Global Isoxaflutole Market - 2022-2029

Global Isoxaflutole Market - 2022-2029

Market Overview

The global isoxaflutole market was valued at USD XX million in 2021. It is forecasted to reach USD XX million by 2029, growing at a CAGR of XX% during the forecast period (2022-2029).

Isoxaflutole is an herbicide used in agricultural techniques to control undesired plant growth that might harm crop health. Isoxaflutole boosts crop growth while also improving soil health. It protects chlorophyll in plants from sunlight-induced breakdown, increasing agricultural output. Isoxaflutole is a key component in various herbicides. It belongs to the isoxazole class of herbicides used to control weeds in almond, maize, and sugarcane. Growing consumer awareness of food safety and security systems, rising consumer awareness of good brands and manufacturing businesses, and expanding population, particularly in developing nations, will contribute to the market's growth. Other major factors driving market expansion include the increasing rate of fruit, vegetable, and cereal agriculture and the rising occurrence of weed infection in crops.

Market Dynamics:

Rising awareness about food safety and security mechanisms

Isoxaflutole, which protects chlorophyll in crops from breakdown by sunlight, is widely employed to improve the quality and production of soy and maize, and has been driving market expansion for a long time. Rising food demand, owing to demographic trends in India, China, and other emerging economies, has resulted in a high demand for herbicides, assisting in the growth of isoxaflutole demand. The global herbicide industry's development is projected to be a key driving force for the global isoxaflutole market. The European Food Safety Authority's growing intervention to promote the use of isoxaflutole in other crops is expected to provide market opportunities in terms of application development. Isoxaflutole degrades quickly when applied, but its breakdown product degrades slowly in soil.

However, absence of awareness regarding the phytotoxicity of isoxaflutole in herbicides is expected to remain a key challenge for market participants. Increasing research and development by companies in order to overcome such challenges in view of rising concerns regarding soil pollution may open up new possibilities for companies operating in the global isoxaflutole market.

Market Segmentation:

Sugarcane segment accounted for the highest share in global isoxaflutole market

Sugarcane was the most important crop segment in 2021, accounting for more than XX percent of the market share. In the near future, the growing agroculture division in terms of research and development for crop production is expected to indicate a significant need for isoxaflutole. Sugarcane is a major vegetable crop that is widely consumed for a variety of uses around the world. Isoxaflutole is an inhibitor which is used as an herbicide for weed control in sugarcane. Isoxaflutole is a novel herbicide for broadleaf and grass weed control in corn and sugarcane which acts by inhibiting the enzyme HPPD. The largest sugar-producing countries are Brazil, India, the European Union, Thailand, and China.

Geographical Penetration:

North America is the dominating region during the forecast period

Due to large-scale corn and soy production in the United States, North America is a major isoxaflutole consumer. Isoxaflutole demand is predicted to be driven by growing crops in corn and soy plantations in the United States. The total value of the agricultural export of the United States was estimated to be USD 135.5 billion and is anticipated to reach a value of USD 136.5 billion in 2020. The total sugarcane production of the United States was around 31.8 million tons in the year 2019. This production is anticipated to increase in future.

China came in second place behind the United States as the world's second-largest corn producer. Hence, APAC is expected to be the fasted growing region. The market in this region is expected to grow with a CAGR of XX% during the forecast period. Demand for isoxaflutole in the region is likely to be driven by the growth of the agriculture industry in emerging economies such as China and India, as well as rising soy output in India. Isoxaflutole market expansion in the Asia Pacific is projected to be aided by a growing emphasis on crop quality and production.

Competitive Landscape:

The global market for isoxaflutole market is fragmented. The global isoxaflutole market is fiercely competitive, with several regional and international players. Some of the major players operating in the isoxaflutole market are DuPont, Bayer A.G, BASF SE, Chemos GmbH, Merck KGaA and Wanko Chemical Co.,Ltd. Key players are launching new products to gain a competitive edge in the market. For instance, Bayer launched the herbicide Provence Total, a union of the company's main products for sugarcane - Alion (Indaziflam) and Provence (Isoxaflutole) - for the next harvest. It could control narrow-leaf and broad-leaf weeds.

COVID-19 Impact:

Negative impact on the global isoxaflutole market

The lockdown and quarantine measures applied to battle the COVID-19 pandemic has restricted the production and supply of plant protection products, such as herbicides, subsequently influencing the market of crop protection across the world. Due to restrictions imposed on movement of men/material and closure of shops, availability of agricultural inputs which are seeds, fertilizers, pesticides, fodder, etc. declined. Raw materials procurement is an essential factor for the preparation of herbicides. The COVID-19 has created many restrictions on goods and transportation worldwide. The restriction of free transportation and movement has given rise to the increase in the price of materials. Thus, increasing the cost of the final product.

The global isoxaflutole market report would provide an access to approximately 53 market data tables, 45 figures and 170 pages