Oxyfluorfen Market is forecast to reach $440 million by 2026, after growing at a CAGR of 9.3% during 2021-2026. With rise in the agricultural sector, the Oxyfluorfen Market is witnessing an increase in demand. Growing public interest towards sustainable and environment-friendly products will further enhance the overall market demand for Oxyfluorfen during the forecast period.
Oxyfluorfen Market Segment Analysis - By Type
Goal oxyfluorfen segment holds the largest share in the Oxyfluorfen Market. GOAL is selective, contact herbicide providing control of annual broad-leaf weeds, some grasses and suppression of some perennials. Goal contains oxyfluorfen as active ingredient which belongs to diphenyl ether. Actively growing plants are very susceptible to Goal as post-emergence action. Selective herbicides control specific weed species, while leaving the desired crop relatively unharmed. Modern herbicides are often synthetic mimics of natural plant hormones which interfere with growth of the target plants. The term organic herbicide has come to mean herbicides intended for organic farming.
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Oxyfluorfen Market Segment Analysis - By Application
Vegetables has a significant growth in oxyfluorfen market. Vegetable areas are usually small, but produce high-value crops that are commercially high. Traditional vegetable-growing areas are usually situated adjacent to waterways, flood plains, river deltas, marsh zones, and when herbicides are used, their environmental impact and usage conditions must be taken into account. Oxyfluorfen has a strong tendency to adsorb to soil particles and is nearly insoluble in water. Once oxyfluorfen is adsorbed to soil particles, it is not readily removed.
Oxyfluorfen Market Segment Analysis - Geography
APAC dominated the Oxyfluorfen Market with a share of more than xx%, followed by North America and Europe. Asia Pacific, especially India and China, are the fastest growing markets for oxyfluorfen. Rapid urbanization and growing population have led to increase in food production in emerging economies. However, at the same time the falling ratio of arable land to population is a major concern for these economies. Majority of world’s crop protection is lost to pests and weed. Oxyfluorfen helps to reduce the crops losses by eliminating weed and ensuring stability in food prices. Latin America and North America are also expected to grow at a higher rate and account for a bigger share of oxyfluorfen market.
Oxyfluorfen Market Drivers
Increasing usage for fertilizers & Pesticides
Oxyfluorfen is a selective pre- and post-emergent herbicide used to control certain annual broadleaf and grassy weeds in vegetables, fruit, cotton, es] ornamentals and on non-crop areas. It is a contact herbicide and light are required for it to affect target plants. It is available in emulsifiable concentrate and granular formulations. A herbicide is a pesticide used to kill unwanted plants. Selective herbicides kill certain targets while leaving the desired crop relatively unharmed. Some of these acts by interfering with the growth of the weed and are often based on plant hormones.
Implementation of Governments Regulations
Governments globally are focusing on boosting their agriculture sector. Whereas Governments regulations such as Pradhan Mantri Kisan Samman Nidhi (PM-KISAN) by Indian Government will help to grow the agriculture sector. Under the Scheme an income support of Rs.6000/- per year is provided to all farmer families across the country in three equal installments of Rs.2000/- every four months, which will financially help the farmers let them focus more towards farming. And with the growth of agricultural sector the Agricultural Micronutrients market will grow.
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Oxyfluorfen Market Challenges
Effects on Aquatic Organisms
Oxyfluorfen is highly toxic to aquatic invertebrates, freshwater clams, oysters, aquatic plants and fish. Its acute LC50 in bluegill sunfish is 200 ppb, 410 ppb in rainbow trout, 400 ppb in channel catfish, 150 ppb in fathead minnow, 32 ppb in grass shrimp, and 32 ppb in oysters. Its 96- hour LC50 in freshwater clams is 10 ppm. The 96-hour LC50 for the product Goal 2E in Daphnia magna, a small freshwater crustacean, is 1.5 ppm. Oxyfluorfen is a moderately toxic by ingestion and slightly toxic by dermal absorption.
Impact of COVID 19
The global Agricultural sector continues to be challenged by the lockdowns, logistical disturbances, reduced productions, and associated economic impacts of COVID-19. The global fertilizer sector has been affected since the outset, primarily in China, the world's largest producer as well as consumer of agriculture micronutrients. The outbreak of a novel coronavirus in China has to date had the most critical impact across the agriculture sector, affecting the movement of both micronutrients products and raw materials in and out of the country. Moreover, this pandemic also expected to hit the agriculture industry in the U.S., Brazil, India, and EU-5 countries. So, with the decline in agricultural sector the Oxyfluorfen Market is expected to face few hurdles.
Market Landscape
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Oxyfluorfen Market. In 2020, the market of oxyfluorfen has been consolidated by the top five players accounting for xx% of the share. Major players in the Oxyfluorfen Market are Shanghai Agro China Chemical Co., Ltd., Shandong Qiaochang Chemicals Co., Ltd., Chongqing Shurong Chemical Co., Ltd., Jiangxi Tiansheng New Materials Co., Ltd., Sunking Chemical Industrial Co., Ltd., among others.
Acquisitions/Technology Launches
In June 2017, Chinese state-owned chemical giant ChemChina has completed a deal to acquire Swiss agribusiness giant Syngenta. ChemChina has purchased 94.7 percent of Syngenta's shares.
Key Takeaways
Asia-Pacific dominates the Oxyfluorfen Market owing to increasing demand for herbicides in the agricultural sector.
The growth in agricultural sector, is likely to aid in the market growth of Oxyfluorfen.
COVID 19 pandemic is a temporary constraint for the oxyfluorfen market and it is expected to be a challenge till early 2021.
Toxic effects of oxyfluorfen on aquatic animals will create hurdles for the Oxyfluorfen Market.
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