According to the research report “Crop Oil Concentrates Market by Application and Geography – Forecast and Analysis 2022-2026”, the market will witness a YOY growth of 3.73% in 2022, at an accelerated CAGR of 5.36%. The report is segmented by application (herbicides, insecticides, fungicides, and others) and geography (APAC, North America, Europe, South America, and MEA).
The crop oil concentrates market is fragmented and the vendors are deploying various organic and inorganic growth strategies to compete in the market. Market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
Some of the prominent players in the market are engaging in offering innovative products to gain a competitive advantage in the market. For instance, BASF SE offers crop oil concentrates products under the brand name of Poast. Brandt Inc. offers crop oil which is a combination of surfactant and a superior paraffinic oil designed for use in crop protection spray programs.Geographical Market Analysis
APAC held the first-largest crop oil concentrates market share in 2021. The region is likely to contribute to 62% of the overall market growth during the forecast period. APAC will generate growth across all the years of the forecast period between 2021 and 2026. The year-on-year growth during this period will vary between 4.92% and 7.46%.
The growth of this region can be attributed to the presence of abundant agricultural land in the emerging economies of the region. It has grown to be the largest agricultural pesticides market and the fastest growing market worldwide for the consumption of pesticides, which, in turn, has led to an increased demand for crop oil concentrates. In addition, the growth of the market is also due to the rise in popularity of modern farming procedures and the increased use of agrochemicals such as crop oil concentrates. Farmers in this region are incentivized to invest in crop safety and growth-enhancing chemicals. The growing economy and currency-stabilizing strategies prevailing in the region are propelling the growth of the crop oil concentrates market.
Furthermore, countries such as the China, US, Argentina, Thailand, and Brazil are expected to emerge as prominent markets for crop oil concentrates during the forecast period.Key Segment Analysis
The crop oil concentrates market is segmented by application into herbicides, insecticides, fungicides, and others. The herbicides application segment held the largest crop oil concentrates market share in 2021 and is likely to retain its dominance through 2026. Crop oil concentrates enhance the performance of herbicides by activating herbicide absorption power in plant tissues. They are usually petroleum-based crop oils, which increase herbicide activity. Furthermore, they increase herbicide effectiveness, which boosts the growth of the global crop oil concentrates market. The increase in agricultural activities in APAC will fuel the demand for herbicides, which will drive the growth of the global crop oil concentrates market during the forecast period.Key Market Drivers & Challenges:
The increased use of herbicides is notably driving the crop oil concentrates market growth. Vendors invest heavily in the development of new categories of herbicides that are more effective and environment-friendly. The shift in consumers’ preferences toward fruits and green vegetables, propelled by the rising awareness regarding health and fitness, fuels the use of herbicides in agricultural applications, which, in turn, is boosting the demand for adjuvants such as crop oil concentrates. Furthermore, the rising plant resistance toward herbicides is also compelling farmers to use crop oil concentrates to increase herbicide efficiency.
However, a challenging regulatory environment is one of the prominent factors that might hinder the market’s growth during the forecast period. Companies in the global crop oil concentrates market are required to abide by certain laws and regulations, which are the governance codes for agrochemical businesses. The application of modern methods and the use of a specific class of pesticide products draw the attention of legislative and regulatory bodies, which, in turn, limit the use of products or lead to their withdrawal from the market. The global crop oil concentrates market needs to comply with numerous regulatory laws and obligations, which are expected to influence the market growth negatively.About Us:
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