Grain Protectants Market Worth $726.1 Million by 2023 - Exclusive Report by MarketsandMarkets™

CHICAGO, October 18, 2018 /PRNewswire/ --

According to the new market research report "Grain Protectants Market by Control Method (Chemical (Insecticides, Fumigants, Rodenticides), Physical (Traps, Baits, Aeration, Heat Treatment), Biological), Target Pest (Insects, Rodents), Grain Type, and Region - Global Forecast to 2023", published by MarketsandMarkets™, the grain protectants market is estimated to be USD 572.7 million in 2018 and is projected to reach USD 726.1 million by 2023, at a CAGR of 4.86% from 2018. The market growth is driven by the increasing market pressure to sustain grain quality to gain optimum market value. Also, grain storekeepers are focusing on the reduction of grain losses through effective stored grain management.

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Chemical control is estimated to be the most widely used control method during the forecast period. 

Chemical control implies the use of formulations such as insecticides, fumigants, and rodenticides. Globally, it is the most widely adopted method of control due to its immediate results, availability, longer duration, and greater coverage area. Thus, this segment is estimated to account for the highest share among control methods in 2018.

Among chemicals, fumigants are commonly preferred by farmers, cooperatives, and traders; this is because it leaves minimal residues as compared to insecticides and rodenticides. Fumigation with phosphine is the most commonly preferred fumigant for the treatment of warehouses and grain storages. Sulfuryl fluoride is also used when grains are stored in silos.

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Among target pest, the insects segment is projected to be the fastest-growing during the forecast period. 

Insect pests such as beetle, weevils, moths, and grain borers have adverse and damaging impacts on various agricultural commodities. They cause major losses in stored grains, as they infest grains through direct consumption of kernels or through the accumulation of webbing and insect cadavers. The deposition of insect waste on grains results in low-quality grains, which are unfit for human consumption. Therefore, the usage of grain protectants for insect control is projected to grow as the fastest-growing segment during the forecast period.

Asia Pacific is projected to dominate the market, while North America is projected to be the fastest-growing region for grain protectants through 2023. 

Asia Pacific accounted for the largest share of the grain protectants market in 2017. The dominance of Asia Pacific is attributed to the higher adoption of fumigants in countries such as China, India, Australia, Vietnam, and Thailand. Additionally, the grain production has been increasing in these countries, with the losses during storage also increasing at the rate of about 15%-20% of the total production due to ineffective and improper storage handling practices.

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The market for grain protectants in the North American region is projected to grow at the highest CAGR from 2018 to 2023, as the quantity of grains stored on farms has been high in countries such as the US and Canada. The on-farm storage system indicates the higher use of fumigants along with some contact insecticides. Moreover, the growth in the agricultural sectors of countries such as the US, Canada, and Mexico, in North America, has been promoting the growth of the grain protectants market in the region.

This report includes a study of marketing and development strategies, along with the product portfolios of leading companies. It also includes the profiles of leading companies such as Bayer (Germany), Sumitomo Chemical (Japan), DowDuPont (US), BASF (Germany), Nufarm, (Australia), UPL, (India), Syngenta (Switzerland), FMC (US), Degesch America (US), Arysta LifeScience (US), Central Life Sciences (US), and Hedley Technologies (US).

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