Stored Grain Insecticide Market

Global Stored Grain Insecticide Market Size (2024 to 2029)

The stored grain insecticide market share is expected to be valued at USD 281.94 million in 2024 and reach USD 330.03 million by 2029, growing at a CAGR of 3.9% during the forecast period 2024 to 2029.

Nanotechnology has been a part of the agriculture industry for the past few years, which has created wonders in generating various control solutions for stored grain protection. An Australian bio-company, Bio-Gene, collaborated with the grains research and development corporation to launch the next-generation stored grain insecticide, which is the first approach in 30 years. Flavocide will be the next generated store grain insecticide. It has control over the insecticide and provides safety of the stored grains for up to 13 months.

Global Stored Grain Insecticide Market Drivers:

The major concern across the globe is fulfilling the demand for food for the growing population. During the post-harvest process, more than one-third of the food is wasted in either way. Post-harvest loss due to pests while storing the grains is an increasing concern globally. Therefore, the growing demand to reduce post-harvest losses is greatly influencing the growth rate of the stored grain insecticide market. There are several operations to be followed post-harvest to store the grains, during which the demand for the use of storage grain insecticide is growing in the agriculture sector.

The food crisis is drastically increasing across the world. According to some reports, in 2022, the food insecurity level was 22.7%, whereas the level was 21.3% in 2021. This means the need to increase the food storage capacity is growing rapidly. Nearly one out of ten people go to bed hungry due to a lack of food resources. The governments are highly focusing on reducing post-harvest loss with the looming food crisis scenarios. According to the Food and Agricultural Organization (FAO), around 14% of food, in terms of economic value, is lost across the world during post-harvest due to infestations of mites, rodents, and birds. The demand from emerging countries like China and India for the sales of warehouse insecticides is increasing, which further propels the growth rate of the stored grain insecticide market.

In addition, climatic changes and rising urbanization in developed and developing countries are raising the demand to reduce food loss. Due to the penetration of advanced technologies, the loss of food in the middle stage of the supply chain is slowly decreasing as they are managing appropriately to combat the loss of food. Therefore, the demand to store grains in rural areas in the initial stage of the supply chain is lightning up the focus to store rice, cereals, and other grains in efficient ways without any damage. All these factors are elevating the stored grain insecticide market growth rate.

Global Stored Grain Insecticide Market Restraints:

However, the lack of complete knowledge of the techniques for storing the grains with advanced technology slightly degraded the stored grain insecticide market value. In addition, less storage capacity in some areas is restricting the market size. The excessive use of insecticides may hamper the natural control mechanisms of rice and other grains, which is why the higher authorities are promoting stringent rules and regulations to minimize the use of insecticides. This factor is attributed to limiting the growth rate of the market.

Global Stored Grain Insecticide Market Challenges:

The availability of alternative products at a lower cost, which is very harmful to humans and animals due to high toxic levels, is acting as a big barrier for the market key players. Modern technology in agriculture focuses on the development of various solutions to overcome the limitations of the traditional way of storing grain without losses. However, the difficulty in approving the new products in favor of public safety is imposing challenges for the market growth rate.

Global Stored Grain Insecticide Market Opportunities:

The rapid adoption of the latest technologies and a growing trend to launch innovative methods to handle food crises are creating robust growth opportunities for the stored grain insecticide market. It is important to protect from pests over the stored grain everywhere. It is estimated that around 10-60% of post-harvest losses are due to stored grain pests in developing countries. It is highly important to maintain the quality of the grain from insect damage, and hence, the growth opportunities for the market are growing at a higher rate.

Impact of COVID-19 on the stored grain insecticide market:

The stored grain insecticide market has gained much attention due to the emergence of the COVID-19 pandemic. In initial lockdown restrictions, the market growth rate seemed to decrease slightly due to the lack of migrant workers in the agriculture field. However, the disruptions in the supply chain due to lockdown restrictions have resulted in increasing demand for the storage of grains in every country. The need to protect grains from pest infection has become a big challenge for farmers, and the demand for stored grain insecticide has grown immensely. It is a known fact that if the COVID-19 pandemic restrictions continue in 2021, the market share is ascribed to boost further globally. 

REPORT COVERAGE:

This research report on the global stored grain insecticide market is segmented and sub-segmented into the following categories.  

Global Stored Grain Insecticide Market - By Product:

• Organophosphate
• Pyrethroids
• Bio-Insecticides
• Others

The organophosphate segment is leading with the largest share of the market as it is one of the most common types of chemicals that kill many insects or pests. In the United States, the demand for the use of organophosphate is very high due to its wide applications in the agriculture sector. Scientists are doing many research and development activities with this insecticide to launch new products that bring efficiency in storing the grains effectively. The bio-insecticides segment is positioned second in leading the prominent share. With ongoing demand to adopt eco-friendly and less toxic chemicals in farming, the demand for the use of bio-insecticides is growing at a faster rate.

Global Stored Grain Insecticide Market - By Application:

• On Farm
• Off Farm
• Export Shipment

The on-farm segment has been tackling a significant market share over the past few years, and export shipment is likely to hit the highest CAGR by the end of 2029.

Global Stored Grain Insecticide Market – By Region:

• North America
• Asia Pacific
• Europe
• Latin America
• Middle East & Africa

Asia Pacific stored grain insecticide is leading with the prominent share. Government support for the agriculture sector is majorly propelling the growth rate of the market in this region. India is growing at a faster rate with the rising adoption of the latest technologies in farming. Increasing knowledge and rising per capita income are anticipated to level up the market growth rate. Also, with the surging temperature in many places in India, the insects’ activities are also increasing rapidly, which is prompting the growth of the stored grain insecticide market in this country. Insects like paddy borer, grain moth, khapra beetle, and others damage the stored grain in India, which is elevating the need for insecticides to store the grain. China is anticipated to showcase the prominent growth opportunities for the stored grain insecticides market. Advanced technologies are soon to replace the shape of agriculture in a positive way in the coming years in China.

North America is next to Asia Pacific in leading the significant market share. Owing to the rising prominence for the storage of food products and reducing post-harvest loss so as to reduce food insecurity is amplifying the growth rate of the market. Climate change has become one of the major concerns for farmers in the US, which is attributed to the need to focus on the storage of grains in a very appropriate way without any loss due to insects or pests.

Europe is likely to have a robust growth rate during the forecast period with the increasing deal to prevent all odds for the grains from insecticides using the latest techniques. Russia and Ukraine have drastically increased the demand for stored grain insecticides. Due to the war situation, the Russian agriculture system has seen many changes in exporting and importing products. The supply chain has been badly impacted where the stored grain insecticide market share is geared up. The UK and Germany are likely to have significant growth opportunities in the market.

Latin America, the Middle East & Africa are set to have a steady growth pace during the forecast period.

KEY MARKET PLAYERS:

Bayer AG, Central Life Sciences, Corteva AgriScience, Degesch America Inc., Douglas Products, Hedley Technologies, Nufarm Limited, Syngenta AG, UPL Limited. Are some of the major key players dominating the global stored grain insecticides market.