The isoxaflutole market is expected to develop at a CAGR of over 3% during the forecast period. The major factor driving the growth of the market studied is the increasing demand for food production. On the flip-side, the market is expected to face environmental regulations which are anticipated to hinder the growth of the market.
– Isoxaflutole is basically an herbicide that is used in the agro-chemical industry. It acts as a catalyst for the growth of the plants.
– North America is expected to be the largest market of isoxaflutole market due to the large-scale consumption in the region.
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Key Market Trends
Vegetables Segment Leads the Isoxaflutole Market
– Isoxaflutole is a herbicide that is used in the agro-chemical industry which acts as a growth catalyst for the plants. The active elements in the compound rapidly get utilized in the soil and start acting on the plants.
– In 2020, the total revenue from the vegetable segment globally is estimated to be USD 801.24 billion and is anticipated to grow annually at a CAGR of 3.2% from 2020 to 2025.
– For the year 2019/20, the total production of vegetable oils around the world amounted to 203.91 million metric tons.
– The total vegetable imports value of China is projected to be USD 767.81 million between January to May 2020.
– Therefore, the increased demand is predicted to drive the growth of the market studied during the period of forecast.
North America to be the Largest Isoxaflutole Market
– In 2019, the total market value of herbicides in the United States is projected at around USD 10.31 billion and is predicted to grow to a market size of around USD 12.7 billion by 2022.
– According to the US Department of Agriculture, the number of farms in the United States was around 2.03 million in 2019.
– The total value of the agricultural export of the United States was estimated to be USD 135.5 billion and is anticipated to reach a value of USD 136.5 billion in 2020.
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