PUBLISHER: Bizwit Research & Consulting LLP | PRODUCT CODE: 1517368
PUBLISHER: Bizwit Research & Consulting LLP | PRODUCT CODE: 1517368
Global Agricultural Fumigants Market is valued approximately at USD 4.68 billion in 2023 and is anticipated to grow with a healthy growth rate of more than 8.18% over the forecast period 2024-2032. Agricultural fumigants, essential for controlling pests, weeds, fungi, and other harmful organisms, play a crucial role in maintaining crop health, yield, and quality. These volatile compounds sterilize the environment, ensuring that the agricultural produce meets stringent food safety standards and market expectations. The broad application of fumigants spans from pre-planting processes, through post-harvest storage, to transportation, making them indispensable for commercial farming operations, grain storage facilities, and transportation companies. The market growth is primarily driven by the increasing focus on agricultural production, reduction of post-harvest losses, rising insect populations due to climatic changes, and advances in storage technology.
Challenges persist in the agricultural fumigants market, such as the proposed ban on methyl bromide, potential health hazards to workers, and the need for special licenses to handle fumigation services. Despite these obstacles, innovations aimed at reducing environmental impact, such as biodegradable fumigants and precise application technologies like fumigation drones, are creating new opportunities. Additionally, the growing awareness among farmers about contamination-free food and the exploration of untapped markets in developing regions present significant growth potential for market players.
The key regions considered for the global agricultural fumigants market study include North America, Europe, Asia Pacific, Latin America, and Rest of the World. In 2023, North America emerged as the largest regional market, driven by stringent regulatory frameworks and a strong focus on maintaining high crop yield and quality. Whereas, the market in Asia Pacific is anticipated to grow at the fastest rate over the forecast period, led by countries like China, India, and Australia, due to their vast agricultural sectors and the crucial role of fumigants in pest control. Also, the region is influenced by strict policies on chemical use in agriculture, is increasingly researching alternative fumigation methods and bio-fumigants.