of their low cost and efficacy in preventing food deterioration, organoleptic insecticides are expected to see increased demand as crop production increases, arable land decreases, and crop losses due to insects increase. Furthermore, increased residential areas around the world, particularly in developing nations, may increase demand for pest or insect control products, potentially increasing the use of organophosphate insecticides. Organophosphate pesticides in liquid form are expected to account for a considerable portion of the global market for organophosphate insecticides. Because of the simplicity of administration, convenience afforded by the product in use, and to avoid any wastage or deterioration of the product due to contamination, liquid formulations of organophosphate insecticides are in high demand among customers. Nonetheless, due to its relatively long shelf life and ease of transportation, the solid form of organophosphate pesticides is becoming increasingly popular among farmers. Organophosphate pesticides are expected to gain attraction owing to its ample availability and low cost. Hence market players are getting attracted towards organophosphate pesticides. Major companies are concentrated on new product developments, R&D activities, joint ventures, acquisitions, mergers and collaborations in order to gain market strength.