The Global Pyraclostrobin Market is Anticipated to Witness High Growth Owing to Increasing Demand for Crop Protection Products
Pyraclostrobin is an agricultural fungicide belonging to the group of strobilurin fungicides. It is mainly used to control several fungal diseases in a wide range of crops including fruits, vegetables, cereals and more. The demand for pyraclostrobin has increased significantly owing to its effectiveness against various fungal pathogens and ability to enhance crop yields. It protects crops from different fungal diseases like leaf blight, powdery mildew, rust etc. and helps farmers ensure better harvests.
Global Pyraclostrobin Market is estimated to be valued at US$ 1118.17 Mn in 2024 and is expected to exhibit a CAGR of 32% over the forecast period 2024 To 2031.
Key Takeaways
Key players operating in the pyraclostrobin market are Thermo Fisher Scientific, Agilent Technologies, Illumina, BGI Genomics, Dassault Systèmes, Qiagen, Waters Corporation, GE Healthcare, Amazon Web Services, Inc., Bruker, Danaher. These players are focusing on new product launches and expansion plans to strengthen their global presence.
There are significant opportunities for Pyraclostrobin Market Trends manufacturers in terms of new product development to increase its scope of application in other crops. The demand is also expected to rise in developing nations due to growing awareness regarding crop protection and rising agriculture output.
The increasing global food demand has encouraged many pyraclostrobin producers to focus on expansion plans in high growth regions like Asia Pacific, Latin America, and Middle East & Africa. Geographic expansion will help companies tap new customer bases and boost revenues.
Market Drivers and Restrain
The growing global population and need for crop yield enhancement are major drivers propelling the demand for pyraclostrobin. According to United Nations estimates, the world population is projected to reach around 9.7 billion by 2050 which will significantly increase the food burden. Pyraclostrobin helps increase crop productivity and meet the rising demand.
However, the market growth can be restrained by stringent regulations pertaining to the use of agricultural chemicals. Prolonged exposure to pyraclostrobin may have adverse environmental and health effects. This has led many regions to ban or restrict its application. The development of fungal resistance is another challenge faced by pyraclostrobin producers.
Segment Analysis
The aerial sub-segment within the pyraclostrobin dominates the market owing to the high adoption rate among growers and farmers. With increasing cultivation and farming activities globally, this aerial application method accounts for over 50% of total segment share. It allows for efficient and targeted application of the fungicide on crops. The soil treatment segment is the next major one and is growing at a faster rate due to expanding commercial agriculture and growing demand for high crop yields.
Global Analysis
The Asia Pacific region accounts for the largest and fastest growing regional market for pyraclostrobin. Presence of agriculturally focused economies such as India and China along with increasing requirement for crop protection solutions is boosting demand. Significantly large crop cultivating areas and growth in cultivation practices are factors augmenting the regional market. North America holds a substantial revenue share and is projected to grow steadily during the forecast period. Robust agricultural sector, presence of leading players and widespread adoption of technologies support market expansion.
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Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)