Penconazole Market Overview

Penconazole Market size is estimated to reach a value of US$951.1 million by the end of 2027 after growing at a CAGR of 2.5% during 2022-2027. Penconazole is a triazole fungicide specifically used on fruits and vegetables in order to control powdery mildew, rusts, ring spots, and scab. It mainly protects from the fungal pathogen such as deuteromycetes, basidiomycetes, and ascomycetes. According to the fungicide mobility study by National Library of Medicine, penconazole is considered as the least mobile fungicide while triadimefon exhibits the highest mobility. It hinders sterol biosynthesis in fungi and also encourages oxidative stress in rat cerebrum and cerebellum tissues. It is suitable to use across range of fruits and vegetables such as apple, grapes, pears, outdoor blackcurrant, plum, apricots, strawberry, cucumber, and leafy vegetables including others. Thus, high adoption of penconazole fungicide in range of fruits and vegetables is boosting the global market growth.

COVID-19 Impact

Many industries across the globe have faced several challenges due to the COVID-19 pandemic. The industries such as textile, agriculture, automotive, construction, and furniture including many others have experienced pitfalls. Many projects in such industries have been halted due to an interrupted supply chain and employee shortages due to quarantines. Also, the production and demand in agriculture industry has declined due to an interrupted supply chain and cessation in transportation of agricultural goods and fertilizers. Thus, the global pause in industrial production and distribution, the demand and consumption of penconazole has hampered to an extent in several industries. According to the U.S. Department of Agriculture (USDA), in early February 2020, the combined value of 8 major crops such as corn, oats, sorghum, barley, upland cotton, rice, wheat, and soybeans was estimated at US$ 108.8 billion. However, with WASDE report in June 2020, the combined value of production forecast was revised to US$ 103.7 billion which is reduced by 5%. Thus, the decrease in agricultural production in turn hampered the demand for penconazole during the COVID-19 pandemic.

Report Coverage

The “Penconazole Market Report – Forecast (2022-2027)”, by IndustryARC covers an in-depth analysis of the following segments of the Penconazole Market.

Key Takeaways

• Asia Pacific is the dominating region in the Penconazole Market. This growth is mainly attributed to the increased demand for penconazole in fruits and vegetables application.
• The significant growth in global agriculture output and technological innovation in agricultural sector is driving the growth of Penconazole Market.
• Penconazole plays an important role in several applications such as fruits, vegetables, cereals and grains, and ornamental plants which is expected to provide significant growth opportunity for the global market.

Figure: Asia Pacific Penconazole Market Revenue, 2021-2027 (US$ Million)

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Penconazole Market Segment Analysis – By Form

The liquid segment held the largest Penconazole Market share in 2021 and is projected to grow with a CAGR of 3.2% during the forecast period. Penconazole is majorly available in liquid and powder form. Liquid penconazole is extensively used in several applications owing to its easy applicability by spraying it directly on target crops. The companies operating in the global Penconazole Market are more inclined towards providing the agricultural products taking organic and natural input factors into account. The liquid penconazole are available in high purity, have enhanced shelf life, and offer superior effectiveness. These products are also available in range of packaging such as conical beaker, bottles, and drums. The increase in arable land, growing population, and surge in agricultural production is further fueling the demand for liquid penconazole.

Penconazole Market Segment Analysis – By Application

The fruits segment is expected to grow at a fastest CAGR of 3.0% during the forecast period in the Penconazole Market. Penconazole is a triazole fungicide utilized to control powdery mildew, rusts, and ring spots on the crops. It mainly prevents sterol biosynthesis in fungi and can be used in range of fruits, vegetables, cereals, and grains, and ornamental plants including others. It is suitable to use in range of fruits such as apples, grapes, pears, apricots, blackcurrants, redcurrants, protected strawberries, plum, and peaches including many others. The increasing consumer inclination towards fruit diet and healthy packaged food owing to the change in lifestyle, increase in disposable income, and surge in working population is boosting the demand for fruits. Surge in demand and production of fruits is providing the ample growth opportunities to the industry players in Penconazole Market.

Penconazole Market Segment Analysis – By Geography

The Asia Pacific held the largest Penconazole Market share in 2021 and is projected to grow with a CAGR of 3.6% during the forecast period. This growth is mainly attributed to the increase in demand for penconazole in several application in this region such fruits, vegetables, cereals and grains, and ornamental plants including many others. The presence of numerous developing countries such as China, India, Indonesia, and Malaysia including others are the major countries supporting the growth of the market. Increase in population, change in lifestyle, and rise in disposable income increases the demand for healthy food items such as fruits and vegetables. Thus, the growth arable land and agricultural output in this region is boosting the demand for penconazole. According to Asia Development Outlook 2021, currently fruits and vegetables accounts for 32% of production value in agriculture in which India and Indonesia being the top producers of fruits and vegetables. Thus, the growth in production of high value crops is boosting the demand for penconazole in this region.

Penconazole Market – Drivers

Surge in fruits & vegetable production and consumption

Currently, agricultural practices are developing across the globe in order to provide diverse food, meet the fast-increasing food demand, and provide the nutritious food. Rising urbanization, increase in working population, and increase in disposable income has shifted consumer food preferences towards fruits and vegetables, meat, dairy, eggs, and fish. The change in food preferences demand more resource-intensive production and requires maximum output from the invested resources. Agricultural fertilizers and fungicides help to reduce the loss of food crops by removing the adverse effects from the fungi and other microorganisms in turn increases the demand for fungicide such as penconazole. According to the United Nations Food and Agriculture Organization (FAO), the report published 2021, China ranks first in the world vegetable production at 554 million tons, India ranks second with 127 million tons, and United Stated with 30.8 million tons at third place. Thus, increase in production and consumption of fruits and vegetables boosting the growth of Penconazole Market.

Increase in agricultural output across the globe

Over the years, agriculture industry has evolved with the adoption of developed technologies, green practices, and sustainable production across the globe. Agriculture is highly diverse sector comprising of operations from small farms to large multinational holdings. According to United Nations Food and Agriculture Organization (FAO), Agricultural Outlook 2019-2028, the world demand for agricultural products is estimated to grow by 15% over a coming decade. Over this period, the demand for cereals for food is estimated to grow by 150 million tons. Increase in world food demand and rapidly growing technological innovation has fueled the agriculture output. However, changing climatic conditions, spread of crop diseases, and new plant-breeding techniques requires effective fertilizer and agricultural chemical solutions, in turn, increasing the demand for penconazole. Thus, the growth in agricultural output driving the growth of Penconazole Market.

Penconazole Market – Challenges

Adverse health impact of penconazole

Penconazole is a triazole fungicide which widely used in fruits, vegetables, ornamental crops, and cereals and grains. However, it is registered to have certain adverse impacts on human health and environments. It is considered as toxic fungicide for aquatic life having long lasting effects. It is moderately toxic when comes in contact with skin and ingestion. It emits toxic vapors of NOx when heat to decomposition. Thus, there are also several regulations related to the use of penconazole for its labeling and residue level. Thus, the health and environmental impacts of penconazole is hindering the market growth.

Penconazole Industry Outlook

Penconazole Market top 10 companies include -

1. Syngenta Group
2. Advance Agro Chemicals Shanghai Limited
3. Crop Life Science Limited
4. Dayang Chem (Hangzhou) Co., Ltd.
5. Jiangsu Fengshan Group
6. Zhejiang Heben Pesticide & Chemicals
7. Zhejiang Sega Science and Technology
8. ZHECHEM
9. Hangzhou Udragon Chemical
10. Jiangsu Sinamyang Crop Science

Recent Developments

• In November 2021, Syngenta Crop Protection announced novel technology PLINAZOLIN active ingredient with new Mode of Action for insect control which provides protection against wide range of pests.
• In March 2021, Syngenta Crop Protection’s new corn and soybean seen treatment, VAYANTIS fungicide has received registration by the U.S. Environmental Protection Agency (EPA).
• In February 2019, Sumitomo Chemical has submitted the application to the regulatory authorities of the EU for the registration of its new fungicide INDIFLIN.

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