Nanopesticides Market Expected to Expand at a Steady CAGR through 2031

COVID-19 Impact on Global Nanopesticides Market

On January 30, 2020, the International Health Regulations Emergency Committee of the World Health Organization (WHO) declared the Coronavirus disease (COVID-19) outbreak a public health emergency of international concern. Originating in China, the virus has spread to at least 214 countries and territories around the world.
Several governments and private sector businesses are operating at a limited capacity or have ceased operations completely due to recent events surrounding the COVID-19 pandemic
The outbreak of the COVID-19 pandemic has led to disturbance in the supply chain due to the global lockdown in several countries. Also, the spread of coronavirus caused a fall in demand for chemical intermediates due to uncertainty in the global economy and capital markets. Therefore, various major chemical-producing & consuming countries observed significant variation in demand for nanopesticides for applications such as production, protection, packaging, and harvesting.

Rise in food wastes and loss generated during the various stages of the supply chain process is boosting the demand for nanopesticides among crop producers and suppliers
According to the FAO, food losses and waste amount to roughly US$ 680 Bn in industrialized countries and US$ 310 Bn in developing countries. Based on quantity, industrialized and developing countries dissipate roughly the same quantities of food, i.e. 670 and 630 million tons, respectively. The statistics describes the growing concern for food wastes, the impact of which is observed on the environment, society, and livelihoods of people.
Consumption of fresh foods and vegetables has been rising around the globe. The demand also suffices the need for seasoned and unseasoned products to be made available around the globe throughout the year. Agro-economic countries are focusing on exporting fresh fruits and vegetables to mitigate the demand gap. This is driving the demand for nanopesticides in packaging of these fresh foods to minimize loss in the supply chain and maintain the freshness in products. However, concerns about food safety, ban on pesticides, and restrictions in utilization of pesticides in many economies are likely to hamper the global nanopesticides market.

Based on type, the nanopesticides market can be divided into fungicides, insecticides, herbicides, and others. Of these, the insecticides segment dominates the nanopesticides market. The segment is likely to maintain its dominance in the global nanopesticides market over the forecast period. Rise in demand for crop protection chemicals with lower environmental footprint and controlled release characteristics is primarily driving the demand for nanopesticides.

Based on application, the nanopesticides market can be classified into production, protection, packaging, harvesting, and others
The protection segment dominates the nanopesticides market
Demand for nanopesticides is rising at a rapid pace in the agriculture industry owing to their better pest control properties vis-à-vis traditional pesticides. Furthermore, the popularity of pesticides with encapsulation is increasing among other end-user applications such as food processing, preservation, and packaging.

In terms of region, the nanopesticides market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
Asia Pacific is expected to hold the major share of the global market owing to the extensive use of pesticides in agricultural products in the region. The region is known for being the largest producer of many food and cash crops. For instance, China and India are known for being the largest producers of cotton. Higher demand for food grains, limited availability of arable land, rise in export, and growth in horticulture and floriculture are some of the factors boosting the demand for nanopesticides among producers in Asia Pacific.