Summary: Microencapsulated pesticides market valued at $296.45 billion in 2023, expected to reach $671.76 billion by 2033.
From GlobeNewswire: 2024-08-08 08:30:00
Exactitude Consultancy, the research wing of Ameliorate Digital Consultancy, released its report on the Microencapsulated Pesticides Market, valued at USD 296.45 billion in 2023. The industry is set to grow from USD 333.98 billion in 2024 to USD 671.76 billion by 2033, with an 8.52% CAGR. Microencapsulated pesticides play a crucial role in pest management, enhancing agricultural productivity by controlling pests efficiently.
Pests pose significant threats to crops and livestock, affecting agricultural productivity. Microencapsulated pesticides are essential in combating these pests by reducing weeding costs and controlling waterborne and insect-transmitted diseases like malaria. The technology enables controlled release, making it ideal for no-tillage farming systems, thus driving growth in the industry.
Europe leads the global microencapsulated pesticides market, championing sustainable agricultural practices through integrated pest management systems. Asia-Pacific exhibits rapid growth driven by increasing food demands, while North America focuses on technological advancements and environmental regulations. Latin America and Middle East/Africa are emerging markets, promoting microencapsulated pesticides to meet food security challenges.
Key players in the market include BASF SE, Bayer Cropscience AG, Syngenta AG, and FMC Corporation, among others. Recent developments include BASF’s innovative microencapsulation technology, Syngenta’s new herbicide, FMC Corporation’s sustainable pesticide line, and ADAMA’s enhanced insecticide formulation. UPL Limited also introduced a range of microencapsulated fungicides to protect crops from fungal diseases.
The market is segmented by type, technology, crop type, mode of application, and region. Market estimations and forecasts predict significant growth in revenue and market size up to 2030. For more information on market trends and forecasts, visit Exactitude Consultancy’s website. Other reports available include the UV Curable Resins and Formulated Products Market, Polyglycolic Acid Market, and Transmission Fluids Market.
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