The global thifluzamide market is estimated to garner notable revenue by growing at a modest CAGR over the forecast period, i.e., 2022 – 2031. The growth of the market can be attributed to the rising demand in the agricultural sector, to prevent crops from severe diseases, such as sheath blight disease. According to the data provided by Food and Agriculture Organization, it is represented that 20 to 40% of crops are lost due to diseases each year globally meanwhile crop diseases are projected to impact the global economy by USD 220 billion annually. Furthermore, the demand for food is increasing exponentially owing to the significant growth in the global population over the recent decades generating a noteworthy prevalence of hunger. Moreover, the UN published a report demonstrating the data that in 2020, 720 to 811 million people encountered hunger, while 660 million people are anticipated to face hunger in 2030. Hence, the need for food production on a larger scale requires massive cultivation, and this process leads the high utilization of thifluzamide resulting in the noteworthy growth of the market over the forecast period.
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The market is bifurcated by application into seed treatment, and fungicide, out of which, the fungicide segment is anticipated to hold the notable share in the global thifluzamide market during the forecast period, on account of the growing cases of fungal diseases in crops. These diseases reduces both quality and quantity of the crop and it has become the prime necessity for the agriculture sector to provide requisite methods to farmers to prevent crops from diseases. It is observed that about 80% of diseases in plants are caused by fungi.
The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, the Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in the future. According to UNEP (United Nations Environment Programme), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, which accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favorable government policies have boosted investment in China’s chemical industry. The easy availability of low-cost raw materials & labor, as well as government subsidies and relaxed environmental norms, have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for investment in businesses in Asia Pacific countries in the upcoming years.
Regionally, the global thifluzamide market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. The market in the Asia Pacific region is estimated to witness noteworthy growth over the forecast period on the back of increasing population and higher annual food consumption. In the Asia Pacific region, China and India are the leading countries producing the rice. In 2019, china alone produced approximately 200 million tons of rise. 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.
Furthermore, the global thifluzamide market is projected to grow in North America region during the forecast period owing to the availability of the largest farms for cultivation. In a report published by United States Department of Agriculture in 2019, the 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.
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The global thifluzamide market is further classified on the basis of region as follows:
North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth Market Players Analysis & Opportunity Outlook
Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of the Middle East and Africa) Market size, Y-O-Y growth Market Players Analysis & Opportunity Outlook
Our in-depth analysis of the global thifluzamide market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Factors such as higher utilization of thifluzamide in seed and foliar treatment, rising food demand owing to the increasing population are the major factors driving the growth of the market.
The market is anticipated to grow at a modest CAGR over the forecast period, i.e., 2022-2031.
The major players in the market are Shenzhen Horizon Industry Co., Ltd, Nissan Chemical Corporation, Wingfield Chemical Industry Co., LTD, Advance Agro Chemicals Shanghai Limited, and others.
The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue-generating capacity as well as the new products being launched into the market by the company.
The market is segmented by type, application, crop, distribution channel, and by region.
The fungicide segment is anticipated to hold the largest market size over the forecast period and display significant growth opportunities.
Increment in the adoption of bio-based agrochemicals owing to increasing environmental awareness is estimated to hamper the market growth.
Asia pacific region is projected to provide more business opportunities for growth of the global thifluzamide market in the future on the back of increasing food demand owing to the rising population in the region.
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