Stored Grain Insecticide - Growth, Trends and Forecasts (2020 - 2025)

The stored grain insecticide market was valued at USD 225.6 million in 2018, and the market is projected to register a CAGR of 4.2% during the forecast period (2019-2024). Sustaining market pressure for better prices during the post-harvest stage and increasing focus on the reduction of post-harvest losses are the major factors driving the market growth.

Globally, India is expected to witness the fastest growth, while registering a CAGR of 4.8% during the forecast period. Lack of storage facilities led to the inability to store surplus grain. Additionally, the Indian government has been increasingly focusing toward keeping pace with its looming food storage crises and has increased the contribution toward the construction of high-tech grain storage silos. This is likely to augment the demand for insect grain protectants in the country.

Key Market Trends

Stored grain pest- per capita loss

Owing to the infestation of pests, mites, rodents, and birds, around 1,300 million metric tons of food grains are being wasted annually. The use of insecticides is a very effective method to control insects and pests in silos, grain bins, and warehouses. According to Food and Agricultural Organization (FAO), the average production loss of the post-harvest produce is estimated to be around 5% in the developed countries, 7% in industrialized countries, and around 7% in developing countries, annually. The increasing concerns toward reducing post-harvest losses, especially from the emerging economies, such as India and China, seems to be an opportunity, which can enhance the sales of warehouse insecticides during the study period.

India to Dominate the Global Stored Grain Insecticide Market

Growing insect manifestations on the diverse crop-growing regions of India are leading to the countrywide losses in the cultivation of crops, especially for rice, maize, and wheat, by about 10-25%, as reported by the Food and Agricultural Organization (FAO). The most common insects damaging grain storages in India are the rice weevil, the khapra beetle, the grain moth, and the lesser grain/ hooded-grain/ paddy borer. The increase in the infestation of stored grains by such insects is further enhancing the market for stored grain insecticides in the country. However, regulations on the overuse of stored grain insecticides in India are speculated to slightly impact the storage grain insecticide sales in the coming years.

Competitive Landscape

The storage grain insecticide market is highly competitive, with various small- and medium-sized companies coining reasonable shares in the world. This has resulted in a very stiff competition. The increasing merger and acquisition activities by the major players in different parts of the world is one of the major factors for the consolidated nature of the market. North America and the Asia-Pacific are the two regions showing maximum competitor activities.

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