An Increase in Demand for Fruits, Vegetables and Cereals Are Increasing the Usage of the Tebuconazole in Agriculture for Getting High Yield to Reach the Need for Crops Is Driving the Tebuconazole Market
The Tebuconazole Market size is estimated to reach $1.01 billion by 2027. Furthermore, it is poised to grow at a CAGR of 4.69% over the forecast period of 2022-2027. Tebuconazole is a triazole fungicide used in a wide range of farming and landscaping operations for the treatment, protection, and removal of three functions, as well as long-term sterilisation of a wide range of crops. Elite, Folicur, Raxil, Lynx, and other well-known brands are among them. The most extensively used fungicides are tebuconazole and myclobutanil, which both have two enantiomers with differing fungicidal activity. Pesticides such as organophosphorus pesticide, butylene terephthalate, disodium octoborate tetrahydrate, polydimethylsiloxane coating are used to protect crops from fungal infections in a variety of agricultural activities. It’s also used to treat scab, wheat rust, and fruit tree diseases. Pertaining to the enhanced technology and farming practises, dynamic climate circumstances that favour disease occurrence, and the increased demand for food due to global population growth, the Tebuconazole market is poised to grow significantly. An increase in the global population and an increase in demand for fruits, vegetables and cereals are increasing the usage of the tebuconazole in agriculture for getting high yield to reach the need for crops is driving the market during the forecast period 2022-2027.
Tebuconazole Market Segmentation Analysis – By Product Type
The tebuconazole market based on product type can be further segmented into 98% Purity and 96% Purity. 98% Purity held a dominant market share in the year 2021. It is owing to the purity catered which allows for longer stay on various crops and other vegetation. Further, 96% is estimated to be the fastest-growing, with a CAGR of 5.3% over the forecast period of 2022-2027. It is owing to the low-harshness of the product which allows it to be used on extra sensitive fruits and vegetable garden and aerated field. Moreover, global population has been growing exponentially, which further pushes the demand from various agricultural crops and lands. Various trends govern that market demand for food would continue to grow. Demand for cereals, for both food and animal feed used is projected to reach some 3 billion tonnes by 2050, up from today’s nearly 2.1 billion tonnes. Additionally, the demand for bio-fuels is expected to reach and touch the mark of 186 billion liters, which would roughly govern the need for good quality food and resources.
Tebuconazole Market Segmentation Analysis – By Application
The Tebuconazole market based on application can be further segmented into Crop fungicide, Seed treatment, Wood preservatives, and others. In 2021, the crop fungicide category will have the most market share. During the projected period, increased demand for food crops, cereals, and vegetables, as well as the use of fungicides for crop development, will drive the use of tebuconazole in crop pesticide segments. The market is growing due to the increased use of fungicides in ornamental plants and turf.
Furthermore, expanded agricultural techniques, seed treatment is anticipated to be the fastest-growing, with a CAGR of 5.5% over the forecast period of 2022-2027. In the post-harvest phase, there is a large amount of crop loss. After harvesting, fungal and bacterial infections cause significant harm to fruits and vegetables. Tebuconazole fungicide is commonly applied to fruits and vegetables as a spray. This will help the tebuconazole market expand even faster in the forecast years. FAO estimates that annually between 20 to 40 percent of global crop production are lost to pests. Each year, plant diseases cost the global economy around $220 billion, and invasive insects around US$70 billion, which allows for the active use of Tebuconazole.
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Tebuconazole Market Segmentation Analysis – By Geography
The Tebuconazole market based on Geography can be further segmented into North America, Europe, Asia-Pacific, South America, and the Rest of the World. In 2021, owing to increased production of tebuconazole, Asia-Pacific has a 40% market share, and China being the world’s largest pesticide provider. During the anticipated period, Asia-Pacific is anticipated to be the fastest tebuconazole market. The Asia-Pacific market is strengthen as farming methods improve and high-quality products become more widely available. Many Asian countries have emerging economies that are marked by population growth.
Furthermore, in the projected period of 2022-2027, Asia-Pacific would offer lucrative growth opportunities to the marketers. Emerging markets such as India, Japan, China, and Brazil will create major opportunities for tebuconazole market competitors. The rising use of tebuconazole in these regions is a key driver of market expansion. Tebuconazole and other fungicides are manufactured in China, which is the world’s largest producer. Moreover, country like India held an agricultural export value of $41.25 billion in 2021, thereby showing huge potential for growth.
Tebuconazole Market Drivers
Increasing incidences of malnutrition coupled with rising healthy eating habits has acted as a ready factor
There is a rise in the consumption of healthy eating habits among consumers, the demand for Cereal Ingredients is on the rise. Cereals are an important health and energy source, containing a lot of proteins and carbohydrates, which function as growth drivers for the Tebuconazole Market. Additionally, the global organizations have ramped up together to provide equitable access of food to various populations, who are immensely malnourished and are subsequently poor. According to the 2016–2025 nutrition strategy, WHO works with Member States and partners towards universal access to effective nutrition interventions and to healthy diets from sustainable and resilient food systems. Globally in 2020, 149 million children under 5 were estimated to be stunted (too short for age), 45 million were estimated to be wasted (too thin for height). Owing to such anomalies, the production output has to be significantly ramped up, thereby accruing for better arable lands.
The market is being driven by rising technological advancements
Various reasons such as increasing pest attack events, innovation and change in agricultural technologies, integrated pest control, increased growth prospects in developing countries, and changing consumer eating patterns, among others, will drive the expansion of the tebuconazole market. As a result, rapid urbanisation, industrialization, technological improvements, and rising demand for fruits and vegetables would all contribute to the global tebuconazole market’s growth. In the future years, the Tebuconazole market is expected to rise at a high rate.
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Tebuconazole Market Challenges
Strict requirements in manufacture are factors impeding the market growth
There are a few factors that may limit the expansion of the tebuconazole market, such as tebuconazole’s toxicity in the soil, farmers’ lack of knowledge about fungicides, and severe government regulations. The government’s strict requirements in the manufacture of fungicides and pesticides are posing a challenge to the industry. During the projection period 2022-2027, the market will be challenged by developments for superior alternatives.
Tebuconazole Industry Outlook
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Tebuconazole Market. Tebuconazole top 10 companies include:
Henkel AG & Co.KGAA
Shanghai Shengong Pesticide Co. Ltd.
DuPont Crop Protection
Sumitomo Chemical Corporation
Huntsman Corporation (Huntsman International LLC)
P & G Chemicals
In March 2021, Corteva Agriscience launched two new products for the rice sector in Brazil. The products being, Bim Max-> 200g/L of tricyclazole + 160 g/L tebuconazole. While the other herbicide composition was Raster (cyhalofop-butyl + penoxsulam). Bim Max offers technology solutions and practicality to farmers in terms of combating the main diseases affecting rice cultivation, which have a high potential for damage and drastically reduce productivity. A combination of two active ingredients, tricyclazole and tebuconazole, the fungicide acts with a systemic mode of action and has a broad spectrum of disease control on both leaves and grains.
In March 2021, US EPA gave agreement to sell and use tebuconazole 3.6 FL. The application date for the same was 29th of May 2019, and its EPA registration number was 42750-99. Apply only during alternate years in fields adjacent to aquatic areas listed above. The following are some of the guidelines provided by the agency -> Do not cultivate within 10 feet of an aquatic area to allow growth of a vegetative filter strip. Do not apply by ground or air within 100 feet of aquatic areas listed above.
Geographically, Asia-Pacific owing to the increasing demand for tebuconazole as a pesticide in this region, the Tebuconazole Market accounted for the highest revenue share in 2021, accounting for 34% of the worldwide market share over the projected period 2022-2027. The market is being driven by increased demand for novel formulations and recent innovations made by key players in different parts of the world. Moreover, Asia-Pacific is expected to offer lucrative growth opportunities to the marketers in the projected period of 2022-2027 owing to the wide-spread demand being catered from across the global population.
During the forecast period 2022-2027, the market would be driven by enhanced food security in various regions and rising use of tebuconazole in fungicides and seed treatment. However, strict requirements pertaining to production and highly-cautious use in agriculture impedes the overall market growth.
A detailed analysis of strengths, weaknesses, opportunities, and threats will be provided in the Tebuconazole Market Report.
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