Press release
Flumioxazin Market Size, Share, Industry, Forecast and Outlook 2023-2030
Flumioxazin Market-DataM Intelligence
Flumioxazin Market Achieves Remarkable Growth, Expected to Reach USD 1222.9 Million by 2030
Global Flumioxazin Market, having soared to USD 537.1 million in 2022, is projected to experience a substantial surge, reaching an estimated value of USD 1222.9 million by 2030. This growth is attributed to a Compound Annual Growth Rate (CAGR) of 10.8% during the forecast period from 2023 to 2030.
Flumioxazin, a key player in the cultivation of sugar cane, cotton, and soybeans, demonstrates enduring effectiveness in weed suppression post-application and promotes early-stage crop development. Notably, its efficacy against glyphosate-resistant weeds, widely prevalent globally, propels the increasing demand for Flumioxazin.
The escalating demand is particularly evident in the soybean farming sector, with the Soybean Processors Association of India reporting a 7.18% growth in soybean output in 2021-2022, totaling 11.2 million metric tons. Latur, a crucial soybean farming hub, allocates over 55% of its total cultivation area to soybean farming, generating substantial income for farmers.
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Flumioxazin Market Scope and Summary
Metrics:
CAGR: 10.8%
Size Available for Years: 2021-2030
Forecast Period: 2023-2030
Data Availability: Value (US$)
Segments Covered:
Type, Formulation, Crop, Distribution Channel, and Region
Regions Covered:
North America, Europe, Asia-Pacific, South America, and Middle East & Africa
Fastest Growing Region:
Asia-Pacific
Largest Region:
Asia-Pacific
Report Insights Covered:
Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and Acquisitions, New Equipment Type Launches, Growth Strategies, Revenue Analysis, Porter's Analysis, Pricing Analysis, Regulatory Analysis, Supply-Chain Analysis, and Other Key Insights.
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Flumioxazin Market Dynamics and Trends
Increasing Production Capacities of Flumioxazin
In response to escalating demand, top companies such as Shangyu Nutrichem Co., Ltd. have expanded production capacities. Shangyu Nutrichem's recent completion of the extension and modernization of its mesotrione production line, increasing capacity to 4,000 t/a, reflects the industry's rapid growth.
Increased Number of Flumioxazin-related Registrations
The past two years have witnessed a surge in flumioxazin-related registrations, resulting in an array of single-formulation and combined-formulation product variations. Yifan Biotechnology Group's approval for its herbicide flumioxazin 480g/l SC in China, for annual weed control in soybean fields, exemplifies the industry's diversification.
Government Restriction Towards Flumioxazin Chemical
Challenges arise from stringent government regulations and restrictions on herbicide use for environmental and public health protection. For instance, the EU Standing Committee on Pesticides faces a decision on the extension of flumioxazin's clearance, potentially impacting market expansion.
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Flumioxazin Market Segmentation
Global flumioxazin market segmentation is based on type, formulation, crop, distribution channel, and region.
Demanded for Cereal Crop Production
Flumioxazin's essential role in grains and cereals production, coupled with its necessity in expanding soybean crops, is evident in the increasing demand. Soybean output reached a record 4.44 billion bushels in 2021, necessitating large-scale weed management solutions.
Global Flumioxazin Market Geographical Share
Asia-Pacific Dominates the Flumioxazin Market
China's prominent role in flumioxazin-related registrations positions Asia-Pacific as the dominant market. With an increasing number of registrations and growing production capabilities, the region, led by China, anticipates a rise in flumioxazin-containing products in cotton, soybean, and peanut.
Flumioxazin Market Companies and Competitive Landscape
Major Global Players:
Sumitomo Chemical
Lier Chemical Co., Ltd.
Yifan Bio-tech Group Co., Ltd.
Beijing Yingtai Jiahe Biotechnology Co., Ltd.
Rainbow Agro
Shandong Binnong Technology Co., Ltd.
Shandong CYNDA (Group) Co., Ltd.
Hebei Enge Biotech Co., Ltd
Albaugh, LLC.
RedEagle International, LLC
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