The global demand for bromacil witnessed a minor fall due to Covid-19 pandemic which prevented the further growth rate. Due to lockdown, the production was temporarily barred as a result of which there were no sales in the first quarter of 2020. But gradually the situation has started normalizing. Now in 2021, leading manufacturers are giving utmost efforts to lead the market through effective research and development projects.
Key Developments in Bromacil Market
Eminent players including DuPont Corporation, Bayer Corporation, Xian Wenyuan Corporation, Jiangsu Corporation, AMVAC Corporation, Alligare Corporation, Arysta LifeScience Corporation and Yifan Biotechnology are adopting market tactics such as strategic alliances, collaborations, joint ventures, partnerships, geographical expansions, product diversifications, technological upliftments, capacity utilizations, mergers & acquisitions, research and developments, mergers and acquisitions etc to maintain and strengthen their position and presence throughout the world. These leading companies are investing in hiring experienced professionals with superior technical knowledge and expertise to manage all the activities within the firm.
Innovative launches continues to be the eminent strategy in 2021 enabling the players to gain traction in this market. Mitsubishi Corporation and Nortek are among the top manufacturers focusing on delivering innovation in their offerings.
For instance, DuPont Corporation announced that it has agreed to divest its global Bromacil herbicide business assets to AMVAC Corporation, the subsidiary of American Vanguard Corporation (AVD) on April 2019. The assets that have been put up for sale by DuPont includes the Bromacil Hyvar and Krovar trademarks, product registrations, customer information, access to specific know-how, technical registrations and related registration data outside of North America. Bromacil, which is marketed globally under the Hyvar and Krovar monikers is a key herbicide used to control weeds.
The divestment represents another important step by the company in the execution of DuPont’s Crop Protection business growth strategy and further broadens the company’s focus on novel offerings that boost profitable growth in both short and long haul. The buyout of the Bromacil assets expanded AMVAC’s herbicide portfolio and reinforces its competitive position in a number of profitable niche markets. The acquisition is enhancing AMVAC’s international expansion initiative.
In addition to DuPont Corporation, UPL Corporation, a leading agrochemical company announced that it has completed its acquisition of Arysta LifeScience Corporation for $ 4.2 billion on 4th February, 2019. The completion of the transaction is strengthening UPL’s position as a global leader in agricultural solutions with about USD 5 billion in combined sales and annual growth of around USD 1 billion. The acquisition has received regulatory aprovals from authorities across the globe and the company has already announced global , regional and country leadership teams for the integrated entity. Meanwhile, it also launched its ‘OpenAg’ which stands for open minded partnerships and creating win-win partnerships to create value along a wider food production network. The new UPL will be research and development focused and vertically integrated organization , healthy mix of high value crops and high growth geographies, well positioned to achieve sustainable growth and have the opportunity to benefit from significant synergies. The acquisition is improving the market share of the company throughout the world.
The growing concern about the increasing global population and the availability of natural resources have been giving rise the evolution of agricultural technology with increasing focus on non-agricultural industrial vegetation control. The recent upsurge in the demand for bromacil is mainly attributed to the need for curbing the growth of unnecessary weeds on farmlands.
Bromacil is widely used specifically to control a wide variety of annual and perinneal weeds mainly in non-crop areas and fruit, and works interfering with the photosynthesis process of the weeds. The growing need for herbicides for the demand for a larger crop yield is expected to fuel the demand for bromacil. However, the ban of synthetic inorganic compounds as herbicides, to reduce their negative impact on the environment could cause a negative impact on the evolution and growth of the bromacil market.
Nevertheless, the ongoing developments in the traditional farming methods and a rise in adoption of herbicides and pesticides, the demand for bromacil is likely to reach new heigths in the coming years. The use of organic and environment friendly herbicides and pesticides is a growing trend in agriculture, as farmers are aiming to adopt sustainable farming techniques. Despite this, bromacil is expected to remain popular as an effective and efficient herbicide used in long-established weed control practices during the forecast period from 2019 to 2027.
Global Bromacil Market: Snapshot
The global bromacil market is anticipated to find manufacturers focusing on merger and acquisition as a leading business tactic to strengthen their position in the industry. In June 2018, AMVAC Chemical made an announcement about the acquisition of Bayer Crop Science’s bromacil herbicide business assets in the U.S. and Canada. The financial terms and conditions of this acquisition are not disclosed yet. This transaction does not find relation with Monsanto’s acquisition by Bayer.
By entering into partnership with other companies, players could obtain a position of strength in sales of bromacil. American Vanguard’s chief executive and chair, Eric Wintemute said that the deal with Bayer will open the door for his company to expand its participation in the industrial vegetation management business. Moreover, the deal will place the company in a strong position to serve several niche crop markets. On the other hand, the acquisition will widen the domestic herbicide portfolio of the company along with other initiatives that are being pursued, continued Wintemute.
Growing popularity of bromacil herbicides as long-established and valued weed control tools is expected to augur well for the market. Bromacil is also used to control the growth of non-agricultural industrial vegetation.
Fact.MR has published a new report on the global bromacil market. In-depth analysis on the global trends that hold significant influence over the market growth during the forecast period of 2021-2031 is included in the report. Global agricultural outlook, demand for higher productivity, dearth of farm labor, and environmental toxicity associated with the use of bramocil are few of the important factors impacting future demand for the herbicides including bromacil.
Bromacil Market Outlook
Initially registered as a pesticide in 1961, bramacil is now commercially available as herbicide compounds. Majorly applied to control range of grass and broadleaf weed species, bromacil is used to control weeds in the fields of pineapple, citrus, asparagus, and agave.
Commercially available as granule, soluble concentrate or wettable powder, bromacil is sprayed on the soil surface using sprayers that are hand-held, knapsack, compressed air, tank-type or power operated. From the soil, bromacil is absorbed through roots and spread throughout the plant. Mode of action involves interference in the process of photosynthesis by inhibiting transport of photosynthetic electrons.
Demand for Higher Crop Productivity to Boost Utilization
By 2050, the global population is expected to reach 9.7 billion. A two-fold rise in the cereal crop production is expected to feed this increased population. This has generated pressure on the agricultural community to deliver higher productivity. However, to increase the productivity, farmers face variety of challenges including protecting plants from diseases, maintaining crop quality, resource constraints, and financial support. To overcome these challenges and achieve higher productivity, farmers are adopting modern farming methods such as use of pesticides, herbicides, and fungicides. Thus, demand for herbicides including bromacil is projected to increase in future owing to increased pressure of productivity.
Increased Demand for Herbicides to Fuel Market Growth
In developing agriculture-driven countries utilization of herbicides is higher due to rising shortage of hand-weeding labor. Research studies have observed that use of weedicides or regular removal of weeds can lead to increased use of fertilizers and further increase the crop yield. Although hand weeding is more economical, increased farm wages due to consistent economic growth has favored adoption of herbicides in agricultural fields. Further, overall economic growth has created non-farm employment opportunities which are, in turn, reducing the available labor, and increasing the adoption of weedicides or herbicides. Benefits of bromacil such as affordability and application flexibility make the herbicide popular in the farmer community.
Bans Regarding Potential Environmental Damage: A Prominent Influencer
Synthetic chemicals used in the agricultural community have been consistently discussed due to their toxic effects on the environment. Fertilizers, herbicides, pesticides and other chemicals might increase the productivity in volumes, however, they present significant threat to environment, farmers, and other animals. Unwise use of herbicides has been a common approach practiced by farmers. Costa Rica, in 2017, issued a ban on the use of bromacil due to its harmful effect on soil as well as human health. Despite EPA’s stringent regulations, traces of bromacil has been reported some drinking water reservoirs. As the scenario of restricted use or complete ban on bromacil prevails, EPA’s changing risk assessment approaches are likely to influence import-export scenario in bromacil.
Organic Agriculture Trend to Hamper Market Growth
Organic products have witnessed increased adoption among consumers obsessed with clean labels. Due to higher demand, the organic agriculture sector has witnessed dramatic growth in past decade. According to FiBL, approximately 57.8 million of agricultural land is managed organically and has generated over US$ 90 billion market revenue. In 2016, approximately 2 million organic producers were reported across the globe. Organic farming does not involve use of chemical fertilizers, pesticides and herbicides. As organic products are highly sought after by consumers, market for bromacil is likely to remain under the influence of this trend.
Organic Herbicide: A New Entrant in the Market
Organic product manufacturers have introduced new natural organic herbicides, which are non-selective, non-systematic, and break down quickly leaving no residues behind. Some of the vendors have launched organic weed control solutions in form of spray that kills seeds and provide long-term sustainable results.
In conclusion, the report on the global bromacil market includes in-depth analysis of above-stated factors that influence the market growth. Such thorough analysis has made the report the most comprehensive source of research that can assist financial community in making business decisions.
This analytical research study imparts an all-inclusive assessment on the market, while propounding historical intelligence, actionable insights, and industry-validated & statistically-upheld market forecast. Verified and suitable set of assumptions and methodology has been leveraged for developing this comprehensive study. Information and analysis on key market segments incorporated in the report has been delivered in weighted chapters. A thorough analysis has been offered by the report on
- Market Dynamics
- Market Size
- Market Segments
- Demand & Supply Trends
- Current Issues and Challenges
- Companies and Competitor Landscape
- Value Chain
Regional Segments Analyzed Include
- North America (U.S., Canada)
- Latin America (Mexico. Brazil)
- Western Europe (Germany, Italy, France, U.K, Spain)
- Eastern Europe (Poland, Russia)
- Asia Pacific (China, India, ASEAN, Australia & New Zealand)
- Middle East and Africa (GCC, S. Africa, N. Africa)
Compilation of authentic and first-hand intelligence, insights offered in the report are based on quantitative and qualitative assessment by leading industry experts, and inputs from opinion leaders & industry participants around the value chain. Growth determinants, macroeconomic indicators, and parent market trends have been scrutinized and delivered, coupled with the market attractiveness for each market segment encompassed. Qualitative impact of growth influencers on the market segments across regions has also been mapped by the report.
Highlights from the Report
- Elaborated scenario of the parent market
- Transformations in the market dynamics
- Detailed segmentation of the target market
- Historical, current and forecast market size based on value and volume
- Latest industry developments and trends
- Competition landscape
- Strategies adopted by the market players and product developments made
- Potential and niche segments, along with their regional analysis
- Unbiased analysis on performance of the market
- Up-to-date and must-have intelligence for the market players to enhance and sustain their competitiveness
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