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Buprofezin Market Overview
Due to the COVID
– 19 outbreaks, the industry faced difficulties like delay in raw materials supply,
trade and delivery issues, and more. Also the governments banned export and
import of certain commodities such as on March 31, 2020, the Eurasian Economic
Commission (EEC), banned number of food products, most notably sunflower seeds
and soy beans. These import and export restrictions limited the Buprofezin market
growth during the pandemic.
Buprofezin Market Report Coverage
The report: “Buprofezin Market– Forecast (2021-2026)”, by
IndustryARC, covers an in-depth analysis of the following segments of the Buprofezin
Industry.
By Formulation:
Wettable
Powder, Emulsifiable Concentrate, Water Dispersible Granules, Suspension
Concentrate, Drift Less formulation and others
By Product
Type: Planthoppers,
Nephotettix and Nilaparvata and Thrips, Nilaparvata and Sogatella, Scales and others.
By Crop Type:
Food Crops
(Wheat, Rice, Pulses and others), Cash Crops (Sugarcane, Cotton and others),
Horticulture Crops (Fruits and Vegetables), Plantation Crops (Tea, Coffee and
others) and others.
By Geography: North America (U.S.,
Mexico, and Canada), Europe (Germany, UK, France, Italy, Spain, Netherlands,
Russia, Belgium, and Rest of Europe), APAC (China, Japan, India, South Korea,
Australia, Rest of APAC), South America (Brazil, Argentina, Colombia, Chile, Rest
of South America, and RoW (Middle East (Saudi Arabia, UAE, Israel, Rest of
Middle East), Africa (South Africa, Nigeria, Rest of Africa).
Key Takeaways
- Asia-Pacific dominates the buprofezin market, owing to the increasing agricultural investments by the government in the region. In May 2019, NABARD announced an investment of Rs 700 crore (US$ 100 million) venture capital fund for equity investments in agriculture and rural-focused start-ups in India.
- Buprofezin is an insecticide used on food and vegetable crops to combat insect pests such as mealybugs, leafhoppers, and whitefly. It is a growth regulator that inhibits the synthesis of chitin. With growing global populations that constantly challenge food production, buprofezin fertilizers offer a means towards meeting the challenge of more food from less land. Thus, its demand is increasing.
- Due to COVID-19 Pandemic, most of the countries has gone under lockdown, due to which operations of various industries such as agriculture and horticulture has been negatively affected, which is hampering the buprofezin market growth.
Buprofezin Market Segment Analysis – By Crop Type
The food crop segment is projected to grow at a
CAGR of 5.4% during the forecast period, owing to the increasing demand of food
crops such as wheat, rice, pulses and others. Buprofezin in wettable powder form
are widely used to control leafhoppers. There
is an increasing demand for food crops as they are a staple food in various
regions especially in the Asian countries. The global use of rice for livestock
feed has steadily increased over the past several decades. According to the
Food and Agriculture Organization (FAO) the global use of rice for feed in 2013
was 33.6 million mt and that feed use has been growing by 0.5 million mt per
year since 2003, an average growth rate of 1.7 percent. According to United
States Department of Agriculture (USDA) rice consumption in 2019-20 was 102
million tonnes, an increase of 3% and the rice consumption is expected to
increase further in 2020-21 to 108 million tonnes with the government pushing
more subsidized rice. Thus, the increasing food crop production is anticipated
to drive the buprofezin market in the food crop sector during the forecast period.
Buprofezin Market Segment Analysis – By Geography
Asia Pacific region held the largest
share in the buprofezin market in 2020 with a share of 30%, owing to the increasing agricultural investments
by the government in the region. The government of various economies are spending heavily on
initiatives and investments in the field of agriculture. For instance, in 2016,
according to China’s Ministry of Agriculture, over 1,300 Chinese enterprises
had overseas investments in agriculture, forestry, and fisheries valued at $26
billion. The total quantum of private investment in India is projected to
increase (with added investment of Rs. 78,424 crore) from Rs. 61,000 crore in
2015-16 to Rs. 139,424 crore by 2022-23. The Indian government introduced Pradhan
Mantri Samman Nidhi Yojana under Budget 2019-20, in which a minimum fixed
pension of Rs 3000 (US$ 42.92) is to be provided to the eligible small and
marginal farmers, on attaining the age of 60 years. In Japan, a digital farming
technology has been developed to help experienced farmers to use water, fertilizers
and insecticides more efficiently. According to Food and Agriculture
Organization of the United Nations, Asia Pacific accounts for more than 90
percent of world rice production and consumption and some developing countries
in Asia Pacific will need to increase their food production by up to 77 percent
to feed their people by 2050. Thus, such government initiatives are increasing the
demand of agricultural crops which is further increasing the buprofezin demand.
Figure:
Asia Pacific Buprofezin Market Revenue, 2020-2026
(US$ million)
Buprofezin Market Drivers
Increasing Agricultural Initiatives By Governments
The governments are
spending heavily on initiatives and investments in the field of agriculture.
For instance, in 2020, the Canadian government invested a total of $560,000 on
the Canadian Federation of Agriculture (CFA) to develop the Canadian Agri-Food
Sustainability Initiative. The European
government has taken initiatives such as Common Agricultural Policy (CAP) and
Young Farmers. The 2010- 2013 National Strategy for France’s Sustainable
Development aimed to develop a more sustainable food production and support
green economy and business innovation, and has achieved a
higher domestic organic production and consumption levels. According to a finding of
Proceedings of the National Academy of Sciences (PNAS) of the United States of
America, pests, and pathogens cost nearly $40 billion to the plants and forest
crop production in the U.S. every year. This statistic is reflective of the need
for agricultural chemicals such as insecticides including buprofezin that combat insect pests such as mealybugs, leafhoppers
and act as a growth inhibitor,
thus owning to these factors the market for buprofezin is growing.
Buprofezin Market Challenges
Harmful Environmental Effects of buprofezin
Comprehensive
knowledge about the exact mode of action of buprofezin is still lacking. However,
it initially suppresses chitin biosynthesis during molting and causes immature
death during cuticle shedding. Furthermore, after treating adult females, it
disrupts oviposition, egg fertility, and reduces fecundity. Also it is
prohibited in some countries due to its harmful environmental effects, as it is
particularly toxic to marine species and non-target insects, though it is
relatively safe for humans and other mammals. Thus, these factors are limiting
the market growth.
Buprofezin Market Landscape
Technology launches, acquisitions
and R&D activities are key strategies adopted by players in the Buprofezin
Market. Major players in the Buprofezin market includes Agro-Star Biochemical,
Bailing Agrochemical, Dow AgroSciences, JiangSu Sevencontinent Green Chemical,
Kenvos, Nihon Nohyaku, Canary Agro Chemicals Private, Jiangsu Fengshan Group,
Dalian Winyard Chemical, Zhejiang Longwan Chemicals among others.
Relevant Reports
Insecticides
Market - Forecast(2021 - 2026)
Report
Code: CMR 0421
North
America Insecticides Market - Forecast(2021 - 2026)
Report Code: CMR 1334
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