Global Benzofenap Market - Forecast(2023 - 2028)

Global Benzofenap Market Overview

Global Benzofenap market size is forecasted to grow at a CAGR of 3.8% during the forecast period 2022-2027. Benzofenap is a pyrazole herbicide aromatic ketone that contains various types of substances such as acetophenone, dimethyl, clomazone, ethanone, and other substances. In the small bay and commercial settings, benzofenap outperforms traditional treatments in terms of yield trials. This ensures early and effective weed management, improved crop tolerance, and weed control for the ALS-resistant weeds population. The global benzofenap market is primarily driven by the growth of the cash crop industry. Moreover, the growth of the horticulture industry is expected to fuel the demand for benzofenap. This, in turn, will drive the global benzofenap market growth in the projected forecast period of 2022-2027. 

COVID-19 Impact 

The Covid-19 pandemic hampered the growth of the benzofenap market because in 2020 governments all across the world imposed stringent lockdown measures. As a result, in 2020, there was a decline in the production of cash crops, horticulture crops, and other similar crop types. For instance, according to the statistics released by the US Department of Agriculture, in 2019, the production of Rice in Indonesia was about 35.5 million metric tons and in March it was 34.4 million metric tons, a decline of 2.9%. Furthermore, Thailand's rice production in 2019 was 20.16 million metric tons and in 2020 it was around 18 million metric tons, a decline of about 12% from April 2019. Similarly, in other countries also, there was a decline in crop production, owing to which the benzofenap manufacturers suffered losses. However, in 2021 with the ease of lockdown-related regulation, there was growth related to the production of crops, which propelled the growth of the benzofenap market. Moreover, it is forecasted that the impact of the Covid-19 pandemic will be gradually decreasing in the upcoming years, which will result in the benzofenap industry growth outlook similar to pre-Covid time. 

Report Coverage 

The report: "Global Benzofenap Market–Forecast (2022-2027)”, by IndustryARC, covers an in-depth analysis of the following segments of the Global Benzofenap Market. 

By Packaging: Bottles, Bags, Cans, and Others 
By Application: Foliar Spray, Soil Amendment, and Others 
By End-Use Industry: Cash Crop (Rice, Cotton, Oilseeds, Soybean, and Others), Food Crops (Wheat, Maize, and Others), Horticulture Crops (Fruits (Orange, Apples, Grapes, Banana, and Others) and Vegetables (Tomato, Potato, Onions, Carrot, and Others)), Plantation Crops (Tea, Coffee, and Others), and Others 
By Geography: North America (USA, Canada, and Mexico), Europe (UK, Germany, France, Italy, Netherlands, Spain, Russia, Belgium, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia, and New Zealand, Indonesia, Taiwan, Malaysia, and Rest of APAC), South America (Brazil, Argentina, Colombia, Chile, and Rest of South America), Rest of the World (Middle East (Saudi Arabia, UAE, Israel, and Rest of Middle East), and Africa (South Africa, Nigeria, and Rest of Africa))

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Global Benzofenap Market Segment Analysis – By Type 

The foliar spray segment held a significant share in the global benzofenap market in 2021 and is forecasted to grow at a CAGR of 3.6% during the forecast period 2022-2027. The benzofenap is used in foliar spray applications to protect agricultural roots from the toxicity of iron, aluminum, and manganese, thereby, resulting in increased yield output. The application time of foliar spray can be immediate when the deficiency signs are discovered, allowing them to remedy the damage before it causes substantial yield loss. Thus, these benefits are driving the growth of the foliar spray application, which is resulting in the growth of the benzofenap market.

Global Benzofenap Market Segment Analysis – By Crop Type 

The cash crop segment held a significant share in the global benzofenap market in 2021 and is forecasted to grow at a CAGR of 4.2% during the forecast period 2022-2027. In cash crops such as rice, oilseed, and more rice benzofenap herbicide is majorly utilized to protect the water-soaked crop from the weeds and surge higher per hector production of such crops. The factors such as increasing adoption of agriculture equipment, growing productivity, and other factors are driving the growth of the cash crop industry. For instance, according to the US Department of Agriculture, in 2019, the global rice production was 581.1 million tons, and in 2020, it was 605.7 million tons, an increase of 4.2%. Hence, the growth of the cash crop type is fueling the demand for benzofenap. This, in turn, is aiding the growth of the market.

Global Benzofenap Market Segment Analysis – By Geography 

Asia-Pacific region is the dominating region as it holds the largest share in the global benzofenap market in 2021 up to 43%. The agriculture sector is the key sector of the Asia-Pacific region. To increase profitability, Asia-pacific farm growers are adopting the latest technology and increasing their focus on cash crops. This has resulted in the growth of cash crop production. For instance, according to the US Department of Agriculture, in 2020 the total oilseed crop production in the Asia-Pacific region was about 127.6 million metric tons, and in 2021 it was about 131 million metric tons, an increase of about 2.7%. Moreover, in 2020, the production of rice in China was 148.3 million tons, and in 2021, it was 149 million tons, an increase of approximately 1%. Therefore, the increasing food and cash crop production in the Asia-Pacific region is projected to boost the demand for benzofenap, this, in turn, will propel the benzofenap market growth in the next few years.