Penoxsulam Market - 2023-2030

Penoxsulam Market - 2023-2030

Global Penoxsulam Market reached US$ 320.51 million in 2022 and is expected to reach US$ 445.43 million by 2030, growing with a CAGR of 4.2% during the forecast period 2023-2030.

The global penoxsulam market has witnessed significant growth and transformations over the years, the demand for penoxsulam is increasing among farmers as it provides a unique mode of action by preventing plants from producing an enzyme acetolactate synthase (ALS), it is essential for the growth of weeds, and helps in effective control of weeds. Hence, such factors can help in driving the global penoxsulam market.

Furthermore, many manufacturing companies are producing high-quality innovative products in order to increase their market. For instance, Corteva Agriscience has produced Assert, which contains Penoxsulam 2.5% OD. It is a systemic broad spectrum, post-emergence rice herbicide and controls Echinochloa spp., sedges and keyboard leaf weeds. Such products can help in increasing the market growth.

The rice crop segment accounts for over half of the market share. Similarly, the Asia-Pacific dominates the penoxsulam market, capturing the largest market share of over 1/3rd. The region has vast agricultural land and increased rice production. India remains the largest consumer of penoxsulam as the rice production is 136 million tons in 2022-23 which is an increased 5% from pervious year.

Dynamics

Increase in Demand for High Crop Productivity and Quality

The increase in demand for high crop productivity and quality is significantly increasing the market for penoxsulam as it prevents the production of acetolactate synthase (ALS) which is necessary for weed growth. It helps in maintaining the quality of crops and increases crop productivity by preventing weed spoilages. Such factors can help in increasing the market.

Furthermore, many key players are producing high-quality innovative products in order to attract larger consumer bases. For instance, Nova Agri groups have produced Nova Penola (Penoxsulam 1.02% + Cyhalofop Butyl 5.1% OD). It is used as a post-emergence herbicide. It effectively controls annual and perennial grasses, sedges & broad-leaved weeds. Such products can help in increasing the adoption rate.

Increase in Demand for Weed Control

Farmers are adopting effective weed control methods like penoxsulam herbicides as they can be applied as post-emergent which can effectively kill the weeds in rice crops, This can help in reducing the crop yield losses and over usage of herbicides and pesticides for weed treatments. Hence, such factors can help in increasing the adoption rate.

Furthermore, many manufacturing companies are producing a wide range of products in order to expand their market and portfolios. For instance, Chico Crop Science Co., Ltd, has produced Cutting cyhalofop-butyl 15%+penoxsulam 3% 18% OD herbicide. It is synthesis inhibitor that inhibits the activity of acetolactate synthase (ALS) and is a selective systemic pre-emergence and post-emergence herbicide. Such products can help in increasing the market growth.

Resistance Development

The development of weed resistance is indeed a significant factor that can restrain the global penoxsulam market. When weeds develop resistance to penoxsulam, the herbicide becomes less effective at controlling those weed species. This also leads to an increase in the overuse of herbicides on crops which leaves residues in crops that can cause adverse health effects in humans, hence, it can hamper the market growth.

Furthermore, the resistance development can cause an increase in crop loss which can ultimately affect the growth of the global penoxsulam market. According to a study backed by the government, in 2022 India lost about 5–13% of its fruits and vegetables and 3–7% of other crops including oil seeds and spices between harvesting and consumption.

Segment Analysisn

The global penoxsulam market is segmented based on formulation, crop, distribution channel, end-user, application and region.

Increase in Demand for Effective Weed Treatments

The rice crop segment holds the maximum share in the global penoxsulam market. The farmers are highly adopting these herbicides as they help in controlling a wide range of grassy and broadleaf and sedge weeds in rice fields. They also help in increasing crop productivity and quality which helps in driving the market in the agriculture sector.

Furthermore, many manufacturing companies are producing high-quality products to increase their market. For instance, Crystal crop protection Ltd. has produced Penoxa, it is a penoxsulam 21.7%SC, it is a post-emergence broad-spectrum herbicide. Which is an excellent foliar application efficacy against grasses, sedges and broad-leaved weeds of transplanted rice crops. Such products can help in increasing the adoption rate.

Geographical Penetration

Increase in Rice Production and Presence of Vast Agricultural Land in Asia-Pacific

Asia-Pacific has been a dominant force in the global Penoxsulam market and its significance has only grown in the post-2020 era. Asia-Pacific has long been a powerhouse in the global Penoxsulam industry and this trend has continued well beyond 2020. As the world's most populous region with a rapidly expanding urban population, Asia-Pacific's demand for Penoxsulam is driven by infrastructure development, urbanization, and construction projects.

Furthermore, the demand for penoxsulam is increasing among rice crop farmers as it effectively kills the broad range of grassy weeds, and helps in increasing productivity. For instance, according to the U.S. Department of Agriculture report of 2023, in India the rice production was 136 million tons in 2022-23 which increased 5% from 2021-22 the production is 129 million tons. Hence, an increase in rice production helps in increasing the penoxsulum market.

Additionally, the presence of vast agricultural lands can help in increasing the usage of penoxsulum herbicides as they effectively eradicate weeds. For instance, according to the Department of Agriculture, Fisheries and Forestry report of 2023, Australia has 55% of agricultural lands which are about 427 million hectares, hence, such vast lands can help in increasing the adoption rate.

Competitive Landscape

The major global players in the market include Crystal Crop Protection Ltd., Nova Agri Group, Corteva Agriscience, Chico Crop Science Co., Ltd., BASF SE, Syngenta, Sumitomo Chemical Co., Ltd., Kingtai Chemicals Co., Ltd, Toronto Research Chemicals and Zhejiang Rayfull Chemicals Co., Ltd.

COVID-19 Impact Analysis

The pandemic has brought a disruption in the supply chain, as many manufacturing companies are shut down due to government lockdown restrictions it caused the limitation of products in the market which has reduced the demand for penoxsulam, This has shown a negative impact on the global penoxsulam market.

Furthermore, during Covid-19 many people have started indoor farming practices as the health consciousness has increased among consumers, this can lead to an increase in the adoption of herbicides such as penoxsulam as they provide effective weed management. Hence, it can lead to increasing market growth.

Russia-Ukraine War Impact Analysis

The ongoing conflict between Russia and Ukraine has brought a disruption to the country's economy. Many manufacturing companies are shut down due to low employment rates, and low import and export rates, This caused a decrease in the availability of products in the markets which has shown a negative impact on the global penoxsulam market.

Furthermore, the war has brought disruption in agricultural practices as many agricultural lands are affected due to pollution caused by the war this has led to a decrease in the usage of penoxsulum herbicides, moreover people started investing more on essential needs due to less income this has led to decrease in penoxsulam market.

By Formulation
• Liquid
• Granule
• Powder
• Others

By Crop
• Rice
• Aquatics
• Turf
• Others

By Distribution Channel
• Company Stores
• E-Commerce
• Hypermarkets/Supermarkets
• Specialty Stores
• Others

By End Users
• Agriculture
• Industries
• Others

By Application
• Grains and Cereals
• Pulses and Oilseeds
• Fruits and Vegetables
• Others

By Region
• North America
U.S.
Canada
Mexico
• Europe
Germany
UK
France
Italy
Russia
Rest of Europe
• South America
Brazil
Argentina
Rest of South America
• Asia-Pacific
China
India
Japan
Australia
Rest of Asia-Pacific
• Middle East and Africa

Key Developments
• In August 2020, Inner Mongolia Dazhong Chemical Industry Ltd. launched penoxsulam, clodinafop-propargyl, and diflufenican project in China.
• In July 2023, the agri-e commerce platform Nurture. Retail has launched a series of crop protection products Uniquat, Turf, Lancer, Yieldwin, Manzate, Amerex, Ricebac, Imidastar and Lambda Star. These online-exclusive products comprise herbicides, fungicides, insecticides and bio-stimulants

Why Purchase the Report?
• To visualize the global Penoxsulam market segmentation based on formulation, crop, distribution channel, end-users, application and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of penoxsulam market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as Excel consisting of key products of all the major players.

The global penoxsulam market report would provide approximately 77 tables, 82 figures and 186 Pages.

Target Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies