Picoxystrobin Market Size, Share, Analysis, Trends, Growth, Forecasts, 2032

Picoxystrobin Industry Prospective:

The picoxystrobin market size was worth around USD 25.68 billion in 2023 and is predicted to grow to around USD 38.82 billion by 2032 with a compound annual growth rate (CAGR) of roughly 4.70% between 2024 and 2032.

Request Free Sample

Picoxystrobin Market: Overview

Picoxystrobin is a cereal fungicide. It is used for controlling several types of diseases in crops, fruits, and vegetables. Some of the commonly prevented diseases through picoxystrobin include tan spots, brown rust, net blotch, and powdery mildew. Upon application, it inhibits the growth of the mitochondrial cytochrome-bc1 complex. Furthermore, it is also applied as an antifungal agrochemical. Picoxystrobin is also classified as an enoate ester, aromatic ether, an organofluorine compound, an enol ether, a methoxyacrylate strobilurin antifungal agent, and a member of pyridines. Picoxystrobin is known to improve crop yield and quality when used in recommended dosages. However, there have been concerns over the impact of the chemical on the ecological system and on non-target organisms. In addition to this, picoxystrobin is mostly used in tandem with other fungicides for comprehensive action on managing fungal infestation in crops. During the projection period, the demand for the picoxystrobin industry is projected to register high growth momentum. However, challenges such as severe environmental damage and escalating demand for organic variants may restrict the growth trend.

Key Insights:

• As per the analysis shared by our research analyst, the picoxystrobin market is estimated to grow annually at a CAGR of around 4.70% over the forecast period (2024-2032)
• In terms of revenue, the picoxystrobin market size was valued at around USD 25.68 billion in 2023 and is projected to reach USD 38.82 billion, by 2032.
• The picoxystrobin market is projected to grow at a significant rate due to the development of stronger strains of picoxystrobin
• Based on the application, the cereals & grains segment is growing at a high rate and will continue to dominate the global market as per industry projection
• Based on the type, the 0.98 segment is anticipated to command the largest market share
• Based on region, North America is projected to dominate the global market during the forecast period

Request Free Sample

Picoxystrobin Market: Growth Drivers

Development of stronger strains of picoxystrobin may drive the market demand rate

The global picoxystrobin market is expected to be driven by the growing focus on developing stronger strains of the fungicide. Extensive studies and research indicate the growing intensity of crop-based fungal infestations. The consistent agricultural practices globally as well as the innate characteristics of fungi are responsible for the growing reports of traditional fungicides delivering effective results in managing infestations. For instance, continuous use of the same fungicides leads to improved resistance shown in fungi. They develop better immunity to fight the effect of regularly used quantities and dosage of fungicides. To better manage the growing resistance shown by crop fungi, market players are actively developing more powerful and effective picoxystrobin-based pest management programs. In August 2023, Corteva Agriscience, a US-based agricultural chemical and seed company, announced the expansion of its LumiGEN seed treatment portfolio. It offers a three-way premix fungicide with ipconazole, oxathiapiprolin, and picoxystrobin as the active ingredients. The fungicide is specially developed to prevent damage to soybean seeds. Moreover, the rise in investment toward continuously monitoring the evolution of crop fungus will help companies deliver preventive care.

Growth in the agricultural industry will promote product adoption rate during the projection period

The agricultural industry is one of the world’s most prominent sectors. It is responsible for meeting the global food demand which continues to rise with every passing year. By 2050, the world population is expected to cross more than 9 billion as per the World Health Organization (WHO). The demand and application of picoxystrobin is expected to surge as more investments in the agricultural sector surge. In addition to this, farmers are becoming more aware of ways to improve crop yield and quality. They are actively seeking ways to prevent fungal infestations in crops, fruits, or vegetables. In December 2021, the European Commission formally adopted the agreement to reform the common agricultural policy (CAP) which focuses on securing the agriculture sector from future harmful events. Such policies are expected to help the global picoxystrobin market grow. Moreover, it is oriented toward the objectives of the European Green Deal. In April 2024, France launched a new law in favor of the regional agricultural sector to protect food sovereignty. The bill encourages the development of an investment group for improving capital in the farming industry.

Picoxystrobin Market: Restraints

Impact of picoxystrobin use on environmental conditions will limit the industry’s growth rate

The global industry for picoxystrobin is expected to be restricted due to the environmental impact of excessive picoxystrobin use. Research indicates that the fungicide may affect non-target organisms. Picoxystrobin is used as a foliar spray. The fungicide residue can leach or run off into water-bodies thus affecting the marine ecosystem as well. On the other hand, fungi tend to develop resistance toward regularly used fungicides. Crop cultivators may have to switch between fungicide intensity and brand regularly to ensure the prevention or management of pest infestation.

Picoxystrobin Market: Opportunities

Expansion of fungicide application to new crops will generate more growth opportunities

The global picoxystrobin market is expected to generate massive growth opportunities during the forecast period. Traditional application of picoxystrobin is mostly associated with crops such as soybeans, wheat, and maize. However, businesses operating in the sector must focus on expanding product applications for further growth. More research & development (R&D) is required to learn the efficiency of picoxystrobin in other essential edible items such as specialty crops and fruits.

Entry into new markets with high demand for fungicides will prove beneficial for the companies

Businesses producing picoxystrobin-based must focus on new markets to witness higher growth. The farming industry is expanding at an exponential rate and market players should tap into the unexplored territories for comprehensive growth. This strategy was observed in September 2023. Corteva launched its novel biocide titled Viatude™ in the US market. The product is made of prothioconazole and picoxystrobin. With this launch, the company has expanded its product portfolio in the US sector. Moreover, emerging nations such as African regions, India, and China hold tremendous lucrative opportunities for producers in the global picoxystrobin fungicide market.

Picoxystrobin Market: Challenges

Surge in demand for organic fungicides may challenge the market expansion rate

The global picoxystrobin industry is projected to be challenged by the growing demand for organic fungicides worldwide. Ecologically beneficial fungicides do not pose a threat to the environment as well as other living organisms. Moreover, the number of organic fungicide producers has increased in recent times thus making the product more accessible. The trend for higher adoption of organic variants may limit the adoption of synthetic fungicides.

Picoxystrobin Market: Segmentation

The picoxystrobin market is segmented based on application, type, and region.

Based on the application, the global market segments are fruits & vegetables, pulses & oilseeds, cereals & grains, and others. In 2023, the highest growth rate was observed in the cereals & grains segment. The main application of picoxystrobin fungicide is during the cultivation of crops such as corn, soybeans, barley, and wheat. The growing food demand worldwide is leading to greater use of solutions that reduce crop damage and promote higher crop yield. In 2023, India produced more than 114.01 million metric tonnes of wheat as per official records.

Based on the type, the picoxystrobin industry divisions are 0.98 and 0.97. In 2023, the highest demand was observed for 0.98 picoxystrobin. this means that the total product is made of 98% picoxystrobin by weight or volume. The number indicates the concentration level of the chemical. The demand for high concentrates of picoxystrobin has been growing due to higher resistance showcased by fungi to traditional measures. However, the exact demand for each variant depends on product availability and regulatory requirements.

Picoxystrobin Market: Report Scope

Picoxystrobin Market: Regional Analysis

North America to generate the highest revenue during the projection period

The global picoxystrobin market is expected to be led by North America during the forecast period. One of the major reasons for the higher regional market growth rate is the growing demand for effective fungicides across the agricultural sectors of the US, Canada, and Mexico. In 2023, the US agricultural sector contributed over USD 1500 trillion to the country’s gross domestic product along with other related sectors. In May 2024, the current US government announced a major investment in local fertilizer projects. The government plans to strengthen American businesses & farms. Moreover, the presence of a strict regulatory environment controlling the production, supply, and use of picoxystrobin-based fungicides will be helpful for the regional market.

Europe is projected to deliver exceptional results in the picoxystrobin industry over the projection timeframe. Europe is witnessing high food demands driven by the globally growing and expanding food & beverages sector. The higher regional investments in research and innovation to improve fungicide performance will help fuel growth in European nations. However, the regional market expansion may be interrupted by higher demand for organic fertilizers and fungicides.

Picoxystrobin Market: Competitive Analysis

The picoxystrobin market is led by players like:

• UPL Limited
• BASF SE
• Zhejiang Heben Pesticide & Chemicals Co. Ltd.
• FMC Corporation
• AMVAC Chemical Corporation
• Shandong Rainbow International Co. Ltd.
• Ishihara Sangyo Kaisha Ltd.
• Syngenta AG
• Albaugh LLC
• Sumitomo Chemical Company
• Limited
• Bayer AG
• ADAMA Agricultural Solutions Ltd.
• Corteva Agriscience
• Sipcam Agro USA Inc.
• Nufarm Limited.

The picoxystrobin market is segmented as follows:

By Application

• Fruits & Vegetables
• Pulses & Oilseeds
• Cereals & Grains
• Others

By Type

• 0.98
• 0.97

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa