The global cyromazine market is projected to reach US$ 2.18 Mn by 2026, exhibiting a CAGR of 6.03% during the forecast period. Increasing population, rising demand for food and agriculture products, which results in growing usage of insect growth regulators in the agriculture industry, in order to increase crop yields are major factors driving growth of the market. According to the USDA Agricultural Projections to 2027 report published in February 2018, the world consumption of oilseeds is projected to rise 25.5 percent over the next decade, compared with 11.7% for coarse grains, 10.6% for wheat, and 7.5% for rice. Therefore, growth of agricultural sector is expected to increase demand for insect regulators for crop protection, which in turn is expected to drive growth of the cyromazine market.
However, cyromazine’s effect on the developing stages of arthropods and insects, and not in later stages, and slow-acting impact of cyromazine are expected to restrain growth of the cyromazine market.
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The global cyromazine market was valued at US$ 1.27 Mn in 2017, according to Cyromazine Market Report, by Application (Crop Protection and Veterinary Medicines) and by Region (North America, Latin America, Asia Pacific, Europe, Middle East, and Africa), published by Coherent Market Insights.
Key Trends and Analysis of the Cyromazine Market:
Among applications, crop protection segment accounted for the largest market share in 2017. This is attributed to steady growth of the agriculture industry coupled with rising need to improve crop production, in order to meet the food demand, globally. According to Coherent Market Insights’ analysis, crop protection segment held dominant position and contributed US$ 1.00 Mn in the global cyromazine market in 2017. Therefore, growth of agricultural industry is expected to result in increasing demand for insect growth regulators, which in turn is expected to drive growth of the cyromazine market.
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Key Takeaways of the Market:
- Asia Pacific accounted for largest market share of 37.2% in the global cyromazine market in 2017. This is attributed to growing agrochemical industry in Asia Pacific due to ever growing population in the region. According to the United Nations Economic and Social Commission for Asia and the Pacific, the total population of Asia Pacific was 4.3 billion in 2013, which contributed to 60% of the global population and is expected to reach over 5 billion by 2050.
- Furthermore, increasing demand for agrochemicals with growing agriculture industry is fueling growth of the cyromazine market in Asia Pacific. According to the report published by India Brand Equity Foundation (IBEF) in 2016, the agrochemical industry in India was valued at US$ 4.4 billion in 2015 and is expected to reach US$ 6.3 billion by 2020.
- North America held significant market share in the cyromazine market in 2017, owing to growing animal health industry in the region. According to the report, ‘The Economic and Social Contributions of the Animal Health Industry’, published by Animal Health institute in February 2018, the U.S. animal health industry is a global leader in developing and producing medicines for companion food-producing animals. In 2016, the U.S. animal health industry produced medicines worth US$ 11.4 billion. Total sales of these medicines to consumers in the U.S. totaled US$ 9.9 billion, with exports of over US$ 2.4 billion and imports of US$ 900 million.
- The report also stated that global animal health market was estimated to be in the range of US$ 26 to US$ 36 billion in 2016 and are expected to grow by around 5% annually. The U.S. animal health market is estimated to be one-third of the global market. Therefore, growth of animal health industry is expected to propel demand for veterinary medicines such as cyromazine in the region.
- Major players operating in the global cyromazine market include Syngenta AG, ADAMA Agricultural Solutions Ltd., Elanco Animal Health Inc., Jurox Pty Limited., Arysta LifeScience Corporation, Lasa Supergenerics Limited, Orion AgriScience Limited, Topsen Biotech Co. Ltd., Shandong Luxi Animal Medicine Share Co., Ltd., Bayer AG, and Toronto Research Chemicals Inc.
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