New York, March 29, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Agricultural Fumigants Global Market Report 2023" - https://www.reportlinker.com/p06310842/?utm_source=GNW
, Degesch America Inc., MustGrow Biologics Inc., Royal Agro, and Imtrade CropScience.
The global agricultural fumigants market grew from $2.03 billion in 2022 to $2.15 billion in 2023 at a compound annual growth rate (CAGR) of 6.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The agricultural fumigants market is expected to grow to $2.76 billion in 2027 at a CAGR of 6.4%.
The agricultural fumigants market consists of sales of sulfuryl fluoride and formaldehyde.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
The agricultural fumigants refer to toxic substances used in agriculture to kill insects, nematodes, bacteria, pests that cause damage to plant growth and crop production, by producing a toxic gas. These fumigants help control insects, help in plant growth, and produce high yields.
North America was the largest region in the agricultural fumigants market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the agricultural fumigants market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of agricultural fumigants include Methyl Bromide, Chloropicrin, Phosphine, Metam Sodium, 1,3-Dichloropropene, and other agricultural fumigants.Methyl bromide refers to a fumigant which is a colorless and odorless gas used to manage fungus, weeds, insects, nematodes (or roundworms), and rats in agriculture.
They are applied through vacuum chamber fumigation, tarpaulin, structural, non-trap fumigation by injection, and other fumigation techniques in warehouses & silos and soils. The solid, liquid, and gaseous based agricultural fumigants are used in the fumigation of cereals & grains, oilseeds & pulses, fruits and vegetables, and others.
The high prevalence of pest attacks is expected to propel the growth of the agricultural fumigants market.Crops are regularly infected by various pests such as insects, mites, nematodes, and gastropod molluscs.
Pest attacks can cause adverse and damaging impacts on agricultural production and market access, the natural environment, and people’s lifestyle.As the pest attack becomes more prevalent, the need to control them becomes much needed, driving the need for agricultural fumigants.
For instance, according to the Food and Agricultural Organization of the United Nations (a specialized agency of the USA that leads international efforts to defeat hunger and improve nutrition and food security), approximately 20%-40% of the world’s crop production is lost due to pest attacks.Plant diseases cost the world economy $220 billion each year, while invasive insects cost $70 billion.
Therefore, the increase in the prevalence of pest attacks is expected to boost demand for agricultural fumigants during the forecast period.
Increasing partnerships and agreements between the companies is a key trend gaining popularity in the agricultural fumigants market.Major companies operating in the agricultural fumigants market are focusing on partnerships and agreements to develop innovative solutions to reduce pest attacks and enable business growth.
For instance, in January 2022, Mustgrow, a Canada-based agriculture biotechnology company, signed an exclusive agreement with Bayer to evaluate MustGrow’s biological technology in important agricultural regions to determine its efficacy and economic potential.Bayer AG is a Germany-based multinational pharmaceutical and life sciences contributing to the health of people and plants.
Additionally, in January 2021, UPL Ltd., a global provider of sustainable agriculture solutions, formed a strategic alliance with TeleSense to introduce monitoring solutions for post-harvest commodity transport and storage. This alliance will help to progress toward food wastage by detecting and mitigating potential issues such as hotspots, excess moisture, and pests. It will complement the UPL’s robust range of gas monitoring, safety, and detection devices and fumigants portfolio. TeleSense is a US-based company offering remote grain storage and transportation monitoring systems.
In February 2022, Safex Chemicals, an Indian manufacturer of agrochemicals and fumigants, acquired Shogun Lifesciences for an undisclosed amount.This acquisition will help Safex to focus on the safe storage of agricultural produce and offer comprehensive solutions for crop nutrition, growth regulation, prevention, protection, safe grain storage, and home care chemicals under one roof.
Shogun is an Indian company that manufactures aluminum phosphide, fungicides, herbicides, insecticides, plant growth regulators & rodenticides zinc phosphide which are used for safe storage of food grains and fumigation of storage spaces.
The countries covered in the agricultural fumigants market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The agricultural fumigants market research report is one of a series of new reports that provides agricultural fumigants market statistics, including agricultural fumigants industry global market size, regional shares, competitors with an agricultural fumigants market share, detailed agricultural fumigants market segments, market trends and opportunities, and any further data you may need to thrive in the agricultural fumigants industry. This agricultural fumigants market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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