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Press Release: Cyromazine Market to Surpass US$ 2.18 Million by 2026
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Global Cyromazine Market – Insights
Cyromazine is an insect growth regulator (IGR) and is a cyclopropyl & an aminotriazine derivative of melamine. Cyromazine finds application in animal healthcare and agriculture. Cyromazine and other IGRs interfere with the life cycle of insects by acting on the hormonal control of development. IGRs interfere with normal progress and growth of the insect, resulting in an insect’s mortality before it reaches adulthood.
Among applications, crop protection segment accounted for the largest revenue share of 78.4% in the global cyromazine market in 2017. There is high demand for insect growth regulators such as cyromazine in the agriculture industry, to protect crops from insects and thereby improve agriculture production. According to the statistical data of Food and Agriculture Organization (FAO), insecticide use was around 60.6 thousand tons by Brazil alone in 2016.
Among regions, North America held significant market share in the global cyromazine market in 2017, owing to increasing household income of the populace in the region, which in turn increases buying power and thus the demand for food. According to Peter G. Peterson Foundation’s news published in September 2018, the median household income of the U.S. increased from US$ 60,309 in 2016 to US$ 61,372 in 2017. Rising income levels in the U.S. is boosting demand for agriculture and food products. Therefore, increasing demand for food will pose a need to maximize agriculture output and usage of insect growth regulators in the agriculture sector. This in turn is expected to be a key driver for growth of the cyromazine market over the forecast period.
However, the slow-acting impact of cyromazine and availability of substitutes to cyromazine such as methoprene are expected to restrain the market growth. Furthermore, the development of resistance towards insect growth regulators is expected to be one of the major challenges restraining the market growth.
The global cyromazine market was valued at US$ 1.27 million in 2017 and is expected to register a CAGR of 6.03% in terms of revenue over the forecast period (2019 – 2026), to reach US$ 2.18 million by 2026.
Figure 1. Global Cyromazine Market Share (%), By Region, 2017
Source: Coherent Market Insights, 2017-18
Asia Pacific is the fastest growing region and accounted for the largest market share of 37.2% in 2017, owing to growing agricultural industry in economies such as India in this region. According to India Brand Equity Foundation report on Agriculture and Allied Industries published in May 2018, food grain production was 279.51 million tons in India during crop year of 2017-2018. The report also states that there is a rising demand for Indian food and agricultural products in the international market. The total agricultural exports from India witnessed a CAGR of 16.45% over FY10-18 to reach US$ 38.21 billion in FY18. In April 2018, agriculture exports was US$ 3.15 billion. Therefore, growth of agricultural industry is expected to increase crop protection solutions, which in turn is expected to propel demand for cyromazine insecticides.
Companies are adopting inorganic growth strategies such as mergers & acquisitions, in order to increase its market share. For instance, in June 2018, Bayer successfully completed the acquisition of Monsanto, which will help Bayer to strengthen its agricultural division by providing more productive and sustainable agricultural solutions.
Figure 2. Global Cyromazine Market Share (%), By Application, 2017
Source: Coherent Market Insights, 2017-18
Players operating in the global cyromazine market are adopting various growth strategies to cater to increasing demand for cyromazine. For instance, in December 2017, ADAMA and ALRISE Biosystems signed an R&D agreement, in order to develop highly effective and sustainable crop protection products for farmers with a lower dose of active ingredients.
Major players operating in the global cyromazine market include Syngenta AG, ADAMA Agricultural Solutions Ltd., Elanco Animal Health Inc., Jurox Pty Limited., Arysta LifeScience Corporation, Lasa Supergenerics Limited, Orion AgriScience Limited, Topsen Biotech Co. Ltd., Shandong Luxi Animal Medicine Share Co., Ltd., Bayer AG, and Toronto Research Chemicals Inc.
Cyromazine is an insect growth regulator (IGR) or ectoparasiticide that disrupts the development of insects and is effective against leaf miners and fly larvae. Increasing population and rising disposable income of the population is resulting in huge demand for food items and agriculture products, which in turn increases the demand for IGRs.
Market Dynamics
Among application, crop protection segment is gaining traction in the market, owing to increasing need for pest control in agriculture. For instance, according to Coherent Market Insights’ analysis, the global pest control services market was valued around US$ 16.18 billion in 2017. Cyromazine insect growth regulator possess various advantages such as low toxicity and lesser impact on human health, and long-term effect, which are expected to moderately impact growth of the global cyromazine market.
Asia Pacific held a significant market share in 2017 due to substantial demand for cyromazine from China, India, South Korea, and Japan. Rising demand for agrochemicals, owing to increasing population increases demand for agricultural products, thereby aiding in growth of the cyromazine market. For instance, according to India Brand Equity Foundation (IBEF), in 2015, the agrochemical market in India is expected to grow with a growing domestic demand of 6.5% per annum, to reach US$ 6.3 billion by 2020.
Key features of the study:
Detailed Segmentation:
“*” marked represents similar segmentation in other categories in the respective section.
Table of Contents
* Browse 14 market data tables* and 32 figures* on "Cyromazine Market” - Global forecast to 2026.
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