Fipronil Market to Reach US$ 605.9 Mn by 2027 - Coherent Market Insights

The global fipronil market was valued at US$ 476.2 Mn in 2018, according to Global Fipronil Market Report, by Form (Powder Formulation and Liquid Formulation), by Application (Agriculture, Turf Products, Seed Treatment, Pet Care Products, Gel Baits, and Liquid Termiticides), and by Region (North America, Latin America, Asia Pacific, Europe, Middle East, and Africa), published by Coherent Market Insights

The global fipronil market is expected to reach US$ 605.9 Mn by 2027, exhibiting a CAGR of 2.9% over the forecast period (2019-2027). The market is expected to witness significant growth over the forecast period, attributed to increasing demand for fipronil from various end-use applications.

The demand for fipronil is expected to increase attributing to rising demand for food grains. Fipronil is widely used to protect crops against insects and increase crop yield. Moreover, demand for food grains is increasing as a result of the expanding population, which, in turn, is expected to drive demand for insecticides including fipronil. For instance, according to the United Nations' Department of Economics and Social Affairs, the world population increased from 7.5 billion in 2018 to reach 9.8 billion by the end of 2025. Moreover, according to the Ministry of Agriculture & Framers Welfare of India, the total food grain production in India increased from 275.6 million tons during 2016-17 to 284.83 million tons during 2017-18.

Furthermore, reduction in arable land across the globe is another factor that is expected to increase usage of insecticides such as fipronil, in order to maximize production in limited land. For instance, according to the statistics published by the Food and Agriculture Organization of the United Nations in 2018, arable land across the world reduced from 0.52 hectare per person in 1950 to around 0.2 hectare in 2018. These factors are expected to drive demand for fipronil and other insecticides over the forecast period (2019 to 2027), which is further expected to drive the market growth.

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https://www.coherentmarketinsights.com/market-insight/fipronil-market-2208

Browse 54 market data tables* and 37 figures* on "Fipronil Market” - Global forecast to 2027.

Key Takeaways of the Market:

• On the basis of form, market is segmented into powder formulation and liquid formulation. Wherein, in 2018, powder formulation segment accounted for largest market share of 74.5% in terms of revenue. Moreover, liquid formulation segment is expected to record fastest growth of 5.5% during the forecast period (2019 to 2027). However, Asia Pacific fipronil market for powder formulations is expected to exhibit a slower growth rate, owing to the stringent regulations imposed by regulatory authorities in China. For instance, on March 25, 2019, the Ministry of Agriculture and Rural Affairs (MoARA) issued the Announcement 148 to ban agricultural uses of fipronil in China.
• Among region, Asia Pacific held a dominant position in the global fipronil market, in terms of revenue and volume in 2018, and is expected to retain its dominance over the forecast period. Moreover, Africa accounted for the smallest revenue share of 1.5% in 2018. However, growth of agricultural industry in Africa is expected to boost the demand for efficient crop protection products, which in turn is expected to propel demand for fipronil in the region over the forecast period. For instance, according to the Agricultural survey-2017 published by Statistics South Africa (Stats SA - the national statistical service of South Africa) in 2018, total income earned in the agriculture and related services industry was US$ 21.13 billion in 2017 compared to US$ 19.40 billion in 2016, indicating an increase of 8.9% income between 2016 and 2017.
• Major players 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.