Global Spirodiclofen Market – Snapshot
The global spirodiclofen market is currently witnessing a high rate of growth. This growth is because of considerably growing demand thanks to compliance with the present requirements and the changing standards of integrated pest management or IPM. Over the past few years, this demand is projected to increase more effectively. This growth is because of the growing yields of tangerines, walnuts, and almonds. Apart from this, rise in the production of tomatoes is also expected to help in further development of the global spirodiclofen market in the near future.
Initially, in the year 2013, the global spirodiclofen market was valued at US$119.9 mn. For the give period of forecast ranging from 2014 to 2020, the global market is expected to exhibit a CAGR of 6.0%. With this rate of growth, the global market is expected to reach a valuation worth US$172.1 mn by the fall of 2020. The researchers are projecting higher development prospects for the global market due to the increasing usage of spirodiclofen in decorative plants and fruiting vegetable crops in the near future.
Almond Crops to Demand More Spirodiclofen
Spirodiclofen finds an increasing and wide-ranging application in number of fruit crops such as lemon, lime, avocado, pear, grapes, peach, and apple. Among these, the segment of almonds is expected to emerge as the most significant contributor for the growth of the global market. The segment is the highest consumer of acaricide across the globe. The efficacy of spirodiclofen in maintaining the health of these crops and keeping them disease free is helping to improve its popularity. Moreover, the ability to enhance the crop yield is only helping to add to its growth in these coming years. Since the agriculture and crop industry is aggressively concentrating on protecting more and more crops from different types of diseases and insects, there has been a growing demand for mite-extermination chemicals, particularly spirodiclofen. This growing demand is thus expected to drive the growth of the global spirodiclofen market in the near future. The growth of the market is also expected to boosted by increasing production of fruits such as walnuts and tangerines.
Other types of crops such as fruiting vegetables and ornamental plants, also need spirodiclofen considerably so as to remove the hazardous pests and mites that stem its growth. With the growing cultivation of ornamental plants, called as floriculture, which is mainly done for the objective of beautification of a landscape design, requires spirodiclofen. This is further expected to help in boosting the growth of the global market.
Europe to Remain as Top Regional Segment
In terms of geographical segmentation, the global spirodiclofen market is divided into four key regions namely Asia Pacific, North America, Europe, and Rest of the World. Since 2013, Europe has been the key contributor for the overall development of the global spirodiclofen market. In that year, the market share of the regional segment was around 25%. The regional market has continued its dominance over the globe with growing usage of spirodiclofen in wide range of crops such as almonds and walnuts. It is expected that the market will continue to dominate in the near future as the applications of spirodiclofen keep on rising.
On the other hand, the regional segment of Asia Pacific is expected to emerge as the most promising segment for the overall development of the global spirodiclofen market. The region is expected to offer highly lucrative growth opportunities for the development of the market in the near future.
The competitive landscape of the global spirodiclofen market is highly consolidated. There are only two well established players in the global spirodiclofen market. It is unlikely that new players will enter the market in the near future and break the duopoly of these two companies. These companies are Hangzhou Tianlong Biotechnology Co. Ltd. and Bayer CropScience.