Global Turf Protection market is expected to grow at a CAGR of 4.80% during the forecast period (2020-2025)
Turf is the upper surface layer of land on which grass is growing, consisting of grass and soil where roots grow or a piece of this that is cut from the ground and is usually rectangular. Maintaining a lawn is a difficult task and thus it needs turf protection to prevent losses caused by pests and weeds. Increasing high demand from sports like cricket, golf, and football will fuel the market during the forecast period.
Increase in both export-oriented and domestic market revenue are observed for major player in the global turf protection market. However, challenges such as competition with local players, increasing buyer bargaining power and competition for good quality supply with low cost are the restraints to the forecast market.
Key Market Trends
Expansion of Sports Activities
All of the sports events found host cities across the globe, indicating increasing parallel demand to stage sporting events on varying sizes depending on the scale, requirements, and objectives. Thus maintaining turf is essential for commercial sports purposes. In addition, increasing demand for turf for residential and commercial properties in turn to create demand for turf protection market. Thus, driving the growth of forecast market in the near future. According to the Physical Activity Council, United States, the number of participants increased from 215.8 million in 2016 to 218.5 in 2018, thus, the turf protection requirements will increase owing to the football and golf activities being increased in the State.
Adoption of integrated pest management in the turf will add a bonus to the turf protection market. Rising demand for bio-based protections to reduce health hazards and cost-effectiveness will gear up the market.
For instance, Germany is famous for its sports activities, more precisely for football, the Bundesliga League, and others for which the stadiums are usually jam-packed. This is encouraging and bringing a high entry of attendees to the stadium, which is likely to boost the market growth over the forecast period.
North America dominates the market
North America dominates the global turf protection market in terms of revenue generation as compared to that of markets of another region. The presence of major players and an increasing number of sports fields in the region are major factors to drive the growth of turf protection. Huge residential regions with plenty of play areas, public parks and a large number of golf courses are some of the factors that define the extent of the market in the region. The United States occupies the majority of the turf & ornamental chemical inputs market share within the region followed by Canada. Mexico due to its harsh climatic conditions is still in a nascent stage, however, is expected to grow considerably at 4.81% CAGR owing to comparatively warmer southern regions.
Europe accounts for the second-largest revenue share contribution followed by market Asia Pacific, Latin America, Middle East, and Africa respectively. The market in the Asia-Pacific will witness a faster growth rate in terms of revenue over the next 15 years. Rapidly growing sports fields in countries like China, India and Australia will create demand in future.
The report analyzes the current market size in terms of revenues based on average prices of Turf Protection products worldwide. The study forecasts the period and anticipates CAGR for different products of the Turf Protection market.
The report mainly explores the major players, such as, ADAMA Ltd., Syngenta AG, BASF SE, AMVAC Chemical Corporation and, UPL who are adaptable to quick changes in the market through key industry strategies.
The report also explores how Turf Protection manufacturers are adapting to changing market conditions through key industry strategies. The existing companies in the Turf Protection market are identified and ranked according to their market shares. In addition, company to company comparison (Company benchmarking) and product-to-product comparison (Product benchmarking) are included in the research work. It presents key competitive factors that are vital for companies to excel in challenging market conditions. To provide insights into the operating companies, business profiles of leading Turf Protection manufacturers are included in the report.
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