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Global larvicides market to reach $ 952.7 Million by 2023

Posted on 2018-06-05
According to M&M's new report, Larvicides Market Global Forecast to 2023, the larvicides market was valued at USD 719.7 Million in 2017, estimated at USD 751.6 Million in 2018, and is projected to reach USD 952.7 Million by 2023, at a CAGR of 4.86% during the forecast period.The market is primarily driven by factors such as vector-based epidemics or outbreaks, climatic changes, the rise in pest population, worldwide, and growth in awareness about IPM practices and environmental sustainability.

The public health segment is estimated to dominate the larvicides market in 2018. The usage of larvicides is much higher for public health compared to other sectors, both in urban and rural areas. According to the WHO, the threat to public health due to urban pests has been rising due to climatic changes and population mobility, which favor their development. Mosquitoes and mosquito-transmitted diseases are among the principal public health concerns challenging governments globally, particularly in tropical and subtropical regions. Thus, this segment is also projected to grow at the highest in the next five years.

The larvicides market, based on control methods, has been segmented into insect growth regulators, biocontrol agents, chemical agents, and other control methods (surface oils & films and mechanical control). The chemical agents segment is estimated to account for the largest share in 2018. In developing regions, chemical agents such as organophosphates are extensively used for the treatment of waters infested with mosquitoes. Larvicides, in the form of insect growth regulators and microbial organisms, are being increasingly used to control larvae worldwide, due to their relative target specificity, safety, and eco-friendly properties.

The larvicides market, by target insect, is estimated to be dominated by the mosquitoes segment, in 2018. It is also projected to grow at the highest CAGR from 2018 to 2023. Globally, mosquito larviciding is an important public health practice, since mosquitoes are vectors of diseases such as malaria and Zika fever, which pose a significant risk to public health. Larviciding has gained prominence because of its implementation as an area-wide malaria control technique. By reducing the population of adult vectors, larvicides reduce the transmission of Plasmodium spp. by adult mosquitoes, and thus reduce mortality and morbidity from malaria.

North America accounted for the largest market share in 2017, followed by Europe. North America is estimated to be the world’s largest market for pest control products, with the presence of many multinational and national companies in the region. Regions such as Asia Pacific, South America, and Africa and the Middle East are also witnessing an increase in demand for larvicides due to an increase in incidences of diseases, the prevalence of stringent hygiene & food safety legislation, IPM practices, and the growing middle-class population.

The major factors restraining the growth of larvicides are the increased resistance to commonly used insecticides, the high costs associated with larval control methods, and limited R&D efforts for development of new chemical classes that can be used as larvicides.