Pyrethroids Market Forecast 2023 - 2031

By Type :

On the basis of type, the market is segmented into type I pyrethroids and type II pyrethroids. In 2022, the type II pyrethroids segment accounted for the highest market share in the pyrethroids market. Type II pyrethroids are further classified into cypermethrin, cyfluthrin, deltamethrin, cyphenothrin, fenvalerate, and fluvalinate. These types of pyrethroids are a class of synthetic insecticides that are known for their slower knockdown and longer residual activity. Type II pyrethroids are used by farmers to control a variety of insect pests on crops, such as soybeans, corn, and cotton. Also, these pyrethroids are used to control insect pests in livestock facilities. Therefore, the increasing livestock farming practices is fueling the demand for type II pyrethroids, in turn prospering the segment growth.

However, the type I pyrethroids segment is expected to grow at the fastest CAGR in the pyrethroids market. Type I pyrethroids are further classified into allethrin, tetramethrin, resmethrin, d-phenothrin, bioresmethrin, and permethrin. These types of pyrethroids are a class of synthetic insecticides that are known for their rapid knockdown and short residual activity. The growth of the segment is attributed to increased resistance to other insecticides. Additionally, type I pyrethroids are used by public health agencies to control mosquitoes and other insects that transmit diseases, such as malaria and dengue fever. Increasing initiatives towards malaria control and elimination is one of the prominent factors that is anticipated to surge the market growth over the forecast period. For instance, the WHO global technical strategy for malaria 2016–2030 focuses on reducing malaria case incidence and mortality rates by at least 90% by 2030.

By Application :

On the basis of application, the market is categorized into agricultural pest control, mosquito pest control, and others. In 2022, the agricultural pest control segment accounted for the highest market share of 69.13% and is also expected to grow at the fastest CAGR of 5.5% in the pyrethroids market. Process innovations and increasing production of cash crops and food crops are some of the key factors boosting the demand for pyrethroids. For instance, according to the report published by the Food and Agriculture Organization of the United Nations, the world production of primary crops increased by 52% between 2000 to 2020. Furthermore, the rise in research and development activities for new pyrethroid formulations that are more environmentally friendly is another prominent that will aid in surging the product demand over the forecast period.

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By End-use :

Based on end-use, the market is categorized into agriculture, residential, commercial, and others. In 2022, the agriculture segment accounted for the highest market share and is also expected to grow at the fastest CAGR in the pyrethroids market. The growth of the agriculture sector at the global level is attributed to factors such as increasing corporate farming, and growing use of pesticides to increase farm output, among others. Hence, the growing use of pyrethroids to control pests is boosting the agricultural output. For instance, according to the recent statistics published by the United States Department of Agriculture (USDA), in 2022, global oilseed production amounted to 627.4 million metric tons from 610.5 million metric tons in 2021. Hence, in 2022, the year-on-year growth rate of global oilseed production was 2.77% more as compared to the previous year. Therefore, the increase in crop production is expected fuel to the demand for pyrethroids in the following years.

By Region :

The regional segment includes North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

In 2022, Asia Pacific accounted for the highest market share of 47.48% and was valued at USD 1,676.38 million in 2022 and is expected to reach USD 1,742.52 million in 2023 and USD 2,718.77 million in 2031. The region is also expected to grow at the fastest CAGR of 6.6% during the forecast period. In the Asia Pacific region, China accounted for the highest market share of 36.86% during the base year 2022. The market growth is attributed to factors such as rising agricultural activities, the development of new pyrethroid formulations, and increasing demand for sustainable pest control solutions. For instance, according to the report published by the United States Department of Agriculture (USDA), in 2022, rice production in India amounted to 136.0 million metric tons from 129.5 million metric tons in 2021. Hence, in 2022, the year-on-year growth rate of global oilseed production was 5.02% more as compared to the previous year. Therefore, the increasing rice production in India is fueling the demand for pyrethroid to control pests including tadpole shrimp, in turn proliferating the market growth in the region.