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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