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Paraquat Dichloride Market Size, Share, Industry, Forecast and Outlook 2023-2030
Paraquat Dichloride Market-DataM Intelligence
Paraquat Dichloride Market Surpasses US$ 101.2 Million in 2022, Projected to Reach US$ 131.2 Million by 2030 with a 3.3% CAGR
The global Paraquat Dichloride Market exhibited robust growth in 2022, reaching US$ 101.2 million, and is poised for further expansion, expected to hit US$ 131.2 million by 2030, marking a steady Compound Annual Growth Rate (CAGR) of 3.3% during the forecast period 2023-2030.
Paraquat Dichloride's Crucial Role in Agriculture
Paraquat Dichloride, renowned for its efficacy in eradicating a variety of weeds, has emerged as a key herbicide in agriculture. As global agricultural techniques evolve to ensure enhanced crop yields, the demand for effective weed management, facilitated by herbicides like Paraquat Dichloride, continues to escalate.
Addressing the Global Food Challenge
The primary driver behind the compound's surge is its widespread utilization in agriculture. With a projected 70% increase in food consumption by 2050 and 9.9% of the world's population still grappling with hunger, the imperative of providing sustenance for an anticipated 10 billion people underscores the need for herbicides like Paraquat Dichloride.
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Paraquat Dichloride Market Scope and Summary Metrics
CAGR: 3.3%
Size Available for Years: 2021-2030
Forecast Period: 2023-2030
Data Availability: Value (US$)
Segments Covered: Purity, Crop, Distribution Channel, Application, and Region
Regions Covered: North America, Europe, Asia-Pacific, South America, and Middle East & Africa
Paraquat Dichloride Dynamics and Trends
Growing Demand for Non-Selective Herbicides
As a non-selective herbicide, Paraquat Dichloride efficiently eliminates any plants it contacts, making it a preferred choice for farmers needing rapid and effective weed control without compromising their crops. The compound's safety and reliability are emphasized when used according to label instructions.
Low Cost with the Use of Various Applications
Paraquat Dichloride's affordability and versatility contribute to its status as a cost-effective herbicide. Effectively combating a range of weeds, it finds application in diverse crops, including cotton, maize, soybeans, orchards, vineyards, and more.
Potential Health Risks
Despite its effectiveness, Paraquat Dichloride carries potential health risks, being designated a restricted-use substance by the US Environmental Protection Agency. Several nations have prohibited its use due to its toxicity, urging caution in handling and application.
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Paraquat Dichloride Market Segmentation Analysis
The global Paraquat Dichloride market is segmented based on purity, crop, distribution channel, application, and region, highlighting the compound's diverse applications across various sectors.
Global Paraquat Dichloride Market Geographical Share
Asia Pacific Dominates the Paraquat Dichloride Market
The Asia-Pacific region, with its thriving agricultural industry, commands a significant share of the Paraquat Dichloride market. Efforts by organizations like the Asian Development Bank to address the escalating meal crisis further fuel the demand for Paraquat Dichloride in the region.
Paraquat Dichloride Market Companies
Leading global players in the Paraquat Dichloride market include Kalyani Industries Limited, Syngenta, SIGMA-ALDRICH CO. LLC, CANARY AGRO CHEMICALS PVT. LTD., SinoHarvest, Rain Bio Tech Industries, Katyayani Organics, Parijat Industries India Pvt. Ltd., DHANUKA AGRITECH LTD., and AgFarm India Pvt Ltd.
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