Market Trends of Isoxaflutole Industry
This section covers the major market trends shaping the Isoxaflutole Market according to our research experts:
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.
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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.
- The total sugarcane production of the United States was around 31.8 million tons in the year 2019. This production is anticipated to increase in future.
- Thus, rising demand from various industries coupled with government support is expected to drive the market studied in the region during the forecast period.
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