Global Insect Growth Regulators Market Size, Share, Opportunities, And Trends By Type (Chitin synthesis inhibitors, Juvenile hormone analogs and mimics, Anti-juvenile hormone agents), By End-User (Residential, Commercial, Agricultural), And By Geography - Forecasts From 2023 To 2028

The global insect growth regulators market is projected to grow at a CAGR of 4.95% during the forecast period to reach a total market size of US$1261.30 million by 2023, increasing from US$943.70 million in 2017. Increasing pressure on farmers to increase the crop yield to meet the rising demands of the growing global population is fuelling the adoption of advanced farming methods by farmers. Shrinking agricultural land, owing to increasing industrialization, is further increasing the adoption of advanced farming methods by the farmers which is boosting the growth of the insect growth regulators market. Increasing awareness regarding health hazards associated with the growth of insects in residential and commercial spaces is increasing the demand for insect growth regulators. Market players are investing huge amounts into research and development to increase the efficacy of these regulators while minimizing their harmful impacts on human health. These investments into R&D will continue to fuel the growth of this market over the projected period.

The commercial segment in the insect growth regulators market is expected to grow at a high CAGR over the projected period. An increasing number of commercial buildings with developing infrastructure, especially in emerging economies like India, Brazil, and South Korea among others, coupled with growing awareness about an infestation of pests and insects drive this segment growth. Rising spending for the maintenance of commercial buildings further contributes to the segment’s growth.

Geographically, North America and Europe hold a major share of the global market on account of the increasing adoption of advanced farming methods in this region. Europe also holds a significantly large share of the global market owing to the increasing use of IGRs in residential and commercial spaces. The market in Asia Pacific will witness the highest growth over the projected period on account of huge investments by market players and increasing awareness regarding the importance of IGRs in this region.

Competitive Insight

The global insect growth regulators market is highly fragmented due to the presence of a wide range of players across the world. The major players discussed in the report include The DOW Chemical Company, OHP, Inc., Central Life Sciences, Nufarm Limited, Valent U.S.A Corporation, and Russell IPM. Mergers and acquisitions are key strategies adopted by players to be ahead in the competition by enhancing their reach and offerings. Moreover, the players are increasingly investing in R&D for product innovation to expand their market share.

Segmentation

The insect growth regulators market has been segmented by type, end-user, and geography

• By Type

• Chitin synthesis inhibitors
• Juvenile hormone analogs and mimics
• Anti-juvenile hormone agents

• By End-User

• Residential
• Commercial
• Agricultural

• By Geography

• North America
• South America
• Europe
• Middle East and Africa
• Asia Pacific