(I-BusinessNews.Com, June 06, 2021 ) Iprodione Market is forecast to reach $2.1 Million by 2026, after growing at a CAGR of 6.89% during 2021-2026. Iprodione is a nematicides and hydantoin fungicide which is colourless and odourless and is used in the agricultural industry. Iprodione treats crops that are infected by Botrytis bunch rot, Sclerotinia Brown rot and other fungal diseases. The key growth factors of the global iprodione market are rising farming practices internationally, greater emphasis on increasing crop yields from the available arable land, increasing global population, and increasing government initiative across the globe. Furthermore, the rise in the use of iprodione in developing economies such as China, India and others would create new prospects for the global demand for iprodione.
Iprodione Market Segment Analysis – By Application
Vegetable segment held the largest market share in 2020 for Iprodione market and is expected to grow at a CAGR of 4.6% during the forecast period. Iprodione is used as a touch fungicide that prevents fungal mycelium growth and inhibits fungal spore germination. It is used on crops of fruits and vegetables infected by different fungal diseases. It is sometimes used as a medical commodity. It has a role as agrochemical nematicides and an antifungal. Because of the growing global population, especially in developing countries, the agricultural industry is focusing on increasing the total production of agriculture. In addition, due to the decreased supply of arable land, farmers are focusing on increasing the production of crops from the arable land available through the use of various forms of fertilizers, fungicides and insecticides. Therefore, the rising worldwide agricultural industry is projected to drive the worldwide market for iprodione.
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Iprodione Market Segment Analysis – By Geography
APAC dominated the Iprodione Market share with more than 49%, followed by North America and Europe. Asia Pacific is anticipated to be the fastest-growing market in the next few years for iprodione and other forms of fungicides and nematicides. The main reason, for rising the demand is fungicides and nematicides, in particular iprodione, in countries such as Indonesia, Malaysia, Thailand, China, India and South-East Asia, owing to the need for better yields to satisfy the demand for food from the continuously growing population. The Asia Pacific market for iprodione is expected to expand rapidly. According to India Brand Equity Foundation, agriculture is the primary source of livelihood for about 58% of India’s population. Agriculture export facility has set a target to increase agriculture exports to over US$ 60 billion by 2022. The Indian food industry is poised for enormous growth, growing its contribution to world food trade every year due to its immense value-added potential, particularly in the food processing industry. Also, government has taken various initiatives such as In May 2019, NABARD announced an investment of US$ 100 million venture capital fund for equity investments in agriculture and rural-focused start-ups. In addition, countries such as Brazil, Argentina, South Africa and Israel are increasingly focused on improving the quality of agricultural products.
Iprodione Market Drivers
Increasing agricultural activities
Global population growth, especially in developed countries, is a key driving force in the global demand for Iprodione. The agricultural industry thus stresses the escalation of the total development of agriculture. In addition, due to the limited arable land, farmers are focusing on increasing the production of crops from the arable land available through the use of various forms of fungicides, fertilizers and insecticides. Moreover, in order to exploit their immense business potential, the main players operating in the iprodione market are to a large extent giving priority to the emerging economies. In order to satisfy the rapidly rising demand for iprodione, these businesses are installing production facilities in the developing world.
Rising demand to control fungal diseases.
There are a number of fungal diseases such as botrytis bunch rot, Sclerotinia brown rot and others, which are beneficial for eliminating and controlling the fungal diseases that cause great damage to vegetable and fruits. The demand for iprodione to control fungal diseases is set to increase since they do not harm the beneficial insects. Fungal diseases cause damage to farmer’s food supply, property, health, and livelihood. To safeguard the supply of food and meet the requirements of an increasing population, farmers are using iprodione which are targeted to kill fungal diseases.
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Iprodione Market Challenges
Stringent government regulations
The prohibition and limitation of the use of certain synthetic chemicals for the management of plant-parasitic nematodes and the concern about their side effects entail the availability to humans and non-target species of successful control methods of low toxicity. The effectiveness and mode of action of iprodione, a dicarboximide fungicide, relative to the nematicides fenamiphos, fosthiazate and oxamyl at 7.00, 1.66 and 1.66 mL/5 L water, were therefore tested against the root-knot nematode Meloidogyne incognita in vitro and in vivo conditions.
Rising demand for bio-based chemical products act as a restrain to market
Bio-based chemicals are new-age crop protection products made from crops, livestock, bacteria and certain minerals. They are eco-friendly, simple to use and offer the same benefits as iprodione, even with a lesser dosage. With public assistance and increased awareness regarding the use of non-toxic, environment-friendly pesticides, the bio-based industry will grow briskly. Governments in several nations have initiated projects to promote creation and use of bio-based due to factors such as their low toxicity levels, as well as for the increased safety and efficiency they provide in pest control.
Iprodione Market Landscape
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Iprodione Market. In 2020, the market of Iprodione has been consolidated by the top five players accounting for xx% of the share. Major players in the Iprodione Market are Bayer Cropscience AG, Dow AgroSciences, E.I. Dupont De Nemours & Company, Syngenta AG, BASF SE and among others.
Key Takeaways
Growing demand for iprodione fungicides in the agricultural industry is expected to drive the global market for iprodione in the next six years across various geographies of the world, especially in developing countries.
In order to leverage their immense business potential, the key players operating in the iprodione market primarily priorities the emerging economies. In order to satisfy the rapidly increasing demand for iprodione from the agricultural sector, these firms are installing production facilities in the developing world.
The COVID-19 pandemic and resulting suspension of development activities shall have an effect on the availability of a number of green chemicals to the supply. In addition, recent trade tensions would also have a significant effect on the supply of chemical stocks in import-dependent countries.
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