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Turf Protection Global Market Analysis Development Trends, Industry Growth Opportunities, Regional Demand and Forecast 2024-2033
Turf Protection Global Market
According to The Business Research Company's, The turf protection market size has grown strongly in recent years. It will grow from $6.52 billion in 2023 to $6.87 billion in 2024 at a compound annual growth rate (CAGR) of 5.3%. The growth in the historic period can be attributed to biopharmaceutical industry growth, advance therapeutics, public health concerns, r&d investments, rising incidence of viral infections..
The turf protection market size is expected to see steady growth in the next few years. It will grow to $8.21 billion in 2028 at a compound annual growth rate (CAGR) of 4.6%. The growth in the forecast period can be attributed to vaccine production demand, cell and gene therapies, bioprocessing industry expansion, globalization of clinical trials, focus on personalized medicine, environmental sustainability.. Major trends in the forecast period include digitalization and automation, public-private collaborations, adoption of single-use technologies, viral safety in cell and gene therapies, risk mitigation strategies..
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Market Drivers and Trends:
The increasing focus on sports is expected to propel the growth of the turf protection market going forward. Sport refers to an activity involving physical and mental skills, with a primary focus on the activity and elements of competition or social participation. Turf protection is primarily used on sports fields or on stadiums as an artificial surface that looks and performs such as real grass. It helps drain water away, minimizes required storage space, and prevent from damages. For instance, in September 2022, according to University Campus of Football Business (UCFB) Limited, a UK-based higher education institution dedicated to the football and sports industry, the sports sector is estimated to be worth a staggering $39 billion in the UK, and between 2022 and 2026, total income is projected to expand at an average annual rate of 9.15 %. Furthermore, in January 2023, according to Sports & Fitness Industry Association, a US-based a trade association, sports participants in US is increased from 67 million in 2020 to 68.3 million in 2021, up 1.8 %. Therefore, the increasing focus on sports is driving the growth of the turf protection market.
Product innovation is a key trend gaining popularity in the turf protection market. Major companies operating in the turf protection market are focused on developing innovative products to strengthen their position in the market. For instance, in May 2021, BASF SE, a Germany-based chemical company introduced the insecticide Alucion 35 WG, a type of insecticide used for golf courses. This solution helps in controlling a wide range of surface-feeding insects, including nuisance ants, plant-eating ground bugs, caterpillars, and yearly bluegrass beetles. Alucion 35 WG insecticide is the only pyrethroid-containing insecticide for golf courses with a non-restricted use label and is anchored in an excellent formulation for easy mixing and handling to deliver healthy greens and uninterrupted play.
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Major Key Players of the Market:
Backyard Organics LLC; Corebiologic LLC; Eco Sustainable Solutions Ltd.; Epicore Bionetworks Inc.; Evans Turf Supplies Ltd.; FMC Corporation; Idemitsu Kosan Company Ltd.; Nuturf Pty. Ltd.; Dow Agro Sciences LLC; Pure Ag LLC; Syngenta AG; AMVAC Chemical Corporation; BASF SE; Bayer AG; UPL Limited; The Andersons Inc.; Lallemand Inc.; Lucerne biotech; Soil Technologies Corp.; TeraGanix; SePro Corporation; Liphatech Inc.; Precision Laboratories LLC; Corteva Inc.; Sumitomo Chemical Australia; ADAMA Ltd.; Verdegaal Brothers Inc.; Certis LLC; Isagro S.p.A.; Valent Biosciences LLC
Turf Protection Market 2024 Key Insights:
• The turf protection market size will grow to $8.21 billion in 2028 at a compound annual growth rate (CAGR) of 4.6%.
• Rise In Sports Industry To Drive Market Growth
• Product Innovations Transforming The Turf Protection Market
• North America was the largest region in the turf protection market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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