Copper Oxychloride Market Size

Copper Oxychloride Market Size

Copper Oxychloride Market size generated revenues over USD 230 million in 2015 and is forecast to witness growth more than 4% between 2016 and 2024.

Global population rise from approximately 6.89 billion in 2010 to over 7 billion in 2015, while the global arable land area expanded from over 1.37 billion hectares in 2010 to more than 1.42 billion hectares in 2014. This signifies that the global population increased by 4.9% compared to the 3.4% growth in the global arable land area during the period. This difference between the population growth rate and arable land area is a cause of concern.

Inadequate arable land has put pressure on farmers to increase their yield. According to the World Bank, farmers may have to increase their yield by 50% per hectare by 2050. Significant increase in yield is possible through the agrochemicals usage such as fungicides. Thus, the copper oxychloride market size is anticipated to expand at a rapid pace and is further complemented by governments supports towards such agrochemicals.

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Fruits and vegetables production has increased steadily due to the improved consumer eating habits and rising awareness towards healthy food. These are rich in essential nutrients such as vitamins, minerals and roughage. Additionally, global food & vegetables production was roughly around 2 billion tons in 2015 and is projected to surpass 2.35 billion by 2024. Fruits and vegetables constitute major share of the global consumption of fungicides. More than one-third of the global fungicides produced is used in fruits and vegetables, driving the copper oxychloride market share over the forecast timeframe.

Numerous crop protection products including colorants and pigments, fungicides, additional feed supplement and pyrotechnics are available in the industry which may negatively hamper copper oxychloride market market by 2024. Also, the excessive copper oxychloride usage has resulted in the accumulation of copper in the topsoil, which may adversely affect the surrounding environment. DuPont’s Kocide Blue Xtra has become more popular than copper oxychloride, which contains bioavailable copper for disease control and acts as a product substitute available in the industry.

Most farmers are unaware of the numerous selective and non-selective fungicides that are available, especially in the BRIC nations. However, industry participants along with the government bodies and cooperatives are adopting various measures to improve awareness among farmers which will create new for copper oxychloride market growth avenues.