Hyderabad, India -- (SBWire) -- 03/02/2023 --Pyrethrin is a naturally occurring insecticide derived from the flowers of certain chrysanthemum plants. It is a powerful insecticide that is widely used in agricultural and household settings to control a variety of pests, including mosquitoes, flies, and fleas.
The global pyrethrin market is expected to grow significantly over the next few years, driven by increasing demand for insecticides in agriculture and public health applications.
Market Growth and Future Apprehension:
The most recent USD Analytics report predicted that the worldwide "Pyrethrin Market" will expand at a CAGR 6.5% over the forecast period 2023 to 2030.
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Market Drivers:
The growth of the pyrethrin market is driven by several factors, including increasing demand for insecticides in agriculture, rising awareness about the benefits of using natural and organic pest control products, and the development of new and innovative pyrethrin-based products.
In the agricultural sector, pyrethrin is widely used to control a variety of pests, including aphids, thrips, and spider mites. It is particularly effective against pests that have developed resistance to synthetic pesticides, making it a popular choice among farmers and growers.
In addition, the increasing demand for organic and natural pest control products is driving the growth of the pyrethrin market. Consumers are becoming more aware of the potential risks associated with synthetic pesticides, and are increasingly seeking out natural and organic alternatives.
Market Opportunities:
-Increasing demand for organic and natural pest control products:
As consumers become more aware of the potential risks associated with synthetic pesticides, they are increasingly seeking out natural and organic alternatives. Pyrethrin, being a natural insecticide, is well-positioned to capitalize on this trend.
-Growing demand for pyrethrin-based products in agriculture:
Pyrethrin is highly effective against a wide range of agricultural pests, including aphids, thrips, and spider mites. As farmers and growers look for more effective pest control solutions, the demand for pyrethrin-based products is expected to grow.
Market Challenges:
-Competition from synthetic pesticides:
While pyrethrin is highly effective against many pests, it faces competition from synthetic pesticides that can be more effective or less expensive. This can make it difficult for pyrethrin-based products to gain market share in some applications.
-Concerns about toxicity:
While pyrethrin is a natural product, it can still be toxic to humans and animals if not used properly. This has led to concerns about the safety of pyrethrin-based products, and has led some consumers to seek out alternative pest control solutions.
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Segmentation Analysis:
The Pyrethrin Market can be segmented based on Product Type, Application
By product type it is segmented into natural pyrethrin and synthetic pyrethrin. Natural pyrethrin is derived from chrysanthemum flowers and is considered to be a more eco-friendly and sustainable option. Synthetic pyrethrin, on the other hand, is produced using synthetic chemicals and is often less expensive than natural pyrethrin.
By Application the pyrethrin market can be segmented into agriculture, public health, animal health, and others. Agriculture is the largest application segment, accounting for more than 50% of the market share. Pyrethrin is widely used in agriculture to control pests that can damage crops and reduce yields.
Competitive Analysis:
The pyrethrin market is very competitive, with multiple competitors present. Some of the market's significant participants include:
- Sumitomo Chemical Co. Ltd.
- Yangnong Chemical Co. Ltd.
- McLaughlin Gormley King Company (MGK)
- Botanical Resources Australia Pty Ltd.
- KAPI Limited
- Pyrethrum Company of Tanzania Ltd.
- Beijing Nutrichem Science and Technology Co. Ltd.
- Horizon Sopyrwa
- Zhongshan Chemical Industry Group Co. Ltd.
- Shanghai Tenglong Agrochemical Co. Ltd.
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Regional Analysis:
The pyrethrin market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific is the largest market for pyrethrin, accounting for more than 40% of the market share. The region is home to some of the largest agricultural economies in the world, including China and India, which are major consumers of pyrethrin-based insecticides.
Pyrethrin Market Will Projected to Grow at a CAGR 6.5% During the Forecast Period 2023 to 2030
Pyrethrin Market Size, Share, Growth, Trends, and Competitive Intelligence Report 2022-2030 | Global Market is Segmented by Product Type, by Application, and by Region