Global Warehouse Fumigants Market Projected to Reach $1.88 Billion by 2029
Dublin, March 26, 2024 (GLOBE NEWSWIRE) -- The "Warehouse Fumigants - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2019 - 2029" report has been added to * ResearchAndMarkets.com's* offering.
The Warehouse Fumigants Market size is estimated at USD 1.44 billion in 2024, and is expected to reach USD 1.88 billion by 2029, growing at a CAGR of 5.40% during the forecast period (2024-2029).
In 2018, North America was the largest geographical segment of the market studied and accounted for a share of around 33.8% of the global market.By type, the phosphine-based fumigant product segment had the largest market share of 26.3% in 2018 and is expected to remain the fastest-growing segment during the forecast period.
Asia-Pacific has been identified as the region, which is yet to reach its maximum potential in the warehouse fumigant market. The market is driven by several factors, like rapid technological advancement in the sector, growing concerns over the post-harvest loss, and the shift in advance farming practices that led to increased yield. The introduction of fumigants to plants helps them keep the diseases away from their roots and to produce a better yield.
*Increased Need for Pest Control*
The largest natural threat to the safe storage and distribution of grains is insect infestation in the pest control industry. However, tools like fumigation are more effective in controlling pest infestations and are more effective, as compared to structural and warehouse fumigation. It is anticipated that due to climate changes, like an increase in temperature, the insect population is going to increase in the future, leading to increased dependence on the usage of fumigants. In order to control insects in commodities and export materials, fumigation is one of the general methods, which is adopted widely across emerging countries. Globally, phosphine and methyl bromide are the two common fumigants, which are used for stored product protection.
*North America Dominates the Global Market*
North America contributes a significant share of global warehouse fumigant consumption with a 33.8% share in 2018, with the United States and Canada accounting for around 80% of the regional market. North America is a major market for agriculture fumigants, with over 250 authorized products available in the main countries of the United States and Canada. The major commodities using fumigants for both warehouse and soil applications in the region are, corn, rice, barley, potato, tomato, wheat, strawberry, cabbage, etc. Due to very low export and storage capacities of countries like including Cuba, the Dominican Republic, Costa Rica, Jamaica and others, the growth rate, and market share are expected to remain constant until regulatory ban or stringent regulations on the usage of warehouse fumigants are brought into effect.
*Warehouse Fumigants Industry Overview*
The global warehouse fumigantsmarket has been getting into a fragmented shape since 2016, and this process is likely to continue in the future as well. Acquisitions, partnerships, and expansions account for more than half of the share among the strategies adopted by leading players. The main reason behind such intensive M&A activities, is the collaboration of new technology of the two companies, in order to develop technologically advanced and user-friendly fumigants for the market. The major acquisitions and industrial collaborations taking place are targeted toward forward and backward integration for deeper penetration and positioning in the market.
*A selection of companies mentioned in this report includes*
· ADAMA Agricultural Solutions Ltd
· UPL Group
· Cytec Solvay Group
· Degesch America Inc.
· Douglas Products and Packaging Products LLC
· BASF SE
· DowDuPont Inc.
· Reddick Fumigants, LLC
· Ikeda Kogyo Co., Ltd.
· Industrial Fumigation Company LLC
· Lanxess
· Nippon Chemical Industrial Co. Ltd
· Vietnam Fumigation Joint Stock Company
· Fumigation Services Pvt. LtdFor more information about this report visit https://www.researchandmarkets.com/r/bg9tzg
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