Profenofos Market: Overview
- Profenofos (C11H15BrClO3PS) is an organic thiophosphate, a broad spectrum organophosphate insecticide that is used in agriculture
- Profenofos is available in liquid form in amber or pale yellow color. It has garlic-like odor. It allows easy application of insecticides on plants, as it is highly soluble in organic solvents.
- Profenofos is used in the manufacture of foliar insecticide, miticide, and acaricide. It kills insects & pests and offers protection to crops. The WHO has classified profenofos as class II of toxicity class.
Rise in Demand for Agriculture Produce to Drive Profenofos market
- Increase in population and rise in demand for food crops across the globe has boosted the need for higher agricultural produce. This is expected to drive the demand for various agrochemicals such as fertilizers, pesticides, and insecticides. Growth in demand for insecticides is estimated to propel the global profenofos market during the forecast period.
- Increase in demand for cotton and rise in cotton growing areas are further fueling the global profenofos market
- Implementation of stringent regulations over the usage of pesticides and insecticides in various regions such as the EU is anticipated hamper the market during the forecast period. High level of toxicity in profenofos chemical is also estimated to hamper the market. Profenofos has various side-effects on marine life and other living organisms, as it affects the DNA of living species. This is also projected to adversely affect the market.
- The COVID 19 pandemic has adversely impacted the manufacture of insecticides due to the industrial shutdown in various countries across the globe. The profenofos market has been facing supply-demand shortages as well as disruption in raw material supply. This is likely to hamper full-scale operations of companies operating in the profenofos market. Supply shortage also raises the prices of raw materials. Affected downstream supply chain may take longer to recover.
Cotton Crop Type Segment to Offer Lucrative Opportunities
- Based on crop type, the global profenofos market can be divided into cotton, maize, potato, soybean, pulses, and others
- The cotton segment is anticipated to dominate the global profenofos market during the forecast period. Profenofos protects cotton by controlling tobacco budworm, cotton bollworm, armyworm, cotton aphid, whiteflies, spider mites, and plant bugs.
Bottled Packaging Segment to Hold Major Share of Market
- Based on packaging, the profenofos market can be classified into bottled packaging and bag packaging
- The bottled packaging segment held major share in 2019. It is expected to continue its dominance during the forecast period. Rise in demand for insecticides is expected to drive the demand for profenofos during the forecast period.
Asia Pacific to Constitute Significant Share of Global Profenofos Market
- In terms of region, the global profenofos market can be split into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- Asia Pacific dominated the global market in 2019, led by the presence of key manufacturers as well as rising demand for agrochemicals such as insecticides and pesticides in the region. Growth in agricultural productivity in Asia Pacific is likely to boost the profenofos market in the region.
- North America also held large share of the global profenofos market in 2019. Increase in research and development activities in the agrochemical industry and rise in usage of insecticides on crops have been boosting the market in the region.
- The market in Europe is expected to expand at a rapid pace during the forecast period. Profenofos was not approved in the European Union until 2015; however, several regulatory agencies have agreed upon the fact that the aggregate risk of using profenofos are within the safety levels. This has boosted the demand for profenofos in the region.
- Developing economies such as South Africa possess large agricultural areas. This is projected to propel the demand for profenofos in the country during the forecast period.
Key Players in Market
The global profenofos market is fragmented, with the presence of several regional and global manufacturers. Prominent players operating in the market are investing in joint ventures, expansion, and new product launch in order to maintain their leading position. Prominent players operating in the market are investing in development of advanced manufacturing processes.
Key players operating in the global profenofos market include:
- National Company for Agrochemicals Production (Agrochem)
- Jiangsu Baoling Chemical Co., Ltd.
- Hualong Chemical Industry Co., Ltd.
- Fulon Chemical Industrial Co., Ltd.
- Acme Organics Pvt. Ltd.
- Bharat Group
- Yantai Keda Chemical
Global Profenofos Market: Research Scope
Global Profenofos Market, by Crop Type
- Others (Fruits & Vegetables, etc.)
Global Profenofos Market, by Packaging
- Bottled Packaging
- Bag Packaging
Global Profenofos Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.