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Spirotetramat Market show exponential growth by 2020
Transparency Market Research has published a new market report titled “Spirotetramat Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2020,” which observes that the global spirotetramat market demand was valued at US$ 172.5 million in 2013 and is expected to reach US$ 233.1 million by 2020, expanding at a CAGR of 4.4% between 2014 and 2020.
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Spirotetramat is a tetramic acid derivative and belongs to class of ketoenols. Exceptional qualities of spirotetramat as an insecticide on various vegetable crops and fruits are anticipated to drive the market growth between 2014 and 2020. Spirotetramat disrupts lipogenesis in plants by inhibiting acetyl CoA carboxylase. Spirotetramat can be transported throughout the plants from leaves to roots and vice-versa while other most of the insecticides available in the market have one-way transport system.
Increasing pest resistance to existing pesticides, other than spirotetramat, is one of the major driving factors for global spirotetramat market. Moreover, adoption of insecticides which reduces the overall cost of pest management and increases the crops yield is further expected to boost the market growth of spirotetramat during the forecast period. However, ban on spirotetramat by federal law in some states in the U.S. and high cost of this product due to patents is anticipated to hamper the market growth. Companies operating in the market are likely to gain opportunities after the patent expiration of spirotetramat.
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Fruits emerged as the largest crop segment of the global spirotetramat market, accounting for 60.9% volume share in 2013. Vegetable crops are expected to grow at a moderate rate from 2014 to 2020. Cotton accounted for smaller share of the market with extensive use in Asia Pacific. Other crop segment includes nuts, hops, cereals, spices, etc. Other crops are expected to grow at a sluggish rate during the forecast period owing to other substitutes available in the market.
The global spirotetramat market was dominated by North America in 2013 due to high demand for spirotetramat for mealybugs, scales and whiteflies. Rest of the World is projected to be the fastest growing region in the global spirotetramat market. It is widely used on citrus fruits, grapes, starwberries, etc. in the region. In terms of revenue, Asia Pacific market is expected to reach over US$ 51 Mn by 2020. The European market is expected to grow at a significant rate in the next few years due to large application of spirotetramat to grapes and oranges.
The global spirotetramat market is highly consolidated in nature, with a single manufacturer i.e. Bayer CropScience operating in the market. Spirotetramat is available in the market under Bayer’s brands Movento, Ultor and Kontos. The patent acquired by Bayer CropScience is likely to expire by 2017. New entrants in the market are expected after 2017, thus creating new growth opportunities.
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