According to the latest market research report by Technavio, the global azoxystrobin market is expected to reach close to USD 25 billion in revenue by 2020.
In this report, Technavio covers the present scenario and growth prospects of the global azoxystrobin market for 2016-2020. To calculate the market size, the report considers revenue generated from the sales of azoxystrobin in leading regions such as North America, APAC, Europe, Latin America, and MEA.
North America: largest market
The azoxystrobin market in North America was valued at USD 172 million in 2015. Azoxystrobin is subject to stringent regulations in North America. Fungicides and other plant protection chemicals undergo extensive testing and review approval before approval. In the US, these chemicals must pass 120 health, safety, and environmental tests to prove effectiveness and safety before the US EPA grants registration to the manufacturers.
The arable land in North America decreased from 1.1 hectares per person in 1961 to 0.62 hectares per person in 2015. This has raised the need for increasing the output from the available farmlands. Consequently, the demand for fungicides such as azoxystrobin to improve productivity and help farms reduce the risk of crop wastage is also increasing.
APAC: second-largest market
The azoxystrobin market in APAC was valued at USD 145.8 million in 2015. APAC accounts for approximately 30% of the land available on earth and 60% of the population. The rising population and increase in food demand have compelled the use of fungicides to increase the crop yield. A larger proportion of the agricultural land in Asia is in India, which forms 62% of the land area in the region.
Azoxystrobin helps prevent diseases that can cause severe damage to the quantity and quality of crops. One such disease is the sheath blight disease in paddy caused by Rhizoctonia solani. It a highly destructive disease and causes severe economic losses. The disease decreases the yield by 7%-50%, depending on the cultivar.
Azoxystrobin market in Europe
The azoxystrobin market in Europe was valued at USD 133.4 million in 2015. The decreasing arable land per person in Europe is the prime factor that is compelling farmers to increase the productivity of their farms. This is consequently increasing the demand for agrochemicals in the region.
The implementation of a modified plant protection regulatory system and stringent regulations regarding environmental protection are also expected to drive the demand for fungicides in Europe.