The crop oil concentrates market is estimated to account for USD 199 million in 2019 and is projected to reach USD 254 million by 2025, recording a CAGR of 4.1% during the forecast period. The market is primarily driven by the increasing need to reduce pesticide usage per hectare, growing preference for generic pesticides, and rising adoption of herbicide-tolerant crops.
Higher consumption of herbicides for corn and wheat contributes to the growth of the crop oil concentration market in this segment
COC consumption, on the basis of crop type, is mainly dependent on the consumption of pesticides for each crop. However, the pesticide consumption in each crop depends on multiple factors, such as the type of pest infesting the crop, cropping cycle, number of pesticide applications in the growth phase, and climatic conditions. Since the application of pesticide is high for row crops, including corn, wheat, and rice, the crop oil concentrates market for cereals & grains is estimated to be high in 2019.
Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=37560923
Large area under cultivation of cereal crops and the growing adoption of COCs for herbicides application provides high growth opportunities for the cereals & grains segment.
Wheat and corn are the major cereals cultivated worldwide, accounting for nearly 3.4% of the global cereal production in 2016, according to the FAO. Additionally, according to the FAO, the global cereal production increased from 2.6 billion tons in 2016 to 2.7 billion tons in 2018, which is mainly driven by the need for yield improvements in limited arable area for expansion. The application of herbicides is also high for row crops, particularly corn and wheat. Thus, with the increase in consumption of herbicides in the cereals & grains segment, the application of COC per hectare would increase. This, in turn, contributes to the growth of the crop oil concentrate market in the cereals & grains segment.
South America is projected to witness the highest growth in the crop oil concentrates market during the forecast period
The global market was dominated by North America in 2018, in terms of value and volume, due to the high presence of COC manufacturers and adoption of modern agricultural technology such as precision farming and plant biotechnology. However, the demand for COCs in developing regions, such as South America has significantly increased. This is mainly due to the growing adoption of agrochemicals, advancements in farming techniques in Brazil and Argentina, and establishment of distribution channels by global agrochemical players. In addition, the consumption of herbicides is quite high in the region, according to FAOSTAT. Due to these factors, the market in South America is projected to record the highest growth during the forecast period.
Key companies in the crop oil concentrates market are Wilbur-Ellis Holdings, Inc. (US), Croda International Plc (UK), BASF (Germany), Winfield United (US), KALO, Inc. (US), BRANDT Consolidated, Inc. (US), Innvictis Crop Care (US), CHS, Inc. (US), Precision Laboratories, LLC (US), Helena Agri-Enterprises, LLC (US), Nutrien Ag Solutions (US), and Plant Health Technologies (US). Various strategies, such as acquisitions, expansions, and agreements, were adopted by key companies to remain competitive in this market.