Global Market Size, Forecast, and Trend Highlights Over 2023-2035
Thifluzamide Market size is estimated to garner significant revenue by the end of 2035, growing at a CAGR of 7% over the forecast period, i.e., 2023-2035. The growth of the market can be attributed to the increasing number of crops and the rising number of diseases the agricultural land crops are estimated to drive the market growth during the forecast period. The effectiveness of thifluzamide in treating and preventing various fungal diseases and the rising demand for high production rates and quality are also estimated to propel market growth in the coming years. The decrease in agricultural land due to the rural population's urbanization and migration has raised the demand for quality crop production. These packers are expected to drive the thifluzamide market during the forecast. According to the reports, more than 15-38% of crops produced globally are lost to pests as of 2019.
Moreover, the rising crop diseases, increasing population across the world, and high investment in the field of agriculture during the forecast are also anticipated to fuel the market growth. The rising utilization of agricultural chemicals by farmers is also expected to propel market growth in the coming years. The market growth is also attributed to the rising economic standards of people and government initiatives to increase agricultural land to meet demand as the population is increasing day by day. Also, the rising use of thifluzamide in the treatment of seeds is also anticipated to hike the market growth in the coming years. Approximately, about 2 kg of pesticides were used per hectare during 1990-2020 in the United Nations.
Thifluzamide Sector: Growth Drivers and Challenges
Growth Drivers
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Rising Need to Improve Crop Production and Quality – One of the major problems of farmers is the increase in the crop field. With the increasing population, the need for more crop productivity is becoming an issue. Crop yield is the total amount of seeds or grains cultivated from the given land area. It is an indicator to measure the quantity in kilograms per acre or hectare. The low-quality seeds and less productive seeds that are prone to diseases are estimated to drive market growth during the forecast period. The primary crop production worldwide was estimated to raise by over 50% during 2000-2020 reaching more than 9 billion tonnes in the year 2020.
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Higher Utilization of Seed and Foliar Treatment – The worldwide pesticide consumption for agriculture in 2020 was over 50% with about 3 million metric tons from the year 1990.
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Growing Population with Higher Food Demand Around the World – As per the estimations of the United States Department of Agriculture, the need for food was estimated to increase by about 80-100% by the end of 2050 in the U.S.
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Decrease in the Agricultural Land owing to the Rising Construction Sector – According to a survey, the agricultural land reduced from over 2 million farms in 2007 to 2 million farms in the U.S. by the end of 2021.
Challenges
- Rising Awareness Towards Bio-Based Agrochemicals Owing to Increasing Environmental Concern
- Increasing Side Effects of Thifluzamide on Skin and Eyes
- Causes Harmful Effects on Beneficial Insects such as Bees - Many pesticides are designed to kill pests such as insects, weeds, mites, and organisms that cause diseases. These pesticides may cause harm to pollinators such as bees which are useful for crop yield. These factors are expected to drive market growth over the next few years.
Thifluzamide Market: Key Insights
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Base Year |
2022 |
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Forecast Year |
2023-2035 |
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CAGR |
~7% |
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Regional Scope |
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Thifluzamide Segmentation
Application (Seed Treatment, Fungicide)
The global thifluzamide market is segmented and analyzed for demand and supply by application into seed treatment and fungicide. Out of these segments, fungicide is estimated to gain the largest market share over the projected time frame. The growth of the segment can be attributed to the increasing use of fungicides in agriculture, rising agricultural land, and a growing number of fungal diseases. The increasing demand for crop production with a rising population across the world is estimated to propel market growth in the coming years. The growth of the market is also attributed to the increasingly low-quality seed production that is less immune to diseases. According to the estimations, more than 80% of plant diseases are caused by fungi around the world as per a pathological study.
Distribution Channel (Compost Seed Stores, Retail Shops, Online)
The global thifluzamide market is also segmented and analyzed for demand and supply by distribution channel into compost seed stores, retail shops, online, and others. Amongst these segments, the compost seed stores segment is expected to garner a significant share. The growth of the compost seed stores segment was attributed to the rising use of biofertilizers, improving soil structure, and a growing number of beneficial bacteria in the soil. The rising preference for bio compost made from food waste, mushroom compost, yard trimming, and vermicompost. The growing demand for agricultural production is also estimated to drive market growth during the forecast period. The growing population and demand for organic farming across the world to reduce harmful chemicals are estimated to propel market growth. As per the study reports, the vermicompost was estimated to increase the commercial yield by more than 25%, total biomass by over 10%, and shoot biomass by nearly 80% as of 2019.
Our in-depth analysis of the global market includes the following segments:
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By Type |
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By Application |
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By Crop |
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By Distribution Channel |
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Vishnu Nair
Head - Global Business DevelopmentCustomize this report to your requirements — connect with our consultant for personalized insights and options.
Thifluzamide Industry - Regional Synopsis
APAC Market Statistics
The Asia Pacific thifluzamide market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2035. The growth of the market can be attributed majorly to the increasing population and higher annual food consumption. In the Asia Pacific region, China and India are the leading countries producing fortified rice. In 2019, China alone had approximately 200 million tons of rice. The Asia Pacific region is projected to be the largest grain cultivator amongst other respective regions, which is estimated to add to the market growth over the forecast period. The rising construction sector and decrease in agricultural land with an increasing number of commercial and residential buildings are estimated to drive market growth in the coming years.
North American Market Forecast
Furthermore, the global thifluzamide market is projected to grow in the North American region during the forecast period owing to the availability of the largest farms for cultivation. In a report published by the United States Department of Agriculture in 2019, 2,023,400 farms were located in the US, meanwhile, the total size of farms in acres was evaluated to be 897,400,000. These parameters are anticipated to influence the global thifluzamide market positively over the forecast period.
Companies Dominating the Thifluzamide Landscape
- Shenzhen Horizon Industry Co., Ltd
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- Nissan Chemical Corporation
- Jiangxi Tiansheng New Materials Co., Ltd
- Shanghai Xinglu Chemical Technology Co., Ltd
- Wingfield Chemical Industry Co., LTD
- Advance Agro Chemicals Shanghai Limited
- Super Bio Tech Marketing Company
- OAT Agrio Co., Ltd.
- Nihon Nohyaku Co., Ltd
- Agrowallied Ventures Pvt. Ltd.
Recent Developments
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Nihon Nohyaku Co., Ltd launched the Pyrifluquinazon 20WG which was discovered, and invented by the company, and received registration in March 2022.
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Nihon Nohyaku Co., Ltd declared the release of a smartphone application named “NICHINO AI DIAGNOSIS” also called “NICHINO AI”. The release was made in India, Vietnam, and Taiwan and released overseas including Japan with the name “Diagnose Your Crops with AI!” in April 2020.
Author Credits: Rajrani Baghel
- Report ID: 4092
- Published Date: Mar 20, 2023
- Report Format: PDF, PPT
