The Pyraclostrobin Market Set to Register a CAGR of 32% Owing to Increasing Adoption in Cereals and Fruits
The Pyraclostrobin Market Set to Register a CAGR of 32% Owing to Increasing Adoption in Cereals and Fruits
Blog Article
The pyraclostrobin market is a key fungicide used to protect a wide range of crops from fungal diseases. Pyraclostrobin is a broad-spectrum, preventative fungicide belonging to the strobi- lurimide class. It works by inhibiting mitochondrial respiration in fungal cells, thus blocking energy production and arresting fungal growth. Pyraclostrobin fungicide is commonly used to control diseases like leaf blotch, eyespot, septoria, powdery mildew, leaf rust, and tan spot on cereals and stem canker, fruit rot, and blossom blight on fruits. Widespread crop damage due to fungal pathogens and increasing efforts towards improving global agricultural yields are key factors driving demand for effective crop protection chemicals like pyraclostrobin.
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. Thermo Fisher and Agilent Technologies hold significant market shares due to their well established portfolio of analytical instruments used to detect pyraclostrobin residues.
The for Pyraclostrobin Market Trends due to its increasing adoption in cereals like wheat, rice, corn, and fruits like grapes, apples and oranges. It offers broad spectrum protection and longer residual activity compared to other fungicides. Approximately 30-35% of global wheat and rice crops are now treated with pyraclostrobin formulations annually.
Technological advancements are improving application techniques and discovery of novel pyraclostrobin formulations. Newer contact and systemic formulations with added micronutrients help boost crop yield in addition to disease control. Growth in precision agriculture and digital farming practices is also expanding pyraclostrobin market opportunities.
Market Trends
- Increased R&D on novel fungicide mixtures and combinations containing pyraclostrobin: Researchers are developing novel mixtures and combinations of pyraclostrobin with other established fungicides to combat resistance development and deliver more effective disease control.
- Adoption of seed treatment formulations: Seed treatment technologies enable systemic distribution of pyraclostrobin within the plant system from germination. This ensures early protection and higher yields.
Market Opportunities
- growth of organic farming: Transition to organic practices in several countries due to changing consumer preferences opens up prospects for biofungicides and other natural disease control solutions. This could provide opportunities to incorporate pyraclostrobin.
- Expansion in Asian and Latin American markets: Countries like China, India, Brazil offer sizable growth opportunities for pyraclostrobin owing to their leading position in global agricultural output and ongoing modernization of farming practices.
Impact of COVID-19 on Pyraclostrobin Market Growth
The COVID-19 pandemic negatively impacted the pyraclostrobin market growth globally during 2020-2022. As various countries imposed lockdowns to curb the virus spread, it disrupted the global supply chains. Farming activities and trade witnessed slowdown which hampered the demand and supply of pyraclostrobin fungicides. With economic uncertainties prevailing during the pandemic, farm owners postponed purchase of fungicides which impacted the pyraclostrobin market revenue. However, with restrictions easing in 2023, the pyraclostrobin market is expected to witness steady recovery. Post pandemic, market players have been focusing on increasing production capacities and improving supply networks to cater growing demand from the agricultural sector across regions. Stronger biosecurity protocols have also been adopted by manufacturers and distributors to ensure smooth supply operations.
Regions with Concentrated Pyraclostrobin Market Value
Currently, the Asia Pacific region accounts for the largest share of the global pyraclostrobin market in terms of value. Countries like China, India and Japan are major consumers and producers of agricultural produce. Thus, growing acreage under fruits & vegetable crops and cereals in these countries supports the significant demand and consumption of pyraclostrobin fungicides. North America and Europe are other leading regions driving the pyraclostrobin market growth attributed to high agricultural productivity and cash crop plantation in countries like the US, Brazil, Germany and France.
Fastest Growing Region for Pyraclostrobin Market
The Middle East and Africa region is expected to emerge as the fastest growing regional market for pyraclostrobin during the forecast period. Factors such as expansion of agricultural activities, increasing cultivation of high-value crops and growing agrochemical consumption are fueling the fungicide demand across African and Middle Eastern nations. Moreover, many market players are strategically focusing on strengthening their distribution channels and product offerings in African countries to leverage future growth opportunities. Nations like South Africa, Egypt and Morocco offer lucrative prospects for pyraclostrobin market owing to their developing agriculture-driven economies.
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About Author:
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)
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