Azoxystrobin Market: Global Industry Analysis And Forecast(2024-2030)

Azoxystrobin Market was valued at US $ 1.09 Bn. in 2023 , and it is expected to reach US $ 2.12 Bn. by 2030 with a CAGR of 9.88% during the forecast period.
Azoxystrobin Market Overview:
Azoxystrobin is the common name for an organic chemical that is used as a fungicide according to ISO standards. It's a systemic active ingredient with a broad spectrum that's commonly consumed in agriculture to protect crops from fungal diseases. It was first sold under the brand name Amistar in 1996, and by 1999, it had been registered in 48 countries for use on more than 50 different crops. It was declared in the year 2000 that it had been granted Millennium product status in the United Kingdom.To know about the Research Methodology :- Request Free Sample Report

Azoxystrobin and other Strobilurins restrict electron transport and so inhibit mitochondrial respiration. They bind to the quinol outer binding site of the cytochrome b-c1 complex, which is ordinarily occupied by ubiquinone (coenzyme Q10) when transporting electrons to that protein. As a result, ATP manufacturing is halted. "Quinone Outside Inhibitors" QoI is the generic name for this method of action.
Azoxystrobin Market Dynamics:
Surging agriculture, horticulture, and home gardening, particularly in the Asia Pacific region:

By other QoI inhibitors, azoxystrobin has a broad spectrum of activity. Ascomycota, Deuteromycota, and Basidiomycota, as well as the oomycetes, are some of the fungal groups on which it works. Also, its qualities allow it to move systemically through plant tissue, protecting sections of the crop that were not sprayed. Because of this unique combination of features, it quickly gained traction and now generates annual sales of more than US $500 million. Leaf spot, rusts, powdery mildew, downy mildew, net blotch, and blight are some of the diseases it suppresses. Azoxystrobin is approved for application on all major crops across the globe.

It is approved for use in wheat, barley, oats, rye, soy, cotton, rice, strawberries, peas, beans, onions, and many other vegetables in the European Union and the United States, for example. The benefit to the farmer comes in the form of increased harvest production. Farmers can act in their best economic interests by estimating the value of the higher yield and considering the entire cost of employing the fungicide when making a purchasing choice. Pesticide prices change according to the current market value of the crops in which they are employed, and this cost-benefit analysis by the end-user sets a maximum price that the supplier can charge.

Its unique applications:

Azoxystrobin is a translaminar, protectant, and curative xylem-mobile systemic fungicide. During the period of active stem elongation in cereal crops, which is its principal outlet, disease control lasts roughly four to six weeks. All pesticides must be registered with the relevant authorities in the nation where they will be used. Pesticides are regulated in the United States by the Environmental Protection Agency (EPA) under the Federal Insecticide, Fungicide, and Rodenticide Act (FIFRA) and the Food Quality Protection Act (FQPA). A pesticide can only be used legally if it is used according to the recommendations on the label that comes with it when it is purchased.

"To provide clear guidance for effective product performance while limiting dangers to human health and the environment," according to the label. A label is a legally binding document that specifies how a pesticide can and must be used, and it is a federal offense to fail to follow the label exactly as written when using the pesticide. Pesticide approval and authorization are handled in a two-tiered system inside the European Union. To begin, the active component must be approved for use in the European Union before a formulated product may be manufactured for the market. After that, the applicant must obtain authorization for the specific product from each Member State in which it wishes to sell it. Following that, there is a monitoring procedure to ensure that pesticide residues in food do not exceed the European Food Safety Authority's guidelines.

Health and environmental hazards:

Azoxystrobin is relatively safe for mammals, with an LD50 of more than 5000 mg/kg (rats, oral). It can, however, irritate the skin and eyes. The label includes first-aid instructions. The tolerable daily consumption for azoxystrobin has been decided to be 0-0.2 mg/kg body weight per day by a joint meeting of the World Health Organization (WHO) and the Food and Agriculture Organization (FAO) on pesticide residues. The maximum residue limits for azoxystrobin in various food products are listed in the FAO's Codex Alimentarius database.

Azoxystrobin has a modest potential for bioconcentration and poses a moderate risk to fish, earthworms, and bees, but poses a significant risk to aquatic crustaceans, hence it must be avoided in water bodies. Its major breakdown product, carboxylic acid, which is formed when its methyl ester is hydrolyzed, is likewise potentially detrimental to aquatic habitats. The advantages and hazards of using QoI fungicides have been examined, and there is a substantial body of knowledge about azoxystrobin's environmental profile. In the end, it is up to each country's regulatory authorities to weigh the benefits to end-users against the compound's inherent hazards and resulting risks to consumers and the environment.
Azoxystrobin Market Segment Analysis:
Based on Type, the Azoxystrobin market is segmented as, Azoxystrobin Technical 98% Min., Azoxystrobin Technical 95% Min., and Others. The Azoxystrobin Technical 98% Min. segment dominated the market in 2023. Azoxystrobin is a fungicide with antifungal properties. It inhibits the growth of diseases such as Erysiphe graminis, Puccinia spp., Leptosphaeria nodorum, and Septoria tritic. It is classified as a toxicity Class III substance by the World Health Organization.

Detailed information about all segments is covered in the MMR’s report.
Azoxystrobin Market Regional Insights:
In 2023, Asia Pacific led the global market and held xx% of the overall market in terms of revenue thanks to the agriculture market growth, and the market is expected to grow at a CAGR of 27.6% over the forecast period. In 2023, China was the largest market, with a share of over 60%, followed by Europe, and North America, both have a share of about 35%. Azoxystrobin is allowed for use in many vegetables, including asparagus, broccoli, onion, carrots, cauliflowers, cabbage, potatoes, rye, vining peas, and wheat, in nations such as the United Kingdom, Canada, and Mexico.

The US Geological Survey has plotted the expected annual consumption of azoxystrobin in US agriculture, which has increased steadily since its introduction in 2023, the most recent year for which numbers are available, and is at 2,300,000 pounds (1,000,000 kg).

The objective of the report is to present a comprehensive analysis of the market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The report also helps in understanding the global market dynamics, structure by analyzing the market segments and projecting the global market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the global market makes the report investor's guide.
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Azoxystrobin Market


Base Year
2023
Forecast Period
2024-2030


Historical Data
CAGR
Market Size in 2023
Market Size in 2030


2018 to 2023
9.88%
US$ 1.09 Bn
US$ 2.12 Bn


Segments Covered


by Type
1 Azoxystrobin Tech 98% Min.
2 Azoxystrobin Tech 95% Min.
3 Others
by Application
1 Agriculture
2 Horticulture
3 Home
4 Gardening


Regions Covered


North America
1 United States
2 Canada
3 Mexico
Europe
1 UK
2 France
3 Germany
4 Italy
5 Spain
6 Sweden
7 Austria
8 Rest of Europe
Asia Pacific
1 China
2 S Korea
3 Japan
4 India
5 Australia
6 Indonesia
7 Malaysia
8 Vietnam
9 Taiwan
10 Bangladesh
11 Pakistan
12 Rest of APAC
Middle East and Africa
1 South Africa
2 GCC
3 Egypt
4 Nigeria
5 Rest of ME&A
South America
1 Brazil
2 Argentina
3 Rest of South America



Azoxystrobin Market Key Players
1  Syngenta
2 Bayer CropScience LP
3 Suli Chemical
4 Shanghai Heben
5 Nutrichem
6 Limin Chemical
7 Jiangsu Frey
8 Hangzhou Tianlong Biotechnology Co., Ltd.
9 Zhejiang Rayfull Chemicals Co., Ltd.
10 Others

Frequently Asked Questions:

1. What is the forecast period considered for the Azoxystrobin market report?
Ans. The forecast period for the global Azoxystrobin market is 2024 -2030.

2. Which key factors are expected to hinder the growth of the Azoxystrobin market?
Ans. The health and environmental risks associated with the usage of Azoxystrobin is the key factor expected to hinder the market growth during the forecast period.

3. What is the compound annual growth rate (CAGR) of the Azoxystrobin market for the next 6 years?
Ans. The global Azoxystrobin market is expected to grow at a CAGR of 9.88% during the forecast period (2024-2030).

4. What are the key factors driving the growth of the Azoxystrobin market?
Ans. The increasing demand for food across the globe resulting in increasing agricultural activities is the key factor expected to drive the growth of the market during the forecast period.

5. Which are the worldwide major key players covered in the Azoxystrobin market report?
Ans. Syngenta, Bayer CropScience LP, Suli Chemical, Shanghai Heben, Nutrichem, Limin Chemical, Jiangsu Frey, Hangzhou Tianlong Biotechnology Co., Ltd., Zhejiang Rayfull Chemicals Co., Ltd., and Others are the key players covered.