Newark, June 17, 2024 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 0.67 Billion Pyrethrin market will reach USD 1.26 Billion by 2033. Increased investments in Pyrethrin’s Research & Development institutes and increasing penetration of Pyrethrin in animal health and public health programs may fuel the growth of the Pyrethrin Market. Increased R&D investments open avenues for exploring new extraction methods, formulations, and applications for Pyrethrin. This research can yield more efficient extraction techniques, boosting yield and trimming production expenses. Moreover, inventive formulations have the potential to bolster Pyrethrin products' stability, effectiveness, and safety, broadening their application in diverse sectors.
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Pyrethrin Market Size by Type (Lepidoptera, Coleoptera, Mites, Diptera, Others), Regions, Global Industry Analysis, Share, Growth, Trends, and Forecast 2024 to 2033
North America emerged as the largest global Pyrethrin market, accounting for 46% of the total market. Owing to presence of large industries and established market players in the region. Whereas Asia Pacific exhibits the highest growth rate in the market owing to the region being largest producer of raw materials in the region.
Mites segment has dominated the market accounting for 49% of the total market in the year 2023.
Mites segment has dominated the market accounting for 49% of the total market in the year 2023. Further, it is expected to be the fastest-growing in the market, owing to rapidly growing demand from the household sector coupled with technological advancements and various strategic initiatives by the private players in the market.
Latest Development:
• In April 2024, Bayer AG entered into a partnership agreement with AlphaBio. The main objective behind this agreement was to launch a new variant of biological insecticides. With this agreement, the companies will not only enhance its market share but will also enhance its product portfolio base in the global market in the period forecasted.
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Market Dynamics
Drivers: Rapidly growing concerns regarding environmental and health hazards
As understanding of the detrimental effects of synthetic pesticides on the environment and human well-being increases, there's a discernible shift towards embracing safer and eco-friendly alternatives. Pyrethrin, sourced from chrysanthemum flowers, emerges as a natural insecticide that effectively tackles these concerns. Its low toxicity to mammals and rapid degradation in the environment elevate it as a preferred choice among both consumers and regulatory bodies.
Restraints: High production costs associated with Pyrethrin
Extracting Pyrethrin entails a sophisticated and labor-intensive procedure. It begins with the precise cultivation of particular chrysanthemum varieties, followed by meticulous harvesting and processing of the flowers to isolate the active compounds. This intricate process necessitates substantial human effort, time, and resources, thereby elevating production costs.
Opportunities: Increased investments in Pyrethrin’s Research & Development institutes
Increased R&D investments open avenues for exploring new extraction methods, formulations, and applications for Pyrethrin. This research can yield more efficient extraction techniques, boosting yield and trimming production expenses. Moreover, inventive formulations have the potential to bolster Pyrethrin products' stability, effectiveness, and safety, broadening their application in diverse sectors.
Challenge: Increased concerns related to the toxicity of Pyrethrin in the global market
The heightened recognition of Pyrethrin's potential toxicity has prompted regulatory agencies to enact more stringent regulations governing its use. These measures could include imposing stricter limitations, mandating additional safety assessments, or potentially prohibiting specific Pyrethrin formulations entirely. Ensuring compliance with these regulations can impose significant financial and temporal burdens on Pyrethrin manufacturers, hindering their capacity to promote and distribute their products effectively.
Some of the major players operating in the Pyrethrin market are:
• China Xi'an Nutrendhealth Biotechnology Co Ltd
• Kapi Limited
• Pestech Australia Pty Ltd
• Scintex Australia
• Sumitomo Chemical Co Ltd
• W. Neudorff GmbH KG
• Zhejiang Rayfull Chemicals Co Ltd
• Endura
• BASF S.E.
• Bayer Cropscience AG
Key Segments cover in the market:
By Type:
• Lepidoptera
• Coleoptera
• Mites
• Diptera
• Others
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About the report:
The global Pyrethrin market is analysed based on value (USD Billion). All the segments have been analysed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes Porter's five forces model, attractiveness analysis, raw material analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirement whether they are looking to expand or planning to launch a new product in the global market.
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