The global azoxystrobin market is expected to witness significant growth over the next few years. This increase can be attributed to the rising demand for this fungicide from the expanding agriculture industry around the world.
Azoxystrobin is mainly used on fruit and vegetable plants as a fungicide to kill or inhibit the growth of fungi or fungal spores. The growing awareness regarding the damage that fungi can cause on crop quality, yield, and ultimately profit, is anticipated to have a positive effect on the global azoxystrobin market during the forecast period.
Azoxystrobin is part of the strobilurin chemical family which are based on anti-fungal compounds that occur in nature. It is one of the most traditional fungicides in the market due to its numerous anti-fungal properties against various diseases such as Deuteromycota which infects rice, Ascomycota which affects fruit bearing plants and oomycete which infect grapes, among others.
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The rapidly expanding global population, coupled with the increasing demand for food grain has resulted in concerns regarding crop yield. The trend of using fungicides on a large scale in fields is now becoming very popular. Farmers are now becoming increasingly dependent on azoxystrobin to reduce and even prevent losses with regards to crop output. Hence, this rising grain production worldwide is expected to push the global market.
Furthermore, farmers and agriculturists are now shifting towards more sustainable agricultural practices and are increasingly adopting innovative soil management and fertility practices. These factors are expected to further fuel market growth over the forecast period. Moreover, increased emphasis on environmental, social and economic sustainability in the agricultural and farming sector is encouraging farmers to switch to organic practices and incorporate bio fungicides in conventional farming techniques.
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A factor that may hamper the growth of this market is the increasing concern that azoxystrobin being a chemical added to crops may cause health hazards after consumption in case of usage in large quantities.
This market incorporates significant opportunities over the forecast period for manufacturers to invest in research and development activities so as to come out with products that not only cost less but are also as efficient as traditional fungicides.
The global azoxystrobin market can be segmented based on the type of crop that it can be used. The market segments include cereals, soybean, rice, pomes, fruits and vegetables, vine and potato among others.
The Asia Pacific region is expected to be the region with the fastest growth over the next few years on account of the rising demand for azoxystrobin from developing nations that are increasing their utilization of this chemical in fungicides to inhibit the growth of fungi and all other problems related to it. Another factor driving the market in this region is the spread of infections caused by fungi. The growing awareness of the benefits of azoxystrobin against such infections and diseases is anticipated to propel this market in the Asia Pacific region. Additionally, emerging economies such as India and China are projected to lead the growth on account of the constantly expanding population and the growing need to satisfy the rising food demand through better crop yield.
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Furthermore, developed nations are also investing heavily in such fungicides. The North American and European regions accounted for a significant share of the market in the past, and this trend is expected to continue over the forecast period as well owing to the high level of maturity in these markets and the presence of a vast number of established players. Developed economies are focussing on obtaining high-level agricultural output on their available land. The UK has also approved the use of azoxystrobin for a wide variety of consumable crops such as barley, broccoli, carrots, cabbages, rye, vining peas, triticale, wheat, asparagus, onions, cauliflowers and potatoes among others. Moreover, azoxystrobin is also active against various classes of fungi making treatment against them an economical solution. Therefore, all these factors aid in providing a positive outlook for the global fungicide market in general and this reason the demand for azoxystrobin fungicide is positive across the globe.
The global azoxystrobin market is highly fragmented with a large number of companies investing heavily in research and development to gain a greater share of the market. Moreover, the industry is becoming even more competitive on account of numerous small-scale regional players vying for market space. Intense competition among retailers is also resulting in new advanced and innovative applications for azoxystrobin. The major stakeholders in the market include Hangzhou Tianlong Biotechnology, Syngenta, FMC, Jiangsu KWIN and YanchengLimin Chemical. The other prominent market vendors are Jinan Glyline Chemical, Yangzhou Jeffrey International, CHEMOS, Shanghai MIO Chemical, Zhejiang Rayfull Chemicals and Cheminova Inc.
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