Penoxsulam Market to Grow with a CAGR of 4.03% through 2028
Adoption of modern farming practices for efficient
weed control is expected to drive the Global Penoxsulam Market growth in the
forecast period, 2024-2028.
According to TechSci Research report, “Penoxsulam Market
– Global Industry Size, Share, Trends, Competition Forecast &
Opportunities, 2028”, the Global Penoxsulam Market stood at USD 343.21
million in 2022 and is anticipated to grow with a CAGR of 4.03% in the forecast
period, 2024-2028. Penoxsulam, a versatile herbicide known for its efficacy in
weed control, has found widespread adoption in agriculture, particularly in
rice cultivation and aquatic weed management. One of the primary drivers behind the growth of the
global penoxsulam market is the ever-increasing global population, which is
expected to reach 9.7 billion by 2050, according to the United Nations. This
population growth is accompanied by rising food demand, particularly for staple
crops like rice. Penoxsulam's effectiveness in controlling a wide spectrum of
weeds in rice fields has made it an invaluable tool for farmers seeking to
maximize their crop yields. As the demand for rice and other agricultural
products continues to rise, the need for efficient weed management solutions
like penoxsulam becomes even more pronounced.
Weed resistance to herbicides has become a pressing
concern in modern agriculture. Over time, many weed species have developed
resistance to traditional herbicides, making it increasingly challenging for
farmers to control weeds effectively. Penoxsulam's unique mode of action and
effectiveness against a wide range of weed species make it a valuable tool in
weed resistance management strategies. Farmers are turning to penoxsulam as a
key component of integrated weed management programs to combat weed resistance
and maintain the productivity of their crops. Rice is a staple food for over
half of the world's population, and its cultivation is expanding to meet the
growing demand. As rice production increases, so does the need for effective
weed control in rice fields. Penoxsulam has emerged as a preferred choice for
weed management in rice cultivation due to its selectivity, which allows it to
target weeds while sparing rice plants. This expansion of rice cultivation,
especially in countries like China and India, has contributed significantly to
the growth of the global penoxsulam market.
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Penoxsulam's utility extends beyond traditional
agriculture into aquatic weed management. It has proven effective in
controlling unwanted aquatic weeds in various settings, including golf courses,
ponds, lakes, and reservoirs. As urbanization and infrastructure development
continue, the demand for aquatic weed control solutions has grown. Penoxsulam's
ability to target aquatic weeds while minimizing harm to desirable aquatic life
has made it a valuable tool in managing aquatic ecosystems, further driving its
market growth.
The Global Penoxsulam Market is segmented into Product,
Crop, Application, Regional Distribution, And Company.
Based on the Product, Liquid
Concentration emerged as the dominant segment in the global market for Global
Penoxsulam Market in 2022. Liquid formulations of penoxsulam are generally
easier to handle and apply compared to granules. They can be conveniently mixed
with water and sprayed uniformly over the target area. This ease of application
makes liquid formulations more user-friendly for both large-scale commercial
farming operations and smaller-scale agricultural endeavors. Liquid
formulations allow for precise and uniform distribution of the herbicide across
the crop or treatment area. This ensures that the herbicide is evenly applied
to the target weeds, maximizing its effectiveness in weed control. In contrast,
granules may require more effort to achieve uniform coverage.
Based on the Crop, the Rice segment
emerged as the dominant player in the global market for Global Penoxsulam
Market in 2022. Rice is a staple food for a significant portion of the world's
population, particularly in Asia and parts of Africa. As a staple, the demand
for rice is consistently high and continues to grow with population expansion.
To meet this demand and ensure food security, rice cultivation is extensive,
making it the most widely cultivated crop. Rice cultivation covers vast
agricultural landscapes in many countries. As a result, the acreage dedicated
to rice farming is substantial, and weed management is a critical aspect of
maintaining high rice yields. Penoxsulam's effectiveness in controlling a wide
range of weeds in rice fields has led to its widespread use in this crop. Penoxsulam
is known for its selectivity in targeting weeds while sparing rice plants. This
selectivity ensures that rice crops remain unharmed while effectively managing
weed competition, which can significantly reduce rice yields. This precise and
targeted weed control is essential for rice farmers, and it is one of the
primary reasons for penoxsulam's high demand in rice cultivation.
Asia-pacific emerged as the dominant
player in the global Penoxsulam Market in 2022, holding the largest market
share. The adoption of modern agricultural practices in Asia-Pacific has led to
the increased use of herbicides like penoxsulam. Precision agriculture,
advanced machinery, and technology have become commonplace in many countries in
the region, and penoxsulam's compatibility with these practices makes it a
preferred choice for weed management. Asia-Pacific is home to some of the largest
rice-producing countries in the world, including China, India, Thailand,
Indonesia, and Vietnam. Rice is a staple food in the region, and the extensive
cultivation of this crop creates a substantial need for effective weed control.
Penoxsulam's selectivity and effectiveness in controlling weeds in rice fields
have made it an essential tool for rice farmers across the region. The adoption
of modern agricultural practices in Asia-Pacific has led to the increased use
of herbicides like penoxsulam.
Major companies operating in Global Penoxsulam Market
are:
- BASF SE
- Bayer AG
- Chemtura Corp
- Crystal Crop Protection Pvt Ltd
- Dow AgroSciences
- Hangzhou Tianlong Biotechnology Co., Ltd
- Monsanto Company
- Nufarm Ltd
- Shijiazhuang Xingbai Bioengineering Co., Ltd.
- Syngeta AG
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“The Global
Penoxsulam Market is poised for significant growth in the coming years.
Penoxsulam's effectiveness in weed control, especially in rice cultivation,
positions it as a critical tool to optimize crop yields in response to this
growing demand. Moreover, the adoption of modern farming practices, precision
agriculture, and integrated weed management strategies is expected to drive
greater utilization of penoxsulam, aligning with the industry's emphasis on
sustainability and reduced environmental impact. The ongoing need for weed
resistance management, coupled with government support and subsidies in
agriculture, further fuels the market's growth prospects.” said Mr. Karan
Chechi, Research Director with TechSci Research, a research-based management
consulting firm.
“Penoxsulam Market - Global Industry Size, Share,
Trends, Opportunity, and Forecast, 2018-2028 Segmented By Product (Liquid
Concentration, Granules), By Crop
(Rice, Aquatic Plants, Others), By Application (Agrochemical, Fertilizer, Pharmaceutical,
Food Additive, Biochemical, Others) Region and Competition”, has evaluated
the future growth potential of Global Penoxsulam Market and provides statistics
& information on market size, structure and future market growth. The
report intends to provide cutting-edge market intelligence and help decision
makers take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in Global Penoxsulam Market.
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