Cyromazine Market - Size, Share, Outlook, and Opportunity Analysis, 2018 – 2026
Cyromazine is an insect growth regulator (IGR) and is a cyclopropyl & an aminotriazine derivative of melamine. Cyromazine finds application in animal healthcare and agriculture. Cyromazine and other IGRs interfere with the life cycle of insects by acting on the hormonal control of development. IGRs interfere with normal progress and growth of the insect, resulting in an insect’s mortality before it reaches adulthood. Among applications, crop protection segment accounted for the largest revenue share of 78.4% in the global cyromazine market in 2017. There is high demand for insect growth regulators such as cyromazine in the agriculture industry, to protect crops from insects and thereby improve agriculture production. According to the statistical data of Food and Agriculture Organization (FAO), insecticide use was around 60.6 thousand tons by Brazil alone in 2016. Request For Sample Copy of this Research Report : https://www.coherentmarketinsights.com/insight/request-sample/2426 Among regions, North America held significant market share in the global cyromazine market in 2017, owing to increasing household income of the populace in the region, which in turn increases buying power and thus the demand for food. According to Peter G. Peterson Foundation’s news published in September 2018, the median household income of the U.S. increased from US$ 60,309 in 2016 to US$ 61,372 in 2017. Rising income levels in the U.S. is boosting demand for agriculture and food products. Therefore, increasing demand for food will pose a need to maximize agriculture output and usage of insect growth regulators in the agriculture sector. This in turn is expected to be a key driver for growth of the cyromazine market over the forecast period. However, the slow-acting impact of cyromazine and availability of substitutes to cyromazine such as methoprene are expected to restrain the market growth. Furthermore, the development of resistance towards insect growth regulators is expected to be one of the major challenges restraining the market growth. The global cyromazine market was valued at US$ 1.27 million in 2017 and is expected to register a CAGR of 6.03% in terms of revenue over the forecast period (2019 – 2026), to reach US$ 2.18 million by 2026.