(I-BusinessNews.Com, November 09, 2019 ) The agricultural fumigants market is estimated to be valued at USD 1.59 Billion and is projected to grow at a CAGR of 4.10% from 2017, to reach USD 1.94 Billion by 2022. The growth of this market can be attributed to the growing focus on increasing agricultural production, increase in focus on the reduction of post-harvest losses, and growing usage of agricultural fumigants for the production and storage of cereals.
How will investments in production of new products creating profitable opportunities for manufacturers in the agricultural fumigants market?
Increasing tolerance of pests towards methyl bromide fumigation, followed by its phasing out, has resulted in the adoption of suitable alternatives for methyl bromide for the management of stored products and to quarantine pests. The alternatives for methyl bromide fumigant include phosphine, sulfuryl fluoride, carbonyl sulfide, ethyl formate, hydrogen cyanide, carbon disulfide, methyl iodide, and methyl isothiocyanate. Hence, manufacturers are focusing on new product developments by investing in R&D activities for active ingredients that can inhibit the resistant insects by using these alternative fumigants.
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The phosphine segment, on the basis of various product types, accounted for the largest share in 2016. The phosphine segment is mainly driven by few factors; phosphine-based fumigants are easily available, they are easy to handle, and they are comparatively less harmful in nature than other fumigants, especially methyl bromide. It is also coupled with the increasing awareness about its good penetration ability, easy availability, and is popular for its reliability to control pests in granaries. The chloropicrin segment, on the basis of product type, accounted for the second-largest share in 2016, owing to its multifunctional nature in controlling various pests such as nematodes, weed seeds, insects, bacteria, and soil-borne fungus diseases. The warehouse application of the agricultural fumigant market holds the largest share due to the increasing usage of agricultural fumigants in food stock warehouses in the North American and European regions
North America accounted for the largest share in 2016 due to the presence of key crop protection chemical manufacturers, increasing need for sustainable agriculture and the higher efficiency of fumigants in terms of application, and presence of some of the most protective farming regulations in the region.
The food & beverage market in the Asia-Pacific region is currently undergoing a transformation in response to rapid urbanization and the liberalization of foreign direct investment in the food sector. Asia Pacific is projected to be the fastest-growing region from 2017 to 2022 due to gradual increase in awareness and knowledge about using fumigation as a crop protection technique, increase in the availability of fumigant products, and the growing number of manufacturers in the region.
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Key Market Players
The market is dominated by key players such as BASF (Germany), Syngenta (Switzerland), ADAMA (Israel), Dow Chemicals (US), and FMC (US). Other players include UPL (India), Degesch (US), Nufarm (Australia), American Vanguard (US), Nippon (Japan), Arkema (US), and Rentokil (UK). The key players have adopted strategic developments such as new product launches, expansions & investments, mergers & acquisitions, agreements, collaborations, joint ventures, and partnerships to explore the market in new geographies.
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