Growth of herbicides industry is expected remain a major factor driving the global isoxaflutole demand over the forecast period. Increasing food demand on account of growing population, particularly in emerging markets of China, India and Brazil are expected to drive the demand for herbicides which in turn is expected to fuel the isoxaflutole market. Growing importance for quality and yield of crops is expected to further drive the market growth. Increasing intervention of European Food Safety Authority to promote the use of isoxaflutole in crops other than corn and soy is expected to provide market participants with opportunities to broaden application scope. Lack of awareness regarding phytoxicity of isoxaflutole and its potential effects on soil are expected to hinder the market growth. Increasing R&D by companies to gain insights into environmental effects of isoxaflutole is expected to counter these challenges and provide market participants with opportunities.
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North America is one of the largest regional markets for isoxaflutole. Increasing isoxaflutole consumption in the region can be attributed to large scale corn cultivation in the U.S. Growing crop area for corn and soy harvesting is expected to drive the market growth in the region. Asia Pacific is expected to register significant growth over the next six years. Increasing corn cultivation in China and soy cultivation in India are expected to drive the regional market. Brazil and Argentina are major soy producers and accounted for more than half of world’s soy production in 2011. Rising food demand coupled with increasing soy production in these markets is expected to drive isoxaflutole demand in Latin America over the forecast period.
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Some major companies operating in the global isoxaflutole market include Bayer CropScience, DuPont, Chemos GmbH, Wanko Chemical Co. Ltd. and Santa Cruz Biotechnology Ltd.
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