Market Overview:
Pyroxasulfone is a selective herbicide used for pre-emergence control of broadleaf weeds and annual grasses in various field crops like cereals, soybeans, rice, and vegetables. It inhibits the activity of very long-chain fatty acids required for plant growth. Pyroxasulfone is available in various formulations like wettable granules, suspension concentrates, and dry flowable for easy application. Its low use rates and excellent crop safety make it an effective tool for integrated weed management.
Market key trends:
Growing demand for food due to rising global population has increased the pressure on farmers to boost crop yields. This has led to an increase in crop protection expenditure globally. Growing cultivation of pyroxasulfone-tolerant crops like cereals and soybeans is augmenting the demand for pyroxasulfone. The development of new formulations and combination products containing pyroxasulfone is also fuelling the market growth. However, stringent environmental regulations around herbicides and a preference for organic farming practices may hamper the sales of pyroxasulfone over the forecast period.
The global Pyroxasulfone Market Size is estimated to be valued at US$ 276.5 Mn or Mn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Porter’s Analysis
The threat of new entrants: The threat of new entrants in the pyroxasulfone market is moderate as it requires substantial R&D investments and time to develop new formulations along with obtaining regulatory approvals.
Bargaining power of buyers: The bargaining power of buyers is moderate as there are many established players offering alternative herbicide solutions in the market. However, the negative impact of substitutes is moderate.
Bargaining power of suppliers: The bargaining power of suppliers is low due to the presence of many raw material suppliers. However, the switching costs from one supplier to another are also low.
Threat of new substitutes: The threat of new substitutes is moderate as there are many alternative herbicide formulations available for the target crops.
Competitive rivalry: High due to the presence of numerous regional and global players operating in this space.
Key Takeaways
The global pyroxasulfone market is expected to witness high growth, exhibiting CAGR of 10% over the forecast period, due to increasing demand for effective weed management solutions from the agriculture sector.
The Asia Pacific region is expected to dominate the global pyroxasulfone market during the forecast period. Countries like China, India are the major consumers. Rising agriculture production and growing need to curb crop losses are boosting the market growth.
Key players operating in the pyroxasulfone market are BASF, Syngenta, Bayer CropScience (formerly Monsanto), DowDuPont (now Corteva), FMC Corporation, ADAMA, and Agricultural Solutions. These players are focusing on new product launches and expansions to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it