Growth of Global Pinoxaden Market Credited to Increased Food Production
Albany, NY -- (SBWIRE) -- 02/24/2015 -- Transparency Market Research has published a new market report titled "Pinoxaden Market for Wheat and Barley - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020," which observes that the global pinoxaden market demand was valued at US$ 385.4 million in 2013 and is expected to reach US$ 862.2 million by 2020, expanding at a CAGR of 12.3% between 2014 and 2020.
Pinoxaden belongs to the phenlypyrazolin chemistry and developed for global cereals such as wheat and barley against wide range of unwanted grasses. It is used against grasses such as Apera (bentgrass), Lolium (ryegrass), Alopecurus (blackgrass), Avena (wild oats), Phalaris (canary grass), Poa (meadowgrass) and Setaria (foxtails). Spring and winter wheat and barley are the major target crops across the globe. Pinoxaden is a grass-weed herbicide, which inhibits the synthesis of membrane lipids, resulting in desiccation of target grass. Pinoxaden is primarily used along with safener such as cloquintocet-mexyl and clodinafop-propargyl.
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Higher demand for wheat and barley due to increasing applications of these cereals in the food industry and losses of wheat and barley due to weeds is likely to boost the global pinoxaden market. However, high price of pinoxaden is estimated to hamper the market growth. After the expiry of the patent, a large number of new entrants are anticipated to enter the pinoxaden market. This would result in an increase in competition and reduction in prices of the product.
In terms of volume, Europe dominated the global pinoxaden market and accounted for over 45% of the global pinoxaden market in 2013. Europe accounts for more than half of the global production of barley. North America emerged as the second largest consumer of pinoxaden in terms of volume and revenue in 2013. Asia Pacific is expected to be the fastest growing region between 2014 and 2020. Rest of the World accounted for smaller share in 2013.
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Wheat crop constituted more than 80% of the global demand for pinoxaden in 2013. Market share of the wheat crop is further expected to increase by 2020. Increasing herbicide resistance for existing active ingredients such as glyphosate is anticipated to drive pinoxaden market. The demand for pinoxaden for barley crop is expected to show double-digit growth rate over the forecast period. Demand for high-quality barley by brewers is projected to boost the pinoxaden market in the near future.
Currently, Syngenta AG holds the patent for pinoxaden; however, the patent is likely to expire in 2020. Pinoxaden was first launched under the AXIAL brand.
Browse the full Pinoxaden Market for Wheat and Barley - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 – 2020 report at http://www.transparencymarketresearch.com/pinoxaden-market.html
This report segments the global pinoxaden market as follows:
Pinoxaden Market – Crop Segment Analysis
Pinoxaden Market – Regional Analysis
- North America
- Asia Pacific
- Rest of the World
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