Polyoxin Market size is estimated to reach $1311.3 Million in 2019 and is poised to grow at a CAGR of 3.78% during the forecast period 2020-2025. Polyoxins are a group of nucleoside antibiotics that consist of nitrogen-containing heterocyclic groups. It is an antibiotic that inhibits the growth of phytopathogenic fungal cell wall chitin by competitively inhibiting chitin synthetase. The global polyoxin market is projected to grow significantly over the forecast period (2020-2025). The growth of this market is attributed to rising adoption of strategies by key players and rise in demand. The North America market dominates the global Polyoxin market in terms of revenue contribution compared to markets in other regions. This is owing to the high agricultural practices and polyoxin properties to prevent and control serious plant diseases.
Polyoxin Market Segment Analysis - By Product Type
The global Polyoxin market based on the type has Polyoxin B and Polyoxin D. The polyoxin B segment was on top in terms of revenue owing to its wide usage in crops. The preventive and curative properties of Polyoxin B is driving the segment with highest CAGR of 4.87% over the forecast period (2020-2025). Polyoxin B is used in different food and flower crops which includes Apples, Melons, Roses and others. Whereas Polyoxin D is used in turf and parks to inhibit the growth of phytopathogenic fungal cell and enhances better plant retention.
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Polyoxin Market Segment Analysis - By Formulation
Based on Formulation, the market is classified into Wettable Powder (WP), Emulsifiable Concentrate (EC), and Suspension Concentrate (SP). The suspension Concentrates have grown in popularity owing to benefits such as absence of dust, ease of use and effectiveness when compared to formulation type such as EC and WP and is set to grow over the forecast period 2020-2025. Suspension concentrate (SC) formulations are a solid active ingredient dispersed in water. Absence of flammable liquids, Small particle size of the active ingredients are some of the factors driving this segment.
Polyoxin Market Segment Analysis - By Geography
North America has contributed to the leading market share of global Polyoxins in 2019 with a share of 37.8%. The reason for this is the presence of a well-functioning regional agricultural sector and rise in wide range of variety of crops over the region. The presence of large number of parks and rise in usage of turfs are the factors driving the market in this region. The Asia-Pacific market is set to be the fastest growing CAGR during the forecast period 2020-2025. This is owing to increase in advanced agricultural activities and rise in construction of parks.
Polyoxin Market Drivers
Demand to control various crop diseases
The polyoxin market has seen significant growth owing to factors such as the growing need to combat various plant-related diseases. Polyoxins are useful in combating the disease in the pre-harvest period. In addition, minimal toxicity and an environmentally friendly solution that offer a huge market opportunity for key players in the polyoxin market.
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Polyoxin Market Challenges
Toxic effects to humans
The main challenge of this market is the toxic effects on humans; however, the effect is so minimal. This is set to hinder market growth over the forecast period (2020-2025). Humans get infected by oral, ocular, dermal, or inhalation exposure. In addition, improper fermentation of the polyoxins is set to lead to loss of efficiency of the product.
Polyoxin Market Industry outlook:
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Polyoxin Market. Key companies of this market include Jiangsu Fengyuan Bioengineering Co., Ltd., Beijing Green Agrosino Co., Ltd., Kaken Pharmaceutical Co., Ltd., Nufarm Limited, Arysta LifeScience, Certis, OHP Inc., Cleary Chemical Corp., Hanzhou Dayangchem Co. Ltd., and Shanxi Lvhai Agrochemicals.
Acquisitions/Product Launches:
In February 2019, UPL completes acquisition of Arysta LifeScience
In January 2019, Kaken Pharmaceutical Co., made Strategic Collaboration with Corbus Pharmaceuticals Holdings, Inc. to Develop and Commercialize Lenabasum in Japan for Systemic Sclerosis and Dermatomyositis.
Key Takeaways
Geographically, North America has contributed to the leading market share of global Polyoxin owing to rise in demand to control various crop related diseases.
Minimal toxicity and environment friendly are some of the major factor driving the market over the forecast period (2020-2025).
Effects on humans by oral, dermal or inhalation exposure are the factors limiting the growth of the global Polyoxin market over the forecast period 2020-2025.
Detailed analysis on the Strength, Weakness and Opportunities of the prominent players operating in the market will be provided in the Polyoxin Market report.
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