Abamectin is a natural fermentation byproduct of soil bacterium Streptomyces avermitilis. It is used as pesticides, insecticides, anthelmintics, and nematicides. Abamectin is available as a mixture of avermectins containing over 80% avermectin B1a and less than 20% avermectin B1b. Abamectin is a highly toxic chemical, however most formulated products contain abamectin at low concentration for low toxicity to mammals.
Abamectin Market: Drivers
New product launches is expected to boost growth of the abamectin market. For instance, in January 2018, Y-TEX Corp., a leading supplier of pest control solutions and livestock identifications, launched its new TRI-ZAP insecticide ear tags for beef and dairy cattle. TRI-ZAP contains abamectin along with two other ingredients, zetacypermethrin and piperonyl butoxide, making it most effective fly control product for cattles.
Furthermore, mergers and acquisitions by key players for development of new insecticide products is expected to drive growth of the abamectin market. For instance, in June 2017, American Vanguard Corporation announced that AMVAC Chemical Corporation, which is a subsidiary of American Vanguard Corporation, acquired abamectin insecticide, along with two other pesticides from Adama Agricultural Solutions Ltd. to market these products in the crop protection market within the U.S.
Abamectin Market: Restraints
Ban on abamectin products is expected to hamper growth of the abamectin market. For instance, in January 2016, Confidence Analytics published blacklist of pesticides, which are banned for use in crops. Abamectin was one among the drugs in the blacklist due to formation of reproductive system toxicity in human beings and aquatic life.
Furthermore, other new product launches with greater efficiency than abamectin is projected to restrain growth of the abamectin market. For instance, in September 2017, VIRBAC Australia came up with first broad spectrum formulation, Tridectin, which has greater potency than abamectin products. Tridectin contains Moxidectin, Levamisole, and Albendazole, a powerful triple formulation that is effective against worms. These triple formulations are beneficial and highly effective since it is difficult for pests to acquire resistance to them, than single pesticide containing formulations which have acquired resistance.
Abamectin Market – Regional Analysis
On the basis of region, the global abamectin market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa.
Asia Pacific region is expected to hold dominant position in the abamectin market due to increasing support of key players to farmers in cultivations of crops. For instance, Bayer AG, in India in October 2018, at the Annual Biocontrol Industry Meeting 2018, announced to help farmers with a broad range of integrated agronomic solutions including biological crop protection. The meeting mainly focused on the trends in research and development, innovations in the biologics market, and novel biological products for environmentally conscious and sustainable crop protection.
Furthermore, increasing awareness on using pesticides for efficient crop cultivation and protection practices in Asia Pacific region is expected to increase growth of the abamectin market. For instance, in September 2018, the first international conference on biological control was held in India aiming various methods of biological control of insect pests and diseases for crop protection. Conference focused on the challenges faced by researchers, farmers and other stakeholders in implementing biological control programs.
North America is expected to witness significant growth in the global abamectin market, owing to acquisitions by key players. For instance, in February 2016, the China National Chemical Corp acquired Syngenta AG., a U.S.-based company, by receiving the U.S. antitrust approval. Through this acquisition, China National Chemical Corp sold rights of abamectin and other pesticides to Syngenta AG. Also, this acquisition will allow Syngenta AG to sell abamectin and other pesticides to the U.S. farmers with high quality. This deal was closed for US$ 43 billion.
Abamectin Market – Competitive Analysis
Key players operating in the abamectin market include Syngenta AG, Hebei Veyong Bio-Chemical Co. Ltd, Nufarm, Bayer AG, Dow AgroSciences LLC, Monsanto Company, Zhejiang Jinfanda Biochemical Co., Ltd., Jiangsu Fengyuan Bioengineering Co., Ltd., Chongqing Huapont Pharmaceutical Co., Ltd., Arysta LifeScience Corporation., Rallis India Limited, and KUMIAI CHEMICAL INDUSTRY CO., LTD.
Abamectin Market – Taxonomy