This global market study report segments the azoxystrobin market by crop type (cereals, fruits and vegetables, soybean, vine, rice, potato, pomes, and others) and by geography (APAC, Europe, Latin America, MEA, and North America). It also presents an analysis of the key drivers and challenges that influence market growth. The leading vendors in the market are FMC, Jiangsu KWIN Group, Syngenta, Yancheng Limin Chemical, and Hangzhou Tianlong Biotechnology.
Technavio’s market research analysts estimate the global azoxystrobin market, to grow at a CAGR of around 6% between 2016 and 2020. Azoxystrobin is a systemic fungicide used extensively across the agricultural industry. Azoxystrobin protects crops against fungal diseases like Septoria leaf blotch. With rising global food grain production, the market for azoxystrobin will have a positive outlook until the end of 2020. North America is the largest market for azoxystrobin, and is expected to occupy 29% of the overall market share by 2020. Factors such as the need to increase agricultural productivity will aid in the growth of this market in the region.
The new market research report from Technavio provides a breakdown and analysis of the azoxystrobin segments by technology.
“Soil fertility and management practices have gained importance in the recent years, owing to the rising loss of arable land. Vendors are focusing to improve the quality and efficiency of crop yield, and are increasingly adopting various soil fertility management practices. These include conservation tillage, crop rotation and optimum use of fungicides and fertilizers. Currently, soil fertility management practices are for as soybean, maize, barley, and sugarcane crops,” says Chandrakumar Badala Jaganathan, Lead Analyst, Chemicals & Materials, Technavio Research
Rise in agricultural sustainability and the growing adoption of soil fertility management practices are expected to boost the demand for azoxystrobin over the next four years. With the increased use of chemical fungicides and hybrid seeds, the global agricultural industry has undergone significant developments in the past few decades. The increased emphasis on economic, environmental, and social sustainability in the agricultural sector has compelled farmers to depend on organic practices. This recent shift toward the use of bio fungicides is expected to drive the market growth for azoxystrobin during the forecast period.
The key vendors in the global azoxystrobin market are FMC, Jiangsu KWIN Group, Syngenta, Yancheng Limin Chemical, and Hangzhou Tianlong Biotechnology. This market is extremely competitive owing to the presence of numerous regional as well as international players. Intense competition among the vendors is leading to the introduction of many innovative and advanced products.
A more detailed analysis is available in the Technavio report, Global Azoxystrobin Market 2016-2020.
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