Crop oil concentration is a surfactant mixture made from petroleum-based oil. Crop oil concentration is used as a chemical component in herbicides, fungicides, and other pesticides. Crop oil concentrate has important properties that improve the strength and quality of herbicides. The global crop oil concentrates market valued USD XX billion in 2020 and is estimated to reach USD XX billion by 2028, growing at a CAGR of XX% during the forecast period.
Because of the increased use of pesticides and plant growth regulators, the worldwide crop oil concentrates market has been seeing significant expansion. Crop oil is a type of activator or stabiliser that improves the physical properties of various spray solutions. The surfactant plays an important part in this action because it improves the surface contact between the two liquids, increasing the penetration rate of different spray solutions. The increase in usage of herbicides and insecticides is also a major driving factor for the crop oil concentrates market. Protection from weeds and unwanted plants is required in agricultural industry as they reduce the soil fertility. Crop oil concentrate and insecticides or fungicides form a viable solution. Fungicides, in particular, are becoming more widely used for a variety of crops. However, market expansion is hampered by price volatility in petroleum oil and raw materials. Also, increased competition from vegetable-derived oil concentrates is a significant market restraint.
While the global trade came to halt during the lockdowns imposed to control the spread of novel coronavirus, the agricultural industry has been impacted by severe freight challenges. Since the supply and demand chain has been disrupted due to the pandemic, the industry has had a negative impact on its sales. Also, the labour which is required on the farm to help has reduced. This is due to the increased restrictions on the movement so as to control the spread of the novel coronavirus. Due to this, the spraying of crop oil has halted which means the demand is pretty low for the same.
The global crop oil concentrates market has been segmented by application into insecticides, herbicides, fungicides, plant growth regulators, and others. The suitability to use with a wide array of post-emergence herbicides made herbicides the largest segment of the market. Herbicides are expected to hold a share of over XX% in the global crop oil concentrates market and are estimated to hold their dominance by growing at a CAGR of XX%. Crop oil concentrates market is also segmented based on Crop types into cereals & grains, oilseeds & pulses, Fruits & vegetables. Cereals and grains accounted for the largest proportion of the global crop oil concentrate market, owing to rising cereal and grain consumption among consumers worldwide. According to the world bank, the cereal production in the year 2018, was 2.965 billion metric tons. Crop oil concentrates market is segmented based on its surface concentration into less than 15%, between 15 to 25% and more than 25%. The global crop oil concentrates market was dominated by products with surfactant concentrations of more than 25%. The price and quality of the items are determined by the surface concentration. The surfactant gains an advantage from a high surface concentration, but the cost of the product is higher.
By geography, the global crop oil concentrates market is segmented into North America, South America, Europe, Asia Pacific, Middle East and Africa. North America is the largest market for crop oil concentrates due to its well-established crop protection industry and widespread use of herbicides. Crop oil concentrates makers in North America are concentrating on the most up-to-date agricultural techniques, which is projected to increase farmer demand for crop oil concentrates. In the global crop oil concentrates market, Asia-Pacific is predicted to be the second-largest market value. In Asia-Pacific, agriculture is extremely important. The global crop oil concentrates market is likely to be driven by a growing desire for high surfactant oil concentrate in the agriculture industry.
North America holds dominance in the Crop Oil Concentrates market. This is because of the rise of various manufacturing companies and high technological advancement. Farming techniques that use biotechnology and precision farming techniques has given North America the largest crop oil concentrates market in the world. Whereas, South America is projected to grow during the forecast period due to the increase in its usage of Herbicides. Another reason being, supply chain in the South America region has been improved significantly due to the arrival of new companies.
The global crop oil concentrates market is fragmented with a large number of players. With fresh product releases and patent applications, the market is fiercely competitive. Global agrochemical companies including BASF SE, Syngenta AG, and Dow Agrosciences LLC have gained patents related to crop oil concentrates and are likely to increase their market share. Other key players in the market are Wilbur-Ellis Holdings, Inc., CHS, Inc., Innvictis Crop Care, Precision Laboratories, LLC, and Plant Health Technologies.
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