Thifluzamide Market Depict High-End Demand across Major Geographies during 2021-2031

Thifluzamide Market Depict High-End Demand across Major Geographies during 2021-2031

COVID-19 Impact on Thifluzamide Market

  • On January 30, 2020, the International Health Regulations Emergency Committee of the World Health Organization (WHO) declared the Coronavirus disease (COVID-19) outbreak a public health emergency of international concern. Originating in China, the virus has spread to at least 214 countries and territories around the world.
  • Several governments and private sector businesses are operating at a limited capacity or have ceased operations completely due to recent events surrounding the COVID-19 pandemic
  • Manufacture of various consumer goods and other products across the globe came to a halt due to the unavailability of raw materials, shortage of labor, and other reasons. This is expected to hamper the thifluzamide market.

Key Drivers and Restraints of Thifluzamide Market

  • Thifluzamide is majorly used as a fungicide, due to superior prevention that it offers to crops from various diseases. Increasing demand for improving crop production and quality is expected to fuel the global thifluzamide market in the next few years.
  • Thifluzamide controls a wide range of basidiomycete fungi on rice, cereals, field crops and turf by foliar application and as seed treatment. It is particularly effective for foliar treatment of rhizoctonia, puccinia and corticium, and for seed treatment of ustilago, tilletia, and pyrenophora.
  • High investments have been witnessed in the agricultural industry in the last few years. Improving economic conditions and increase in demand for food with respect to growing population are the factors anticipated to boost the global thifluzamide market in the near future.
  • Emergence of bio-based agrochemicals due to rising environmental concerns is expected to hamper the thifluzamide market in the near future

Thifluzamide: Application Segment

  • Based on application, the global thifluzamide market can be segmented into fungicide, seed treatment, and others
  • The fungicide segment is projected to gain higher share of the global market during the forecast period. Thifluzamide is consumed as fungicide, due to its excellent performance on a variety of crops such as field crops, fruit trees, small fruits, vegetables, and turf.
  • It functions efficiently against various fungal diseases in terms of inhibition of spore production and growth of the fungus
  • Rise in awareness about efficient fungicides such as thifluzamide on a broad range of crops and governmental support of their application methods are likely to fuel the demand for thifluzamide during the forecast period

Asia Pacific to Hold Leading Share of Thifluzamide Market

  • In terms of region, the thifluzamide market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East Africa
  • Asia Pacific is expected to hold major share of the global thifluzamide market, followed by North America and Europe, during the forecast period
  • Increase in usage of pesticides and fungicides in Asia Pacific can be ascribed to the significant increase in demand for food and decrease in arable land in the region. This is expected to boost the demand for thifluzamide in the region during the forecast period.
  • Agriculture-based economies such as China, India, and Australia are located in Asia Pacific. Overall growth in the agriculture industry in these countries has resulted in an increase in awareness regarding the benefits of fungicides among farmers.
  • Rise in demand for food crops, primarily fruits and vegetables, due to the ever-growing population and increase in popularity of processed food in emerging economies are driving the demand for efficient agrochemicals in Asia Pacific. This, in turn, is anticipated to positively impact the demand for fungicides, considering the large-scale consumption of thifluzamide during the forecast period.

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