“The pesticide inert ingredients market is projected to grow at a CAGR of 6.14% from 2018 to 2023.”
The pesticide inert ingredients market is projected to reach USD 4.7 billion by 2023, from USD 3.5 billion in 2018, at a CAGR of 6.14%. The pesticide inert ingredients market is driven by various factors such as the increasing demand for specific inert ingredients for the formulation of pesticide products and the capability of inert ingredients to increase the efficacy of pesticide application on crops and leaves. However, the regulatory implications by EPA and other respective authorities may restrict the growth of the pesticide inert ingredients market.
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“In terms of type, the carriers segment is projected to witness the fastest growth from 2018 to 2023.”
In modern crop protection, it is highly important to use chemicals such as pesticide products to protect the crops. Moreover, it is also necessary to reach the desired effect with the least environmental loads. The use of pesticides may kill non-target pests due to the inefficacy of pesticide application; this can be overcome through the use of carrier inert ingredients as carriers, which are adherence enhancers and also aid the application of pesticides on the target plants and crops. Due to these factors, carrier inert ingredients have recorded the highest CAGR.
“In terms of source, the synthetic segment is estimated to have the largest market share during the forecast period.”
Synthetic inert ingredients are chemically manufactured substances, which are added to the pesticide for enhancing the overall application and performance of the pesticide product. Chemically sourced inert ingredients are produced with petroleum products. Most of the key players in the industry such as BASF (Germany), DowDuPont (US), and Stepan Company (US) are serving the market with synthetic-based inert ingredients. Although the synthetic ingredients have a toxic effect, the market for the same is larger as compared to bio-based inert ingredients, due to the ease of availability of synthetic products.
“North America is estimated to dominate the pesticide inert ingredients market in 2018.”
North America is one of the key exporters of pesticides, with the US standing at the third position in the global export market for pesticides. The increasing cultivation of industrial crops such as corn and soybean in North American countries result in the adoption of agrochemicals and crop protection inputs for obtaining higher yield, due to which the demand for inert ingredients for the formulation of pesticides remains high; hence, North America dominated the market for pesticide inert ingredients in 2018.
In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in the pesticide inert ingredients marketplace.
The breakdown of the primaries on the basis of company type, designation, and region conducted during the research study is as follows:
- By Company type: Tier 1 – 20%, Tier 2 –45%, and Tier 3 – 35%,
- By Designation: C-level – 20%, D-level – 30%, and Others* – 50%
- By Region: North America – 30%, Europe –50%, Asia Pacific –10%, and RoW -10%
*Others include sales managers, marketing managers, and product managers.
Note: Tier 1: Revenue > USD 1 billion; Tier 2: USD 100 million ? Revenue ? USD 1 billion; Tier 3: Revenue < USD 100 million
The global market for pesticide inert ingredients is dominated by companies such as BASF (Germany), Clariant (Switzerland), and Stepan Company (US). Whereas companies such as DowDuPont (US) and Croda International (UK) also contributed a major share by serving the market with inert ingredients products.
- The report analyzes the pesticide inert ingredients market across different types and regions. It aims at estimating the market size and growth potential of this market across different segments, such as type, form, source, pesticide type, and region.
- Furthermore, the report includes an in-depth competitive analysis of key players in the market, along with their company profiles, recent developments, and key market strategies.
Key Benefits of Buying the Report:
- The report will help the market leaders/new entrants in this market by providing them the closest approximations of revenue numbers for the overall pesticide inert ingredients market and its subsegments.
- This report will help stakeholders to better understand the competitor landscape, gain more insights to position their businesses better and devise suitable go-to-market strategies.
- The report will also help stakeholders to understand the market and provide them with information on key market drivers, restraints, challenges, and opportunities.