Rise in Demand for Food Due to Rise in Population Driving the Growth of Flonicamid Market
Hyderabad, India - July 23, 2021 /MarketersMedia/ —
Flonicamid Market size is forecast to reach $2.8 billion by 2026, after growing at a CAGR of 9.5% during 2021-2026. Flonicamid is a pyridine organic compound and is structurally related to benzene. Fungicides, insecticides/acaricides, herbicides, and other yridine-based compounds that play an important role as agrochemicals or pesticides, including fungicides, insecticides/acaricides, and herbicides, among others. Flonicamid is generally used for control of almost all-important aphid species of apples, peaches, wheat, potato, cotton, ornamentals, and others. Furthermore, flonicamid is classified as a neonicotinoid insecticide, despite the fact that its mode of action differs from that of other neonicotinoids. The growth in the market is due to the increase in the usage of Flonicamid because of the excellent profile of toxicological, environmental and ecotoxicological and has no negative impact on pollinating insects or natural enemies for plants.
COVID-19 Impact
The financial effect of the COVID-19 pandemic has increased confusion among people who depend on farming for a living. Government responses to the pandemic, such as travel restrictions, have had an effect on farm labour supply. Food protection and nutrition, food and livestock development (including upstream input and credit provision), fisheries, natural resource management, and other aspects of the food system have all been severely impacted by the pandemic. The Flonicamid Market has been affected due to COVID-19 pandemic where most of the agriculture activity has been temporarily shut down. This in turn has affected the demand and supply chain as well which has been restricting the growth in year 2020.
Flonicamid Market Segment Analysis - By Form
The Solution form of Flonicamid held the largest share of 55% in the Flonicamid Market in 2020. The powder Flonicamid is generally mixed with water before spraying on the plants. Flonicamid quickly represses the taking care of conduct of aphids and has preferable activity through ingestion over by contact. Its method of activity is unique in relation to different bug sprays, for example, neonicotinoids, pymetrozine and pyri uquinazon.
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Flonicamid Market Segment Analysis - By Application
Horticulture Crops held the largest share in the Flonicamid Market in 2020 and is expected to register a CAGR of 8.2% during the forecast period. The rise in horticulture crops is due to the use of Flonicamid. With foliar splash application at the paces of 50-100 g a.i./ha, Flonicamid displays amazing aphicide movement and likewise shows great insecticidal action against other sucking creepy crawly irritations, for example, thrips, whiteflies, planthoppers, leafhoppers, plant bugs, and mealybugs in natural product trees, grains, rice, potatoes, cotton, vegetables and ornamentals. Flonicamid soil applications additionally give control of the foliar bugs. Flonicamid industries are witnessing growth due to the rising penetration from untapped markets. First-mover advantage in untapped regions and relatively low acquisition costs remain key driving forces in this application market. Furthermore, R&D in Flonicamid will support the growth of the Flonicamid Market.
Flonicamid Market Segment Analysis - By Geography
Asia-Pacific (APAC) dominated the Flonicamid Market consisting share of 39% in 2020 followed by North America and Europe. APAC as a whole is set to continue to be one of the largest and fastest-growing agricultural markets globally. In APAC, China is driving much of the Flonicamid Market demand in the Asia-Pacific region followed by India. The growing demand for food and increasing pests on field are the two major drivers for the growth of Flonicamid market. The farmers in every country are required to increase the productivity due to the rising population in the APAC region and that can only be done by using crop protection from the pests. The number of manufacturing units that have Flonicamid is growing sharply in APAC region. Currently, the Flonicamid industry has been affected due to COVID-19 pandemic where most of the industrial activity has been temporarily shut down. In turn has affected the demand and supply chain as well which has been restricting the growth in year 2020.
Flonicamid Market Drivers
Rise in Demand for food due to rise in population
According to Food and Agricultural Organization’s vision, a world free from hunger and malnutrition, which will contribute to improving the living standards of the people. According to FAO’s report, some 795 million people suffer from hunger and more than 2 billion suffer from micronutrient deficiencies or over nourishments. The population of the world is increasing at a faster pace and is expected to reach 9.7 billion in 2050. This growth in the population comes up with a huge challenge of increasing food production for a sustainable future.
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Flonicamid Market Challenges
Decrease in efficiency with time
Insecticides like Flonicamid are used to control a variety of pests but with the passage of time the pests generate resistance, and these insecticides lose their effectiveness. This decrease in the sensitivity to the pesticide and reduce field performance. With the passage of time, a large amount of R&D is to be done in order to keep the performance intact and keep a check on the performance of the insecticides on timely basis.
Flonicamid Market Landscape
Major players in the Flonicamid Market are ISK Biosciences Corporation, Topsen Biotech Co., Ltd, Star Bio Science, NanJing KaiHeng Chemical CO., LTD, AHH Chemical, Sigma-Aldrich Co. LLC, Finetech Industry Limited, Shanghai Chemical Technology Co., Ltd., BASF SE, and IS Chemical Technology Ltd. and Others.
Key Takeaways
Asia Pacific dominates the Flonicamid Market owing to rapid increase in agriculture sector.
The market drivers and restraints have been assessed to understand their impact over the forecast period.
The report further identifies the key opportunities for growth while also detailing the key challenges and possible threats.
The other key areas of focus include the various applications and end use industry in Flonicamid Market and their specific segmented revenue.
Due to the COVID-19 pandemic, most of the countries have gone under temporary shutdown, due to which operations of Flonicamid Market related industries has been negatively affected, thus hampering the growth of the market.
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Source URL: https://marketersmedia.com/flonicamid-market-size-forecast-to-reach-28-billion-by-2026/89038264
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Release ID: 89038264
