Global Larvicides Market is expected to exhibit a stable 4.2% CAGR over the forecast period from 2020 to 2024, according to the latest research report from Market Research Future (MRFR). The global larvicides market is expected to rise to a valuation of USD 960 million by 2024, according to the MRFR report. The report provides a comprehensive overview of the global larvicides market by profiling the market’s historical growth statistics, present condition, and predicting future growth prospects of the market. Major drivers and restraints affecting the global larvicides market are studied in detail in the report. The impact of COVID-19 on the global larvicides market is also assessed in the report.
Larvicides are formulations that kill or restrict the growth of insects during their larval stage. Most insects go through a larval phase, wherein a larva or caterpillar goes through some bodily changes before emerging as the adult insect. The larvicides market is majorly driven by the fact that larvicides target the insects at the larval stage, which leads to a failure to emerge as full adults. This is beneficial in many ways, as adult insects can often fly. The absence of the ability of flight makes larvae an easier target.
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The growing use of larvicides in agricultural as well as non-agricultural applications is a major driver for the global larvicides market. The agriculture industry has grown stably over the last few decades and uses many chemical formulations for various purposes. The initiation of biologically viable formulations to take care of the agriculture sector’s needs has given the agriculture sector a boost, with ecologically viable formulations leading to less impact on the environment and thus a healthier overall impact of the agriculture activities. This is likely to remain a major driver for the global larvicides market over the forecast period, as biological larvicides are likely to grow in demand over the forecast period.
Leading players in the Global Larvicides Market include Eli Lily and Company, Arysta LifeScience Corporation, Isagro, Gowan Company, Russell IPM Ltd., Nufarm Limited, Central Garden & Pet Company, Certis USA LLC, Adama Ltd., Sumitomo Chemical Co. Ltd., Syngenta, BASF SE, and Bayer AG. Major players in the global larvicides market are likely to focus on R&D in the coming years in order to develop new and improved versions of larvicides. Developing biological larvicides is also likely to be a key strategy for players in the global larvicides market. Players who develop biological larvicides are likely to experience steady growth in the global larvicides market over the forecast period, as the demand for biological larvicides is growing steadily.
Global Larvicides Market is segmented based on type, form, target, application, and region.
By type, the global larvicides market is segmented into microbial, organophosphates, insect growth regulators, and others.
By form, the global larvicides market is segmented into solid and liquid. The solid segment holds an important share in the global larvicides market. However, the liquid segment is also likely to grow at a steady growth rate over the forecast period.
By target, the global larvicides market is segmented into mosquitoes, flies, and others.
By application, the global larvicides market is segmented into agriculture and non-agriculture. The agriculture segment holds a dominant share in the global larvicides market due to the high volume of the demand for larvicides in the agriculture sector. However, non-agricultural applications of larvicides are also likely to grow at a rapid growth rate over the forecast period due to the increasing awareness about larvicides.
North America holds the largest share in the global larvicides market and is likely to remain the major regional market for larvicides over the forecast period. The increasing sale of pest control products in North America, for both agricultural and non-agricultural applications, is the major driver for the larvicides market in North America. The growing presence of commercial establishments such as golf courses and stadiums in North America is also a major driver for the larvicides market in the region.
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