Global Organophosphate Pesticide Market - Segmented by Active Ingredients, Product Type, Application, and Geography - Growth, Trends, and Forecast (2018 - 2023)
The global organophosphate pesticides market was estimated at USD 7.06 billion in 2017, and is expected to exhibit a CAGR of 5.5% during the forecast period (2018-2023). The organophosphate group of compounds constitute the largest group of chemical insecticides, which are used in crop protection globally. Out of the total insecticides used in the United States, organophosphates occupy majority of the share, with acephate, chlorpyrifos, malathion, naled, phorate, dicrotophos, phosmet, dimethoate, terbufos, ethoprophos, and tetrachlorvinphos being the most widely used. Due to strong government control over the harmful effects of chemicals on humans and environment, the market in Europe is expected to grow at a rather static pace.
High Efficiency and Low Cost Driving Demand
Among the various crop protection chemicals, organophosphate insecticides are highly effective insect control agents. In some cases, the cost of pest management may rise sufficiently, so much so that producers accept yield losses instead of paying for the alternative form of pest management. For instance, broccoli producers currently have no viable alternative pesticide to control cabbage maggots. If organophosphate pesticides are banned, producers will be forced to accept yield losses, as cabbage maggot destroys crops.
More Reliance on Organophosphates
Currently, organophosphate insecticides account for more than 30% of the worldwide insecticide sales. Organophosphate pesticides are used in many crops in the United States, with corn and cotton accounting for the majority of the total organophosphate insecticide use. According to the Environmental Protection Agency (EPA) report, over 50% of all organophosphate insecticides were applied to these two crops. Pesticide use may be quite intensive on crops such as fruits, vegetables, and specialty crops to protect the high-value crops from pest damage. As consumers eat fresh fruits and vegetables, these crops may also expose consumers to increased pesticide risk.
Key Developments in the Market
Owing to the growing demand, the global organophosphate pesticide market is experiencing several new product launches, mergers & acquisitions, and partnership between the global players.