The isoxaflutole market is expected to develop at a CAGR of over 3% during the forecast period. The major factor driving the growth of the market studied is the increasing demand for food production. On the flip-side, the market is expected to face environmental regulations which are anticipated to hinder the growth of the market.
- Isoxaflutole is basically an herbicide that is used in the agro-chemical industry. It acts as a catalyst for the growth of the plants.
- North America is expected to be the largest market of isoxaflutole market due to the large-scale consumption in the region.
Key Market Trends
Vegetables Segment Leads the Isoxaflutole Market
- Isoxaflutole is a herbicide that is used in the agro-chemical industry which acts as a growth catalyst for the plants. The active elements in the compound rapidly get utilized in the soil and start acting on the plants.
- In 2020, the total revenue from the vegetable segment globally is estimated to be USD 801.24 billion and is anticipated to grow annually at a CAGR of 3.2% from 2020 to 2025.
- For the year 2019/20, the total production of vegetable oils around the world amounted to 203.91 million metric tons.
- The total vegetable imports value of China is projected to be USD 767.81 million between January to May 2020.
- Therefore, the increased demand is predicted to drive the growth of the market studied during the period of forecast.
North America to be the Largest Isoxaflutole Market
- In 2019, the total market value of herbicides in the United States is projected at around USD 10.31 billion and is predicted to grow to a market size of around USD 12.7 billion by 2022.
- According to the US Department of Agriculture, the number of farms in the United States was around 2.03 million in 2019.
- 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.
- Thus, rising demand from various industries coupled with government support is expected to drive the market studied in the region during the forecast period.
The isoxaflutole market is consolidated. Some of the players in the market include Bayer AG, CHEMOS GmbH & Co. KG, Santa Cruz Biotechnology, Inc., BASF SE, and Merck KGaA.
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