The constant demand for agricultural products as a result of growing requirement for food by the rising population has been a significant factor for the market growth in the South East Asian and South Asian countries during the historical period. The rise in per capita income in these countries including India, China, Vietnam, Malaysia and Indonesia accelerated the demand for food as well. Furthermore, the growing demand for upgraded tools, methods, fertilizers and pesticides in the agriculture industry of South America, Africa and Asia regions for improvements in production is another major growth driving factor for the fenpropimorph market. The various government initiatives for the awareness of proper usage of agricultural tools and techniques further contributed towards the market growth over this period.
The high toxicity of pesticides for other living beings, including humans, is a major growth restricting factor for the market as farmers prefer non-toxic substances as pesticides instead of chemical compounds. Various regions across the globe are taking measures to protect the environment by planning to ban the use of fungicides. The countries such as Italy, France, Spain, Germany and Romania in the European Union contribute to over 75% of the total pesticides sales in the region. The restrictions on the usage of pesticides including fenpropimorph has further negatively impacted the market growth.
The global fenpropimorph market is segmented by regions into North America, Latin America, Europe, Asia-Pacific and Middle East and Africa. Presence of an industrialized society in the North America region led to the development of highly advanced agricultural practices and techniques in the past years. The use of advanced tools and techniques by farmers resulted in high amounts of agricultural production, especially in countries such as the U.S. and Canada. In the United States, about 2% of the population is represented by farmers. The major exports in the U.S. include crops such as soybean, coarse grains and cotton. China is the major importer of agricultural goods from the country. Fenpropimorph, a morphine-derived fungicide, is widely used for various plantations and crops in the region, including those of banana, wheat, maize, coffee as well as cocoa. On the back of these factors, the fenpropimorph market in North America displayed a positive growth during the historical period of 2008-2012. CLICK TO DOWNLOAD SAMPLE REPORT
In Europe, fenpropimorph and other such fungicides are widely used in plantations. For instance, this fungicide is extensively used for crops such as barley, linseed, oats and wheat in European regions of Germany, Poland, UK and Netherlands. The government initiatives in major countries of Asia Pacific region for bringing the population above the poverty line involve a greater demand for agricultural products. The requirement for high yield of crops along with that for prevention of pathogenic attacks resulted in the growing demand for fertilizers and pesticides. This can be attributed to the steady growth of the fenpropimorph market over the historical years.
The study further incorporates Y-O-Y Growth, demand & supply and forecast future opportunity in North America (United States, Canada), Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX [Belgium, Netherlands, Luxembourg], NORDIC [Norway, Denmark, Sweden, Finland], Poland, Russia, Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
Author Credits: Smruti Ranjan, Rajrani Baghel