by Market Overview:
Pyroxasulfone is a pre-emergent herbicide used to control weeds before they emerge from the soil. It works by inhibiting the growth of roots and shoots of weeds. The key crops where it is used are rice, wheat and soybean. It offers broad-spectrum control of grass and broadleaf weeds and helps maximize crop yields. Its low application rates also make it economically viable for farmers.
Market Dynamics:
Increasing population: The global population is expected to reach around 9.7 billion by 2050 putting pressure on global food supply. This is propelling the demand for high yielding and resilient crop varieties. Pyroxasulfone helps boost crop yields and ensure food security.
Adoption of integrated weed management: With weed resistance on the rise, farmers are adopting integrated weed management practices using a combination of cultural, mechanical and chemical methods. Pyroxasulfone fits well in such integrated programs for effective long term weed control.
The global Pyroxasulfone Market Size is estimated to be valued at US$ 276.5 Mn or Mn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Segment Analysis
The pyroxasulfone market is dominated by the agriculture segment. Pyroxasulfone is majorly used in agriculture application as a pre-emergent herbicide for controlling broadleaf weeds and annual grasses in several crop types including cereals and grains, pulses and oilseeds, fruits and vegetables. It exhibits long soil residual activity and controls tough weeds effectively. Hence, agriculture is currently the largest application segment in the pyroxasulfone market.
PEST Analysis
Political: Stringent regulations regarding the use of agrochemicals in several countries can impact the pyroxasulfone market. However, support for sustainable agricultural practices by governments worldwide plays in favor of the market.
Economic: Increasing population and declining agricultural land are driving the demand for high-yielding crops. This increases the requirement of herbicides like pyroxasulfone for boosting agricultural productivity.
Social: Growing health awareness regarding toxic residues in food crops has led farmers to use reduced chemical spray. Pyroxasulfone being an effective herbicide with low-risk profile fulfills this demand.
Technological: Advancements in formulation technologies help develop customized pyroxasulfone formulations for diverse soil and climatic conditions. This, along with integrated weed management solutions, supports the market growth.
Key Takeaways
The global pyroxasulfone market is expected to witness high growth, exhibiting CAGR of 10% over the forecast period, due to increasing pressure on global food supply owing to rising population. The market size for 2023 is estimated to be US$ 276.5 Mn.
Regional analysis: Asia Pacific dominates the global pyroxasulfone market and is expected to continue its dominance during the forecast period. This is attributed to large agricultural operations in countries such as India and China combined with increasing pesticide usage.
Key players operating in the pyroxasulfone market are BASF, Syngenta, Bayer CropScience (formerly Monsanto), DowDuPont (now Corteva), FMC Corporation, ADAMA, Agricultural Solutions. These key players account for majority of the market share due to their robust sales and distribution network along with wide agrochemical product portfolio including pyroxasulfone.
The global pyroxasulfone market is expected to witness high growth owing to factors like increasing global food demand and limited availability of cultivable land. Asia Pacific dominates the market attributed to large agricultural operations in India and China. Key players like BASF, Syngenta, Bayer account for major market share due to their extensive product portfolio and distribution channels.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
