Growth of the global herbicide industry is expected to remain a key driving factor for global isoxaflutole market. Growing food demand, on account of demographic dynamics in China, India, and other emerging markets has seen a surge in herbicide consumption, which in turn has complimented isoxaflutole demand. Isoxaflutole is generally used to increase the quality and yield of corn and soy as it protects chlorophyll in crops from decomposition by sunlight. Increasing intervention by the European Food Safety Authority to increase the use of isoxaflutole in other crops is expected to provide the market with opportunities in terms of application development Isoxaflutole rapidly degrades upon application but its breakdown product degrades slowly in soil. Lack of awareness regarding the phytotoxicity of isoxaflutole in herbicides is expected to remain a key challenge for market participants. Increasing R&D by companies in order to overcome such challenges in view of rising concerns regarding soil pollution may open up new possibilities for companies operating in the global isoxaflutole market.
North America is a major isoxaflutole consumer owing to large scale corn and soy production centered in the U.S. Growing crop U.S. corn and soy plantation is expected to drive the isoxaflutole regional demand. China followed the U.S as the second largest corn producer in the world. Growth of the agriculture industry in emerging markets of China and India coupled with increasing soy production in India is expected to drive demand for isoxaflutole in the region. Growing importance for quality and yield of crops is expected to further complement the isoxaflutole market growth in Asia Pacific. Brazil and Argentina together accounted for more than 45% of the world’s soy production in 2011. Growing soy production is expected to have a direct impact on isoxaflutole demand in Latin America.
Aventis CropScience first commercially produced isoxaflutole in 1991. The company was later acquired by Bayer in 2001. The global market is still in nascent stages with Bayer CropScience and DuPont being the leading isoxaflutole producers. Other companies operating in the market include Chemos GmbH, Santa Cruz Biotechnology Ltd., and Wanko Chemical Co. Ltd. Isoxaflutole market is expected to witness consolidation through mergers and acquisitions owing to emergence of local producers in China and the U.S.
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The current pandemic situation has created disruption in the manufacturing of agrochemicals by virtue of raw material availability. Furthermore, this continual trend shall have a cascading effect on food productivity and crop yields on economies that are predominantly agrarian, during a time when demand for Agri produce shall register a spike over the medium term. Governments across the developing world are vying to incrementally ease restrictions on the manufacturing of fertilizers and maintain seasonal agricultural activities in order to reduce concerns regarding food security, which is a critical indicator for determining the course of a supply gap in the industry. The report will account for Covid19 as a key market contributor.