Precision Business Insights (PBI) in its report titled organophosphate pesticides market: Market Estimation, Dynamics, Regional Share, Trends, Forecast
Precision Business Insights (PBI) in its report titled organophosphate pesticides market: Market Estimation, Dynamics, Regional Share, Trends, Organophosphate Pesticides Market was valued at USD 5.7 Billion in 2020 and is poised to grow at a CAGR of 6.2% during the forecast period 2021-2027 The report analyses the market value forecast and provides the strategic insights into the market driving factors, challenges that are hindering the market revenue growth over forecast period.
Organophosphate pesticides are widely used pesticides. These pesticides have wide applications and low cost, used for various kinds of crops. The factors anticipated to drive the Organophosphate pesticides market includes increase in the demand for crop protection for better yields, increase in global population coupled with surge in demand for food, and increase in the use of organophosphate pesticides due to rise in prevalence of crop infections. Moreover, development in farming practices, shrinkage in arable land, and innovation and launching of newer products into the organophosphate pesticides market are expected to propel the Organophosphate pesticides market growth. However, technological advancements in seeds, use of genetically modified crops, high R&D costs, and lack of awareness about the crop infections in farmers might hamper the growth of organophosphate pesticides market.
The global organophosphate pesticides market is divided into following categories:
North America has a significant share due to increase in awareness about organic farming, rise in adoption towards eco-friendly farming techniques, increase in the demand for healthy food products, and rise in government support for organophosphate pesticides are anticipated to fuel the organophosphate pesticides market. In Europe, increase in use of organophosphate pesticides, high quality fruits and vegetable cultivation, and rise in research and development activities for innovation of newer organophosphate pesticides are expected to upsurge the revenue of Europe organophosphate pesticides market. However, Asia Pacific has a significant growth attributed to increase in population depending on the farming majorly in India and China, rise in adoption of organic farming practices, and increase in the demand for high quality and quantity yields are expected to propel the organophosphate pesticides market.
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Some of the players in organophosphate pesticides market are DuPont (U.S.), Monsanto Company (U.S.), Momentive Performance Materials (U.S), Syngenta AG (Switzerland), Akzonoble N.V. (Netherlands), Bayer CropScience AG (Germany), Brandt Consolidated (U.S.), Croda Chemicals (India).