Global Carbofuran Market - 2022-2029
The global carbofuran market was valued at USD XX million in 2021. It is forecasted to reach USD XX million by 2029, growing at a CAGR of XX% during the forecast period (2022-2029).
Carbofuran is an extremely poisonous pesticide used in agriculture to protect soil, fruits, vegetables, and forest crops from insects, nematodes, and mice. The chemical comes in various forms, including granules, emulsions, and dry powder. Growing concerns about food security and improved crop efficiency drive the worldwide carbofuran market forward. Furthermore, beneficial government changes aimed at expanding the agriculture sector increases market growth.
High efficiency of carbofuran & rising concern for food security
A rise in global food security concerns, as well as a growing awareness among people about the importance of protecting their food crops from mites and pests, are driving product demand. According to the US Department of Agriculture, 89.5 percent of US households (about 116.0 million) were food secure during the year in 2019. The remaining 10.5 percent (about 13.7 million) of homes were food insecure at some point throughout the year, with 6.4 percent (roughly 8.3 million) of American households experiencing low food security all year. Furthermore, according to the FAO's globally set criteria for food insecurity, 5.6 percent of the UK population was predicted to have experienced food insecurity between 2016 and 2018.The global population is growing at an exponential rate, and over 200,000 people are added to the global food demand every day, with a projected population of 9.2 billion by 2050. Food security has become a global concern as the world's population continues to expand. Crop protection is thus an important approach used by farmers to meet global food demand. Pesticides on crops are a tried-and-true tool for increasing global food production. Developing countries have shown a high need for carbofuran. People are increasingly taking all measures to boost crop yield.
Carbofuran granules is the dominating sector during the forecast period
Pesticide granules are pesticides that have been impregnated with an organic material like sand, clay, or another dry substance that can be dispersed. Most granules become activated when they come into contact with water, and they are known to have a long-lasting effect when used. They are great for controlling weeds, mosquitoes, nematodes, and other invading turf pests. Over the projection period, the carbofuran granules sector is expected to increase significantly and dominate the global market. Carbofuran granules are low-strength formulations that should not be diluted before use. They're particularly well-suited to soil application. Furadan 3G is a granular supplement that contains 3% pure Furadan.
Pesticides are widely used in modern agriculture. They are an effective and cost-effective technique to improve product quality and quantity, assuring food security for its ever-growing population. Pesticides are used in around 2 million tons per year worldwide, with China being the largest contributor, followed by the United States and Argentina, which is fast expanding. Carbofuran is a carbamate insecticide commonly used to control insects on a range of crops, including potatoes, corn, and soybeans, worldwide. It's a systemic insecticide, which means it absorbs it through the roots and distributes it throughout the plant's organs, where insecticidal concentrations are achieved. Carbofuran is used on a wide range of crops all over the world.
Asia Pacific is the dominating region during the forecast period
The Asia Pacific region is expected to dominate the worldwide carbofuran market. This is primarily due to increased public awareness about carbofuran and ongoing technological advancements. Pesticide use in agriculture quickly expands in emerging countries, particularly in Southeast Asia. According to the WHO, around 20% of pesticides are used in developing nations, increasing the rate of use. Cambodia has had a 61 percent increase in pesticide imports, Laos has seen a 55 percent increase, and Vietnam has seen a ten percent increase. Furthermore, the rising demand for commodities and expanding cultivation in Asia Pacific's emerging economies have driven agribusiness corporations to expand their supplier and manufacturing bases in the region. For example, United Phosphorus Ltd extended its product line in India in 2018 by launching new insecticides. Furthermore, high population expansion in China and India places a major strain on crop output; as a result, the carbofuran industry in the region is rapidly expanding to meet the increased need for crops.
The industry is highly consolidated, with only a few companies dominating a large percentage of the global market. The major market players aggressively pursue acquisitions of prominent companies in various key economies to expand their market presence and strength. Some of the most important key participants in the global industry include FMC Corporation, Sino Harvest Corporation, Beta Chemicals Ltd, and Sinon Corporation. Crystal Crop Protection Ltd, a crop protection specialty chemicals company, stated in August 2018 that it had purchased four brands from American chemicals giant FMC Corp. The addition of the Furadan, Splendour, Metal, and Affinity Force insecticide and herbicide brands to Crystal Crop's insecticide and herbicide portfolio will help the company grow, according to the company.
Negative impact on the global carbofuran market
The demand for agrochemicals was unaffected because agricultural operations were exempt from any regulations. However, because of disruptions in trading activity, fertilizer sales fell significantly during the first half of the epidemic, whereas pesticide sales were unaffected. In terms of supply, a short-term labor shortage combined with distribution obstacles resulted in a large difference between the number of workers necessary for agrochemical manufacturing and those available. Crop production also declined as a result of labor shortages in large-scale plantations. Many fertilizer and pesticide firms were experiencing difficulties due to a scarcity of raw materials, which resulted in a drop in the production of various agrochemical products.
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PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study
Excel data sheet with valuable data points of the global carbofuran market – Regional and Country level segmentation
Product mapping in excel for the key products of all major market players
Market Share Analysis covering business revenues ($) and revenue share (%) of key market players
The global carbofuran market report would provide an access to approximately 45 market data tables, 45 figures and 180 pages
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