The global pinoxaden market is expected to witness high growth over the forecast period owing to an increase in agricultural food production across the globe. The growing need for high yield of crops to meet the demands from the growing population is anticipated to be a key driver for market growth. Additionally, increasing awareness among farmers regarding weed control measures is likely to augment market growth over the forecast period. A growing trend in the usage of herbicides as a modern agricultural practice is anticipated to further fuel pinoxaden demand. However, the high cost of pinoxaden coupled with a lack of knowledge farmers in emerging countries of the Asia Pacific region is likely to pose as a threat to the growth of this market.
Pinoxaden is a fairly new selective herbicide patented by a Swiss company Syngenta AG. The significance of protecting crops against weeds has triggered companies to intensify research activities in the field of agrochemicals which in turn is expected to propel pinoxaden market growth. Pinoxaden is primarily against weeds in a variety of cereal crops. It is most effective in cereal crops such as wheat and barley as it retards the growth of various weed species including wild oats, black grass, and canary grass which are responsible for reducing the yield of these cereal crops. As a result, the market for pinoxaden can be segmented on the basis of application in crop segments such as wheat and barley. Wheat crops comprised more than half of the global pinoxaden market revenue in 2013 and are likely to be the largest application segment over the forecast period.
Europe was the largest market for pinoxaden in 2013 and accounted for more than half of the global market share as it is the largest producer of wheat and barley. North America emerged as the second-largest market followed by Asia Pacific in 2013. Asia Pacific is anticipated to be the fastest-growing market on account of the growing population in the region coupled with increasing awareness among farmers regarding the adoption of scientific crop protection methods. Due to these factors, the market for pinoxaden is expected to witness impressive growth over the next six years.
Key participants in pinoxaden market include Syngenta Crop Protection AG, Agchem Access, Sigma Aldrich, Haihang Industry Co. Ltd, Simagchem, Advanced Technology & Co. Ltd and Hebei Duoke Chemical Technology Co. Ltd.
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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.