Market Overview:
Cyromazine is a triazine insect growth regulator (IGR) used as an insecticide. It is a selective insecticide used on a broad range of vegetable crops. Cyromazine is widely used in agriculture and animal healthcare. It is used as an antiparasitic active ingredient that is used in veterinary medicine in livestock and horses against a few parasites, such as houseflies, blowfly strike, etc. It is also used against agricultural pests. Cyromazine is a triazine IGR and find applications in sheep to prevent cutaneous myiasis and as a poultry feed-through agent to control in chicken feces. Among arthropods (ticks, mites, insects, etc.) cyromazine is quite specific for dipterans and only slightly harmful for many beneficial organisms.
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Competitive Landscape:
Major players operating in the global cyromazine market are ADAMA Agricultural Solutions Ltd., Syngenta AG, Elanco Animal Health Inc., Arysta LifeScience Corporation, Jurox Pty Limited., Lasa Supergenerics Limited, Topsen Biotech Co. Ltd., Orion AgriScience Limited, Bayer, Shandong Luxi Animal Medicine Share Co., Ltd., and Toronto Research Chemicals Inc.
Key Market Drivers:
Increasing demand for cyromazine in agriculture and animal healthcare is expected to augment the growth of the cyromazine market during the forecast period. For instance, in February 2021, RR Animal Health Care Ltd. developed Cyromazine Active Pharmaceutical Ingredient (API) for the poultry segment. With the development of Cyromazine 99.5%, RR Animal Health Care became the first company develop this molecule with complete backward integration using a Green Chemistry route without the use of solvents.
Moreover, increasing demand for agrochemicals, due to increase in food demand and increase in global population, is expected to propel the growth of the cyromazine market. For instance, according to the Food and Agriculture Organization (FAO) of the United Nations, the world population of 9.1 billion people in 2050 would require raising overall food production by some 70% between 2005/07 and 2050.
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COVID-19 Impact Analysis:
The pandemic has hampered the growth of the cyromazine market. As governments announced total lockdown and the temporary shutdown of industries to curb the spread of the coronavirus. The pandemic has affected the supply of raw materials. China is a major producer and supplier of raw materials required for the production of pesticides. This led to a decline in the production of cyromazine. However, agriculture was the only sector to clock a positive growth during the pandemic. This in turn is expected to aid in the growth of the market.
Key Takeaways:
The cyromazine market is expected to exhibit a CAGR of 6.03% during the forecast period owing to the increasing need for pest control in livestock and agriculture, worldwide. For instance, in September 2019, Shandong Luxi Animal Medicine Share Co., Ltd. launched its animal nutrition product Cyromazine at the Qingdao World Expo City. According to the company, for control of fly larvae in cattle, pig, and poultry-operations, cyromazine is set to effectively control the reproduction of the larvae of flies in animal stables.
Among regions, North America and Asia Pacific are expected to witness robust growth in the cyromazine market, owing to the increasing demand for cyromazine in agriculture and animal healthcare, increasing demand for food and agricultural products, and rapid growth of the agrochemical industry. For instance, according to the India Brand Equity Foundation (IBEF), the Indian agrochemical industry was expected to reach US$ 6.3 billion by 2020, from US$ 4.4 billion in 2015, with 7.5% annually growth.
Moreover, in July 2019, MGK, a provider of insect control solutions, acquired the Flynexx brand assets from North Carolina-based Piedmont Animal Health. The acquisition includes the Flynexx Granules fly control product and an EPA registration for IGR cyromazine.
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Important Features that are under Offering and Key Highlights of the Reports:
– Potential and niche segments/regions exhibiting promising growth.
– Detailed overview of Market
– Changing market dynamics of the industry
– In-depth market segmentation by Type, Application, etc.
– Historical, current, and projected market size in terms of volume and value
– Recent industry trends and developments
– Competitive landscape of Market
– Strategies of key players and product offerings
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✤ SWOT Analysis is used to define, assess, and analyse market competition by focusing on the world's major manufacturers. The market is defined, described, and forecasted by type, application, and region.
✤ Examine the potential and advantages of the global and major regional markets, as well as the opportunities and challenges, as well as the constraints and risks.
✤ Determine whether market growth is being driven or hampered by trends and factors.
✤ Stakeholders will be able to assess market potential by identifying high-growth categories.
✤ Conduct a strategic analysis of each submarket's growth trends and contribution to the market.
✤ Competitive developments in the market include expansions, agreements, new product launches, and acquisitions.
✤ To develop a strategic profile of the major players and conduct a thorough analysis of their growth strategies.
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✔ In the next seven years, what innovative technology trends should we expect?
✔ Which sub-segment do you believe will grow the fastest over the next few years?
✔ By 2028, which region is predicted to have the largest market share?
✔ What organic and inorganic strategies are businesses employing to gain market share?
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