(Food-Beverage-News.Com, October 18, 2019 ) Market Overview: Crop oil concentrates are chemical solutions that are used as adjuvants in crop nutrition and protection activities. These blends of petroleum distillates and emulsifiers are used along with various pesticide forms to help enhance their performance in plant and weed growth control. Modern agricultural practices include the application of crop-oil concentrates with herbicides, fungicides, insecticides, defoliants, desiccants, and various other pesticide forms.
Market Dynamics: The Crop Oil Concentrates Market has been witnessing significant growth owing to the growing utilization of pesticides and plant growth regulators. The ability of these chemicals to enhance deposition and spreading of herbicides, thereby improving the effectiveness is motivating the farmers towards use of crop oil concentrates.
However, the availability of other adjuvants such as non-ionic surfactants and vegetable-oil concentrates that can be used as an alternative to crop oil concentrates is the major restraint for the growth of the market. The adverse effects of petroleum based products on human health and environment is also hindering the utilization of crop-oil concentrates.
Market Segmentation: The Crop Oil Concentrates Market has been segmented by application into insecticides, herbicides, fungicides, plant growth regulators, and others. The suitability to use with wide array of post-emergence herbicides made herbicides as the largest segment of the market. Herbicides is expected to hold a share of over 40% in Crop Oil Concentrates Market and is estimated to hold its dominance by growing at a CAGR of 4%.
Geographical Analysis: By geography, the market is segmented into North America, Asia-Pacific (APAC), Europe, South America, and the Middle East and Africa (MEA).
Well established crop protection business and large scale utilization of herbicides made North America as the largest market for crop oil concentrates. Growing practice of precision farming to enhance pesticide efficiency is boosting the need for crop oil concentrates in this region.
However, South America is expected to witness the highest growth rate over the forecast period owing to rising consumption of herbicides in countries such as Brazil and Argentina. Soybean cultivation in Brazil has witnessed 13% growth in use of pesticides in 2019, thus providing opportunity to crop oil concentrates.
Competitive Analysis: 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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