Global Flumioxazin Market - 2023-2030

Overview:

Global Flumioxazin Market reached US$ 537.1 million in 2022 and is expected to reach US$ 1222.9 million by 2030, growing with a CAGR of 10.8% during the forecast period 2023-2030.

Flumioxazin is mostly utilized in the growth of sugar cane, cotton, and soybeans. It exhibits long-lasting performance in weed suppression following spraying as well as efficacy in encouraging crop development in the early stages. Flumioxazin's demand is raised by the fact that it works well against weeds that are resistant to the herbicide glyphosate, which is extensively used worldwide.

Flumioxazin demand is rising significantly as a result of more land being used for soybean farming in recent years. The Soybean Processors Association of India reports that the volume of soybean output in India grew by 7.18% in 2021-2022 to 11.2 million metric tons over the previous year.

The second-highest area set aside for soybean production in India, after Ujjain in Madhya Pradesh, is in Latur, an important agricultural center for soybean farming. A major source of income for farmers, soybean farming occupies over 55% of the district's total area under cultivation. based on information provided on May 1, 2023, by the Tata-Cornell Institute for Agriculture and Nutrition.

Dynamics:

Increasing Production Capacities of Flumioxazin

Herbicide resistance is increasingly giving more and more farmers worry in Asia, where GM crops are widely grown and non-selective herbicides are used carelessly. However, due to the declining number of agricultural workers and the aging of the workforce, farmers are in need of labor-saving strategies. Due to this circumstance, flumioxazin has had one of the herbicides' fastest recent global sales growth rates. The top companies raised their production capacity in response to the increasing demand for flumioxazin, which propelled the market's growth throughout the anticipated period.

For instance, Shangyu Nutrichem Co., Ltd. (Shangyu Nutrichem) announced that the company had completed the extension and modernization of its mesotrione production line, increasing the line's overall capacity to 4,000 t/a, on November 15, 2022. Shangyu Nutrichem's ability to compete in the mesotrione market will increase as a result of this growth. As Flumioxazin TC increases by 900 t/a to a final 1,000 t/a, the firm is moving forward in a scheduled manner with other projects included in the project, such as capacity growth for the current products.

Increased Number of Flumioxazin-related Registrations

Since there have been more flumioxazin-related registrations in the past two years than there were previously, there are now many more single-formulation and combined-formulation product variations than there were before. 19 Chinese companies now hold 99.2% of the registrations for flumioxazin's technical products. According to the ICMA registration data, three companies have registered flumioxazin 50% WP, including two Chinese firms whose products are primarily used to control annual weeds in peanut fields and one Japanese firm, Sumitomo, whose products can be used in soybean, peanut, and citrus plantations.

Yifan Biotechnology Group received approval to register its herbicide flumioxazin 480g/l SC (marketed under the names AGILESHOT and SUQU in China) on January 20, 2020, according to the ICAMA, the Chinese Ministry of Agriculture and Rural Affairs. The application for annual weed control in a soybean field has been accepted, and the registration certificate number is PD20200042. Flumioxazin SC has just been registered in China for the first time, bridging the gap in the country's pharmaceutical industry, which is currently dominated by powder and water-dispersible granule solid forms.

Government Restriction Towards Flumioxazin Chemical

Governments and regulatory organizations typically impose stringent limitations on the use of herbicides to protect public health and the environment. These regulations may impose limitations on the types of crops that flumioxazin may be used on, as well as on application rates and safety precautions, which may limit its commercial viability. Additionally, flumioxazin has long-lasting effects, is classified as being very dangerous to aquatic life, and is strongly suspected of interfering with endocrine function.

For instance, the EU Standing Committee on Pesticides (SCoPAFF) will be asked to vote on the European Commission's application for a 15-year extension of flumioxazin's clearance on October 15, 2021. The 30th of June 2022 marks the end of the authorization period for the active ingredient flumioxazin as outlined in Part A of the Annex to Implementing Regulation (EU) No 540/2011. During the anticipated year, the market expansion will be hampered by these difficulties in renewing the approval.

Segment Analysis:

The global flumioxazin market is segmented based on type, formulation, crop, distribution channel and region.

Demanded for Cereal Crop Production

Herbicide flumioxazin, which is frequently used in the production of grains and cereals, is essential in the removal of invasive species. Additionally, expanding the soybean crop will be necessary for the flumioxazin business to expand. According to the United States Department of Agriculture, soybean output reached its excessive in 2021 with 4.44 billion bushels, up 5% from 2020. The common soybean yield is expected to be 51.4 bushels consistent per acre, which is 0.4 bushels greater than in 2020 and the second maximum production ever, with report-high yields in 21 states.

According to studies from the University of Nebraska-Lincoln, premixed herbicides based on flumioxazin have verified large-spectrum weed management in soybeans when administered pre-plant and pre-emergence. Large firms are also developing the revolutionary flumioxazin solution for soybean production. Yifan Biotechnology Group Co., Ltd. filed flumioxazin 480g/L SC for the suppression of annual weeds in soybean fields, according to the ICMA registration data.

Geographical Penetration:

Asia-Pacific Dominates the Flumioxazin Market

China registered the most flumioxazin-related items, which led to a dominance of the flumioxazin market in the Asia-Pacific region. The number of flumioxazin-related registrations in China has grown over the last two years, and there are now many more single-formulation goods and combined-formulation products than there were before, according to ICAMA's registration statistics. 19 businesses owned 99.2% of the registrations for flumioxazin technical items in 2020.

China is a big proponent of the production of textile and oil crops, and they predict that many more flumioxazin-containing goods will be registered in cotton, soybean, and peanut. A lot of businesses are also increasing their production capabilities as flumioxazin demand rises. For instance, on February 14, 2023, Rainbow Agro China intends to invest RMB260.1091 million in flumioxazin productions, including RMB245.4705 million from the fundraiser, covering production equipment and related supporting facilities, in order to create an annual production capacity of 1,000 tons of flumioxazin technical.

Competitive Landscape

The major global players include: Sumitomo Chemical, Lier Chemical Co., Ltd., Yifan Bio-tech Group Co., Ltd., Beijing Yingtai Jiahe Biotechnology Co., Ltd., Rainbow Agro, Shandong Binnong Technology Co., Ltd., Shandong CYNDA (Group) Co., Ltd., Hebei Enge Biotech Co., Ltd, Albaugh, LLC. And RedEagle International, LLC

COVID-19 Impact Analysis:

Global agriculture and the agrochemical sector, especially the market for herbicides like flumioxazin, have been significantly impacted by the COVID-19 epidemic. Herbicide manufacturing and distribution had difficulties in the early stages of the pandemic due to supply chain interruptions, workforce shortages, and lockdown procedures in a number of nations. Furthermore, China has major production capacity units and is a significant exporter of herbicides. Flumioxazin and other agricultural pesticides' availability was impacted by this epidemic, potentially reducing their usage during significant planting seasons.

The pandemic also highlighted the significance of resilient and sustainable food systems. This heightened awareness of sustainability and the environment may have led some farmers to look at less-harmful weed-control strategies, which might have an effect on the market for chemical herbicides like flumioxazin.

Russia-Ukraine War Impact Analysis

The flumioxazin sector might be significantly impacted by the conflict between Russia and Ukraine in a number of ways. In the development of maize, a staple crop that mainly depends on the herbicide flumioxazin, Ukraine has played a significant role. There will probably be repercussions for both the supply and demand sides of the flumioxazin market as a result of the protracted conflict interrupting agricultural activity.

In addition, the conflict between Russia and Ukraine is expected to have a long-term effect on the flumioxazin market. Flumioxazin's global supply has been hampered by the war, which has driven up prices. This is probably going to go on until the conflict is over. Farmers and other flumioxazin users may need to locate substitute pesticides or use less of the insecticide in the meantime.

By Type

• Technical Material
• Single Preparation
• Compound Preparation

By Formulation

• Water Dispersible Granules (WG)
• Wettable Powder (WP)
• Emulsifiable Concentrate (EC)
• Suspension Concentrate (SC)
• Soluble Liquid Concentrate (SL)
• Others

By Crop

• Cereals & Grains
• Fruits & Vegetables
• Others

By Distribution Channel

• E-Commerce
• Specialty Stores
• Hypermarket/Supermarket
• Others

By Region

• North America
  • U.S.
  • Canada
  • Mexico

• Europe
  • Germany
  • UK
  • France
  • Italy
  • Russia
  • Rest of Europe

• South America
  • Brazil
  • Argentina
  • Rest of South America

• Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific

• Middle East and Africa

Key Developments

• On November 25, 2021, The launch of JOYA, a multipurpose professional herbicide with the active chemical Flumioxazin 51%, was announced by Rotam, a leader in the world of excellent crop protection solutions. JOYA is perfect for managing weeds in the aquatics, greenhouse, roadside, turf, and lawn industries.
• On January 20, 2020, The herbicide flumioxazin 480g/l SC, also known as AGILESHOTTM and under the brand names SUQU and SUQU in China, was registered by Yifan Biotechnology Group. The application to annually manage weeds in the soybean field has been accepted, and the registration certificate number is PD20200042.
• On August 24, 2021, 50 Technical Equivalences have been certified since Rainbow Agro started funding pesticide technical equivalences in the European Union (EU) in 2016, which is a significant step toward developing Rainbow's One-stop Pesticide Technical Supply Platform for the EU market. Flumioxazin is among the recognized Technical Equivalences.

Why Purchase the Report?

• To visualize the global flumioxazin market segmentation based on type, formulation, crop, distribution channel and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of flumioxazin market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as Excel consisting of key products of all the major players.

The global flumioxazin market report would provide approximately 77 tables, 85 figures and 192 Pages.

Target Audience 2023

• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies