New York, US, Aug. 17, 2021 (GLOBE NEWSWIRE) -- Crop Oil Concentrates Market Overview
According to a comprehensive research report by Market Research Future (MRFR), “Crop Oil Concentrates Market Information by Crop Type, Surface Concentration, Application, and Region - Forecast till 2028”, the market is projected to cross USD 310 Million by 2028 at 4.25% CAGR.
Primary Growth Boosters
In view of the rising deployment of pesticides as well as plant growth regulators, the global crop oil concentrates industry has been experiencing substantial growth in recent years. Crop oil can be described as an activator that enhances the physical attributes of a variety of spray solutions. Surfactant have a huge role in this action, given that it helps foster the surface contact between two liquids, boosting the penetration rate of multiple spray solutions and more.
Surging consumption of insecticides and herbicides helps enhance the crop oil concentrates market share across the globe. Protection from unwanted plants and weeds is necessary in the agricultural sector, as these unwanted elements bring down the total soil fertility. Crop oil concentrate and fungicides or insecticides are viewed as the best possible solution in this scenario. Fungicides, especially, are emerging as one of the most used COC for several crops.
COCs’ accelerated demand in emerging regions like South America is seen as a significant opportunity by international players. The strong demand is the result of the high usage of agrochemicals, advances in farming techniques and the collective efforts given by the local agrochemical vendors.
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Competitive Landscape
The major vendors in the global market are:
- CHS Inc. (US)
- KALO, Inc. (US)
- Helena Agri-Enterprises LLC. (US)
- Innvictis Crop Care LLC. (US)
- Plant Health Technologies. (US)
- Precision Laboratories, LLC (US)
- Nutrien Ag Solutions (US)
- Winfield United. (US)
- Croda International Plc. (UK)
- BASF SE.(Germany)
These manufacturers are focused on expanding their worldwide reach by launching new and more advanced solutions and products to grab the attention of a higher number of end-users and consumers. Some of the major strategies employed by these companies include partnerships, acquisitions, and collaborations. To cite an instance, in June 2021, Decibel Cannabis Company Inc. confirmed the introduction of Pressed by Qwest, its latest high-end concentrate brand featuring concentrate, vape, pre-roll, and dried flower products.
Browse In-depth Market Research Report (90 Pages) on Crop Oil Concentrates: https://www.marketresearchfuture.com/reports/crop-oil-concentrates-market-10551
COVID-19 Analysis
With several industries facing financial challenges brought on by the COVID-19 outbreak, the agriculture sector and ultimately the crop oil concentrates market have faced a host of issues as well. However, the global market could manage to recover quickly since industrial and transportation activities are starting to function at almost full capacity in various parts of the world. The emergence of process automation within the agriculture industry along with the essentiality of agricultural products due to the massive food demand would also ensure the global market’s swift recovery in the near future.
Market Restraints
Lower knowledge level among farmers of underdeveloped countries regarding the advantages of crop oil concentrates will be a big challenge for the major manufacturers in the following years.
Market Segmentation
Applications of crop oil concentrates are fungicides, insecticides, herbicides, and more. Out of all the pesticides available in the market, herbicides’ use is quite extensive worldwide. This could be owing to the expanding cultivation area of crops that are herbicide tolerant. Additionally, industry analysts say that use of adjuvants like COC is significantly high in herbicides on account of its surging use rate according to labels offered by the pesticide manufacturers. Therefore, the global market is led by the herbicides segment, which will continue to grow rapidly in the years to come.
Surface concentration-based segments are between 15% To 25%, greater than 25%, and less than 15%.
Crop types include cereals & grains, oil seeds & pulses, fruits & vegetables, and others. Cereals and grains form the biggest proportion of the crop oil concentrate industry, thanks to the mounting consumption of a variety of cereals and grains worldwide. The world bank reveals that the total cereal production in 2019 accounted to 2.965 billion metric tons.
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Regional Status
North America, Asia Pacific, along with Europe, and the rest of the world are the primary markets for crop oil concentrates.
With a robust crop protection sector and the huge demand for herbicides, North America is in the lead in the global market for crop oil concentrates. Crop oil concentrates manufacturers in the region extensively use up-to-date and modern agricultural techniques, which helps foster the demand for crop oil concentrates among farmers. Surge in the number of manufacturing firms along with frequent technological advances in the agriculture industry also add to the regional market value. Farming techniques backed largely by precision farming and biotechnology techniques have given a substantial boost to the North American market for crop oil concentrates and will ensure its lead throughout the analysis period.
Second in the lead is the APAC market, where agriculture is one of the most significant industries. The crop oil concentrates market in the region is likely to be fostered by the surging use of a variety of crop oil concentrates within the agriculture sector. Other growth rendering factors can be the escalating use of agrochemicals, innovations in farming techniques in India and China, and various distribution channels by agrochemical manufacturers.
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