Copper Oxychloride Market to see 4% CAGR till 2024, By Application, Segments, Regional Outlook, Trends and Forecast

Growing demand for agrochemicals from agriculture sector is likely to favor copper oxychloride market outlook. Exploding population growth along with associated food demand and declining arable land are the key factors driving the consumption of the substance.

In 2015, the global population reached 7 billion, which was 6.89 billion in 2010, that is 4.9% growth. While the total arable land exhibited growth by only 3.4% during the time. This has led to increased demand for high yielding crops with the help of agrochemicals such as fungicides.

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Asia Pacific copper oxychloride market accounted for USD 55 million in 2015. Improving consumer eating habits as well as escalating population growth across the region will drive industry growth by 2024. Moreover, industrialization and urbanization trends in the region has resulted in decreased arable land, which may fuel the adoption of chemicals for enhancing crop yield.
Fungicide stood as a key application area for copper oxychloride in 2015 as they are highly effective on potatoes, tomatoes, stone fruit, celery, grapes, avocadoes, coffee and carnations. Growing focus on improving crop productivity may fuel product adoption in the forthcoming years. Estimates suggests that global copper oxychloride market size will exceed USD 333.6 million in annual valuation by 2024.

Growing consumption of fruits & vegetables
In 2015, North America copper oxychloride market accounted for around 22% of global share due to significant growth in fruit & vegetable demand. Growing consumer knowledge regarding essential nutrients in fruits and vegetables along with shifting trends towards healthy living and eating has drastically increased the demand for fruits products.

The production of fruits and vegetables in 2015 was over 2 billion tons and may exceed 2.35 billion tons by the end of 2024. Moreover, 30% of total fungicide produced are used for improving fruits and vegetable crop yield and may further fuel product demand for copper oxychloride in the future.
Focus on improving crop yield and feed quality
Rising concerns to boost crop yield in confined arable land will drive fungicides demand. For instance, the World Bank estimates that farmers across the globe might have to upscale their crop yield by 50% by 2050. From fungicides application, copper oxychloride industry size will witness highest gains, surpassing 4% over the analysis period.

Copper oxychloride is being extensively utilized in feed formulations for most animal species such as chickens, turkeys, horses, pigs, pets, dairy cattle, as well as for aquaculture. From commercial feed supplement application, copper oxychloride market will generate a revenue of around USD 8 million by 2024.

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Availability of better fungicides alternatives
Availability of better alternate crop protection products in the market may hinder copper oxychloride industry growth. For instance, DuPont’s Kocide Blue Xtra has gained more attraction as it contains bioavailable copper. Also, excessive usage of copper oxychloride results in settling of copper in on the top layer of soil layer which can lead to soil infertility.

Copper oxychloride are also commonly used to manufacture pigments and colorants for ceramics and glass. It is also used as a coloring agent for illuminations, wall paintings and manuscripts. From colorant and pigments application, global copper oxychloride market players gained over USD 5 million in 2015.

Major companies profiled in the copper oxychloride market are Albaugh, LLC, Biota Agro Solutions Private Limited, IQV, Isagro S.p.A., Killicks Pharma, Manica S.p.A., Spiess-Urania, Syngenta, Vimal Crop Care Pvt. Ltd., and Greenriver Industry Co. Ltd.

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