PYRACLOSTROBIN MARKET ANALYSIS

Pyraclostrobin MarketSize and Trends

Market Dynamics:

• The pyraclostrobin has a property, wherein it uniquely interacts with the plants and results in improved plant growth. Therefore, this advantage is expected to boost demand for pyraclostrobin, especially from the agricultural sector, during the forecast period.
• Moreover, rising focus towards the eradication of crop production losses and increase in the nutritional qualities of the product are further expected to drive the market growth in the near future
• However, factors such as contamination of soil, water, and other vegetation is expected to hamper growth of the global pyraclostrobin market during the forecast period

Market Outlook:

• Pyraclostrobin market is segmented on the basis of type and application. Among application, agriculture segment is expected to gain significant market share during the forecast period, owing to increasing agricultural activities and increasing population, worldwide.
• For instance, as per the Food and Agriculture Organization of the United Nations (FAO), the global population is likely to reach 10 billion by 2050, which would require around 50% more food as compared to what was required in 2012. Meeting the growing consumer demand for food would require plantation of crops by preventing the growth of fungi, which is expected to boost demand for pyraclostrobin over the forecast period. Therefore, increasing global population is expected to boost the market share of agriculture segment in the global pyraclostrobin market during the forecast period.
• Moreover, as per the World Bank Group’s article on agriculture and food updated on April 1, 2020, in 2014, agriculture accounted for one-third of global gross-domestic product (GDP) and agricultural development is considered as one of the most powerful tools to end extreme poverty, boost shared prosperity, and feed a projected 9.7 billion people by 2050. These factors are expected to drive demand for pyraclostrobin during the forecast period (2020-2027).