Azoxystrobin is part of the strobilurin chemical family, which restricts mitochondrial respiration in fungi. It is one of the most commonly used fungicides due to its several anti-fungal qualities against different diseases. For example, oomycete which infects grapes, Deuteromycota which affects rice, and so on.
The global azoxystrobin market is anticipated to experience a considerable growth during the forecast period. This rise can be attributed to the growing demands from the increasing agriculture industry across the globe. Azoxystrobin is widely utilized on vegetables and fruit plants, as a fungicide, to eradicate the growth of fungal spores. The rising awareness of the harmful effects of fungal spores in respect to the yield and crop quality is expected to positively impact the market over the next six years.
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The fungicides usage trend is becoming very popular. Farmers across the world are now increasingly using azoxystrobin to decrease and even avert crop output losses. This is projected to spur market demand for azoxystrobin. In addition, growing emphasis on ecological, economic, and social sustainability in the farming & agricultural industries is encouraging farmers across the globe to incorporate bio-based fungicides in their conventional farming methods. However, the rising concerns regarding the health hazards caused by azoxystrobin added to crops in larger quantities, are projected to hamper the global azoxystrobin market growth.
The Asia-Pacific (APAC) region is projected to be the fastest-growing region during the forecast period. This can be due to the growing demands from emerging countries which are dependent on azoxystrobin to thwart fungal attacks on crops. Moreover, developing countries such as China and India are expected to lead the regional growth due to the persistently growing population and the food demands.
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The Europe and North America regions held a considerable market share in the past. This trend is projected to continue during the forecast period as well because of the existence of a number of established companies and higher market maturity levels. The United Kingdom has also approved the azoxystrobin usage for a variety of crops like broccoli, barley, carrots, and so on.
Some of the major companies operating in the azoxystrobin market include Syngenta AG, Hangzhou Tianlong Biotechnology Co. Ltd., Yangzhou Jeffrey International Trade Co. Ltd., and FMC Corporation.
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