Global Fipronil Market to Grow US$ 605.9 Mn by end of 2027, Says Coherent Market Insights 800 Words
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Market Drivers:
The growing adoption of modern agriculture techniques is driving the growth of the fipronil market. The increasing population is driving demand for food which is creating the need for advanced and effective agriculture methods in order to improve crop productivity. This factor is driving demand for agrochemical which in turn augmenting the growth of the fipronil market.
Expansion of food &beverage industry due to growing consumer spending is bolstering the growth of the fipronil market. According to the Economic Research Service, in 2019, food spending by U.S. consumers, businesses, and government entities totaled $1.77 trillion. Food away-from-home accounted for 54.8 percent of total food expenditures, up from 50.1 percent in 2009. Moreover, the increasing popularity of fipronil across the Asia Pacific region especially in India due to strong presence of agriculture sector is again projected to propel the growth of the fipronil market over the forecast period.
Market Opportunities:
The increasing launch of innovative and effective agrochemical by key players in order to cater to growing demand is expected to offer profitable opportunities to the market in the near future. For instance, in October 2020, Insecticides India NSE has announced its plan to launch three new products. First one is insecticide in granular form, the second one is the new age post-emergence herbicide for the control of grass weed species in wheat crops, while the third one is a biological product for improving soil health.
Expanding agriculture industry especially in India due to the growing adoption of various strategies by the government is projected to bright market opportunities in the near future. According to the India Brand Equity Foundation, during the 2019-2020 crop year, food grain production was estimated to reach a record 295.67 million tons (MT). In 2020-21, the Government of India is targeting food grain production of 298 MT. Agricultural export from India reached US$ 38.54 billion in FY19 and US$ 35.09 billion in FY20. The total agricultural export was US$ 10.40 billion between April and October 2020.
Market Trends:
The increasing focus of key players to expand the production capacity of agrochemical is one of the emerging trends in the market. For instance, in November 2020, Meghmani Organics (MOL) has commenced commercial production on 25 November 2020 at its two agrochemical plants. The company has begun commercial production at Herbicide 2, 4D acid plant at GIDC, Dahej in Bharuch district of Gujarat. The cost for setting up the agrochemical formulation plant is Rs 25 crore.
Expanding chemical industry due to the increasing production of chemicals and growing investment by key players is expected to be a major trend in the market. According to the India Brand Equity Foundation, the Indian chemicals industry stood at US$ 178 billion in 2019 and is expected to reach US$ 304 billion by 2025 registering a CAGR of 9.3%. The demand for chemicals is expected to expand by 9% per annum by 2025. In September 2020, the production of key chemicals was 8, 36,435 MT and petrochemicals were 17, 26,502 MT.
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Competitive Landscape:
BASF SE, Parijat Industries (India) Pvt. Ltd, GSP Crop Science Private Limited, Gharda Chemicals Limited, Insecticides (India) Ltd., Bharat Rasayan Ltd., Himani Industries Limited, FMC Corporation, Dhanuka Agritech Ltd., and HPM Chemicals and Fertilizers Limited.
Detailed Market Segmentation:
Global Fipronil Market, By Form:
Global Fipronil Market, By Application:
Global Fipronil Market, By Region:
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Coherent Market Insights is a global market intelligence and consulting organization focused on assisting our plethora of clients achieve transformational growth by helping them make critical business decisions. We are headquartered in India, having sales office at global financial capital in the U.S. and sales consultants in United Kingdom and Japan. Our client base includes players from across various business verticals in over 57 countries worldwide. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.
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