The global profenofos market is predicted to expand at a moderate CAGR of 5% from 2022 to 2032. The market is set to amass a revenue of US$ 2 billion by 2032, scaling up from US$ 1.22 billion in 2022. Factors such as a declining cultivable area and the need for higher agricultural production positively influence the prospects of the profenofos market during the forecast period.
Profenofos is an organic thiophosphate that finds usage in the agriculture sector as a broad-spectrum organophosphate pesticide. Since it is extremely soluble in organic solvents, it makes it easy to apply pesticides to plants. Further, it eradicates pests and insects while protecting the crops. Profenofos is, thus, used to produce foliar insecticides, miticides, and acaricides.
With the growing population all over the world, food demand and needs have surged over the years. In order to meet the growing food need, there is a need to amplify agricultural production worldwide. The dwindling arable land also contributes to this need for raising agricultural production. These aspects will act as the main growth driver for the Profenofos market in the upcoming years. The increasing global population and a higher need for food crops push the demand for greater agricultural output. This factor will boost the demand for agrochemical products such as pesticides, fertilizers, and insecticides. Thus, escalating demand for agrochemicals will fuel the demand for Profenofos.
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The rising demand for cotton and a surge in cotton-growing areas will aid the growth of the Profenofos market. Since Profenofos destroys pests and insects while protecting the crop, the product observes elevated demand. In addition to this, the world’s agricultural economy is extensively adopting Profenofos as a pesticide. Many developing countries that depend immensely on agriculture, like Bangladesh and India, will prove to be lucrative markets for Profenofos. Smaller African nations with larger agricultural areas will also contribute to the Profenofos market growth during the forecast period.
Key Takeaways:
- The high amount of toxicity in Profenofos and associated adverse effects will deter the growth of the market during 2022 and 2032.
- Asia Pacific will lead the market growth due to the presence of key market manufacturers and the high demand for agrochemicals.
- The Profenofos market in Europe will grow rapidly over the assessment period due to revised regulatory measures.
- Increasing demand for cotton will strengthen the prospects of the profenofos market between 2022 and 2032.
Competitive Landscape
Coromandel International Limited, Hualong Chemical Industry Co. Ltd., Jiangsu Baoling Chemical Co. Ltd., Zagro Singapore Pte. Ltd., and National Company for Agricultural Production, among others, are some of the prominent players in the Profenofos market profiled in the full version of the report.
Leading market players are concentrating on introducing improved pesticides with the use of Profenofos. These businesses are keen on adopting a more eco-friendly approach. Many other participants engage in various organic and inorganic growth strategies.
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More Insights into the Profenofos Market
In its latest report, FMI offers an unbiased and detailed analysis of the global Profenofos market, providing historical data from 2015 to 2020 and forecast statistics for 2022 to 2032. For a comprehensive understanding of the global market potential, growth, and scope, the market is segmented on the basis of crop type (cotton, maize, potato, soybean, pulses, others (fruits and vegetables, etc.)), packaging (bottled packaging, bag packaging), and region.
According to the same reports, based on segmentation, cotton crop type will generate greater demand for the market owing to an increasing need for the crop. Thus, this segment will make significant contributions to the Profenofos market.
Based on region, the Profenofos market in the Asia Pacific will demonstrate substantial growth during 2022 and 2032. The target market in this region will continue to be dominant. This is because of the strong presence of manufacturers and increasing demand for agrochemicals like insecticides and pesticides. Further, a rise in the agricultural productivity in Asia Pacific will aid the region’s Profenofos industry. Besides Asia Pacific, the Profenofos market in Europe will also demonstrate steady growth. This can be attributed to revised regulations which have amplified the region’s Profenofos demands. Thus, Europe and Asia Pacific contribute to the global growth of the Profenofos market during the forecast period.
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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