The grain protectants market is projected to reach USD 726.1 million by 2023, from USD 572.7 million in 2018, at a CAGR of 4.86%
LONDON, Oct. 24, 2018 /PRNewswire/ -- The grain protectants market is projected to grow at a CAGR of 4.86% during the forecast period.
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The grain protectants market is projected to reach USD 726.1 million by 2023, from USD 572.7 million in 2018, at a CAGR of 4.86%. The market is projected to grow at a steady rate, due to significant advancements in technologies for innovative products and the growing demand for grain protectants in the developing regions. The only factor hindering the growth of the grain protectants market is the development of insect pest resistance, which is a primary concern since certain pest populations have developed resistance to chemicals such as organophosphates, pyrethroids, carbamates, and certain other agents such as methoprene.
Based on control method, the chemical segment is projected to grow strongly from 2018 to 2023.
Commercialization of new active ingredients may take up to 10 years from the point of research and development phase; therefore, new innovations in the formulation is a necessity in the current chemistry to fulfill the technology gap constantly.In addition, companies have been expanding their R&D centers in other regions for introducing innovative capabilities to combat pest issues in grains.
For instance, during July 2014, FMC Corporation strengthened its R&D capabilities by establishing a new Asia Innovation Center in Shanghai, China. The new facility is equipped with advanced technologies to support technical innovation and R&D.
Based on grain type, the corn segment is estimated to dominate the market in 2018.
Corn is an important part of the staple food in countries such as Sub-Saharan Africa, Brazil, and Argentina. In these emerging markets, the post-harvest losses occurred for stored corn grains due to inadequate drying and improper storage facilities, which lead to infestation by insects and rodents.
In 2016, nearly 60% of the corn cultivated across the globe was used as feed.Due to the increasing protein demand from the emerging markets, the demand for corn is expected to grow in the coming years.
Therefore, corn holds a larger share among other grain types such as wheat, rice, and sorghum.
North America is projected to be the fastest-growing market for grain protectants through 2023.
The market for grain protectants in the North American region is projected to grow at the highest CAGR from 2018 to 2023.The high adoption of grain protection practices by large-scale farmers in the region and the presence of major manufacturers are the factors responsible for this growth.
Even though corn is the most widely grown crop in China and the US—which together produced about 56% of the world's harvest in 2017, as per the USDA)—the adoption of grain protectants for corn in the US is higher than that in China.
The breakdown of the primaries on the basis of company type, designation, and region conducted during the research study is as follows:
• By Company type: Tier 1 – 50%, Tier 2 – 34%, and Tier 3 – 16%
• By Designation: C-level – 15%, D-level – 35%, and Others* – 50%
• By Region: Asia Pacific – 40%, Europe – 20%, Americas – 15%, and RoW - 25%
*Others include sales managers, marketing managers, and product managers.
Note: Tier 1: Revenue ? USD 1 billion; Tier 2: USD 500 million < Revenue < USD 1 billion; Tier 3: Revenue ? USD 500 million
The global market for grain protectants is dominated by the key players such as Bayer (Germany), Sumitomo Chemical (Japan), BASF (Germany), Nufarm (Australia), UPL (India), and DowDuPont (US). Syngenta (Switzerland), FMC Corporation (US), Degesch America (US), Inc., Arysta Lifescience Corporation (US), Central Life Sciences (US), and Hedley Technologies (Canada) are some of the other key players in the market.
Research Coverage:
The report analyzes the grain protectants market across different functions and regions.It aims at estimating the market size and future growth potential of this market across different segments such as control method, grain type, target pest, and region.
Furthermore, the report includes an in-depth competitive analysis of the key players in the market, along with their company profiles, recent developments, and key market strategies.
Key Benefits of Buying the Report:
The report will help the market leaders/new entrants in this market by providing them with the closest approximations of the revenue numbers for the overall grain protectants market and its subsegments.This report will also help the stakeholders to understand the competitor landscape well, gain more insights to position their businesses better, and devise suitable go-to-market strategies.
The report will also help them to understand the market and will provide them with information on the key market drivers, restraints, challenges, and opportunities.
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