The insecticide market is a segment of the broader pesticide market. There are five main categories in the insecticide market which Bio-Gene is currently focused on key categories of the insecticide market – Public Health, Grain Storage, Crop Protection, Animal Health and Consumer Applications.
The global insecticide market is valued at US$31.1 billion, providing a significant target market opportunity for Bio-Gene. A number of persistent drivers currently support the long-term global demand for safe and effective insecticides:
- Increasing food and fibre requirements – the world population is estimated to reach close to ten billion people in 2050*. In order to meet global food demand, an increase of 60% in yields is required from existing crops
- Protection of an increasingly urban population against pests and diseases – urbanisation congregates people where insect-borne disease outbreaks can occur, and it increases demand for safer insect-free environments and living conditions
- Climate change promoting the proliferation of certain insects – rising temperatures and changing weather conditions are allowing insects to reach locations they have previously not inhabited, resulting in more human populations exposed to insect borne diseases
- Development of insecticide resistant pest populations – Insecticides are used to control a variety of pests; however, with increasing use over time they will inevitably lose their effectiveness as pests gradually develop resistance. The increase of resistant pest populations will place an increased demand on the industry to produce new chemistry capable of combating these pests, with the aim to maintain effectiveness and field performance of pesticides.
- Drive for new products with lower toxicity profiles – Consumers are ever increasing their demand for knowledge on food safety and exposure to chemistry. The demand for “softer” chemistry, with natural origins and a safer toxicology profile is focusing the adoption of new chemistry to replace existing products.
* UN DESA report, “World Population Prospects: The 2015 Revision”