The insecticide market is a segment of the broader pesticide market. There are four main categories in the insecticide market – Crop Protection, Animal Health, Public Health and Consumer Applications.
The global insecticide market is valued at US$31.1 billion, providing a significant opportunity for Bio-Gene to target. There are also a number of persistent drivers supporting the long-term demand for the global insecticide market:
- Increasing food and fibre requirements – the world population is estimated to reach at least nine 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 breakouts 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