Mefentrifluconazole Market Forecast and CAGR

According to the latest study by Fact.MR, mefentrifluconazole market is continuing to contemplate substantial growth during the forecast period of 2021-2031. Demand for mefentrifluconazole will witness an accretion over the short term and long term forecast period. Moreover, as the sales from the countries with high volume cereal crop production are gaining traction, global mefentrifluconazole demand is anticipated to expand at a CAGR of 6.1% during the same period.

What is Driving Demand for Mefentrifluconazole?

Growing crop fungal disease across the globe increases the demand for fungicides. Decrease in arable land, the increasing population along with the requirement of improving crop yields are also driving the market for fungicides. Mefentrifluconazole is a type of fungicide used for the treatment of crop fungal disease.

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Mefentrifluconazole is registered for use on a variety of crops including corn (sweet, field, pop, seed), potatoes, soybeans, grapes, sugar beets, legume vegetables, canola and various other cereal grains as well. It is also approved by several country’s agricultural departments for on-farm seed treatment of selected crops including wheat, corn and soybean and the use on non-residential ornamentals and turf. Additionally, the growing cultivation of grapes in several countries across the globe increase the demand for mefentrifluconazole for treating the powdery mildew of grapes.

Growing Cereal Production to Proliferate the Demand for Mefentrifluconazole

The production of cereal has been increasing over the past half-decade. Today the world produces over 3 billion metric tons of cereal. Cereal crops are mostly affected by fungal disease and the reasons may be infected seeds, crop debris, nearby crops and weeds. And it can also be spread through the movement of contaminated soil, machinery, animals, seedlings and other plants material.

Owing to the continuation of fungal diseases in cereal crops, the demand for fungicides also increases which in turn increases the demand for Mefentrifluconazole in the long run forecast period.

North America Mefentrifluconazole Market Outlook

Historically, the demand for mefentrifluconazole has grown with a CAGR of 3.1% in North America. This is due to the fact that North America is one of the largest cereal crop-producing regions across the globe.

The US is considered the second largest producer of cereal crops after China. In the season of 2019-2020, US was the highest producer of corn. The country witnessed over 346 million metric tons of corn production during the same period. The US also comes fourth across the world in terms of wheat production and Canada at sixth in the same list. Both the countries cumulatively produced 84.6 metric tons of wheat in 2019 and made North America one of the largest producers of wheat.

Additionally, in terms of the production of maize, rice barley, oats, rye and sorghum, the region, leading by the US, holds a significant share across the globe. Being one of the top producers of cereal crops, the region also experienced high volume consumption of fungicides which also includes Mefentrifluconazole.

Owing to the aforementioned factors, it is anticipated that the region will continue to hold a significant market share during the forecast period.

Asia Pacific Demand Outlook for Mefentrifluconazole

Owing to the highest cereal and other crop production, the Asia Pacific region remains the prominent business destination for Mefentrifluconazole. China is the largest producer of cereal crops and remains one of the key consumers of fungicides as well. India is the third-largest producing nation of cereals and also one of the largest consumers of fungicides. Indonesia and Thailand are also significant contributors to cereal production in Asia.

High volume production of cereal crops made Asia one of the largest production and consumption base of fungicides. The Asian countries with high volume crop production are self-sufficient in terms of fungicides production. Both domestic and overseas manufactures are involved in the production of fungicides in the region. By looking into the challenges regarding crop fungal disease, manufacturers are also focusing on developing advanced fungicide solutions with multiple benefits, and mefentrifluconazole is one among them.

For instance, on 18th May 2020, BASF launches a new fungicide solution based on mefentrifluconazole in China. Although it was first introduced in 2016 by the company itself. Later on, it was officially launched by the company in China. The main reason behind the official launch was to bring attention among all fungicides consumers across China.

Who are the Key Manufacturers and Suppliers of Mefentrifluconazole?

Some of the leading manufacturers and suppliers of mefentrifluconazole include

• BASF
• MedChem Express (MCE)
• DC Chemicals Limited
• Medchemexpress LLC
• Merck

Mefentrifluconazole market is considered to be highly fragmented, the manufactures associated with the mefentrifluconazole business focused on unique product appearance and quality that attract the consumers. Although, leading players across the globe account for more than 30% of the market share but still they are facing challenges to co-operate with local manufacturers of fungicides in the domestic marketplace. Key players are mostly focused on developing product quality that can be easily differentiated from their competitor’s offerings.