SEATTLE–(BUSINESS WIRE)–#Agrochemicals–Fipronil, an insecticide sold under the trade name Reglan, is an injectable drug that is highly effective in killing mange mites, ticks, fleas, and other pests that invade homes and other buildings. Fipronil belongs to a group of insecticides called antifungal pesticides which include Terpenes, Atovaquone, Isopropyl, Isomocyan, Styva, and Balsam. Fipronil belongs to a class of insecticides called antifungal pesticides, which contain triclosan. Fipronil, in the active form, is marketed under various names. It has been commonly used as Desitin, Fipronil, Proxindol, and Verserin.
The global fipronil market is estimated to account for US$ 605.9 Mn in terms of value by the end of 2027, witnessing a CAGR of 2.9%.
Market Drivers:
The growing adoption of modern agriculture techniques is driving the growth of the fipronil market. The increasing population is driving demand for food which is creating the need for advanced and effective agriculture methods in order to improve crop productivity. This factor is driving demand for agrochemical which in turn augmenting the growth of the fipronil market.
Expansion of food & beverage industry due to growing consumer spending is bolstering the growth of the fipronil market. According to the Economic Research Service, in 2019, food spending by U.S. consumers, businesses, and government entities totaled $1.77 trillion. Food away-from-home accounted for 54.8 percent of total food expenditures, up from 50.1 percent in 2009. Moreover, the increasing popularity of fipronil across the Asia Pacific region especially in India is again projected to propel the growth of the fipronil market over the forecast period.
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Market Opportunities:
The increasing launch of innovative and effective agrochemical by key players in order to cater to growing demand is expected to offer profitable opportunities to the market in the near future. For instance, in October 2020, Insecticides India NSE has announced its plan to launch three new products. One is an insecticide in granular form, the second one is the new age post-emergence herbicide for the control of grass weed species in wheat crops, while the third one is a biological product for improving soil health.
Expanding agriculture industry especially in India due to the growing adoption of various strategies by the government is projected to bright market opportunities in the near future. According to the India Brand Equity Foundation, during the 2019-20* crop year, food grain production was estimated to reach a record 295.67 million tons (MT). In 2020-21, the Government of India is targeting food grain production of 298 MT. Agricultural export from India reached US$ 38.54 billion in FY19 and US$ 35.09 billion in FY20. The total agricultural export was US$ 10.40 billion between April and October 2020.
Market Trends:
The increasing focus of key players to expand the production capacity of agrochemical is one of the emerging trends in the market. For instance, in November 2020, Meghmani Organics (MOL) has commenced commercial production on 25 November 2020 at its two agrochemical plants. The company has begun commercial production at Herbicide 2, 4D acid plant at GIDC, Dahej in Bharuch district of Gujarat. The cost for setting up the agrochemical formulation plant is Rs 25 crore.
Expanding chemical industry due to the increasing production of chemicals and growing investment by key players is expected to be a major trend in the market. According to the India Brand Equity Foundation, the Indian chemicals industry stood at US$ 178 billion in 2019 and is expected to reach US$ 304 billion by 2025 registering a CAGR of 9.3%. The demand for chemicals is expected to expand by 9% per annum by 2025. In September 2020, the production of key chemicals was 8, 36,435 MT and petrochemicals were 17, 26,502 MT.
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Competitive Landscape:
Key companies operating in the global fipronil market include BASF SE, Parijat Industries (India) Pvt. Ltd, GSP Crop Science Private Limited, Gharda Chemicals Limited, Insecticides (India) Ltd., Bharat Rasayan Ltd., Himani Industries Limited, FMC Corporation, Dhanuka Agritech Ltd., and HPM Chemicals and Fertilizers Limited
Market segmentation:
Global Fipronil Market, By Form:
- Powder FormulationLiquid Formulation
Global Fipronil Market, By Application:
- Agriculture
- Turf Products
- Seed Treatment
- Pet Care Products
- Gel Baits
- Liquid Termiticides
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