Phorate Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI1908
Phorate Market size will witness a substantial growth with rising application in agricultural and pharmaceutical industry. Growing crop protection industry will drive phorate market as they are used as pesticides. On an estimate, around 30-40% of total crop is lost because of insects & diseases infestation that in turn reduces the overall production. Hence, their use has increased to reduce the wastage and meet food demand.
Rise in global population and decrease in arable land, the demand for phorate market has escalated. There has been a rise in demand for safety and quality of food. In addition, apart from others these do not lose their effectiveness upon hydrolysis and have no residual action. Such factors are expected to further boost phorate market.
Phorates are phosphate esters used as insecticides for protecting crops from leaf-hoppers, leaf-miners, mites and rootworms. They are widely used in agriculture and pharmaceutical industries. At atmospheric conditions, these are readily soluble in organic solvents but not completely soluble in water. They are very stable and undergo hydrolyses both in acidic or basic condition. These are non-bio-cumulative and most commonly used in granular form.
Major restraint for phorate market is its toxic content which is harmful for both mammals and target organisms and may cause headache, fatigue, nausea, diarrhoea and convulsions. Strict government regulations for its use may further restrain the product growth. If these persist as metabolites, they can damage seeds.
Phorate is widely used in agricultural and pharmaceutical industry. Agricultural industry has major share with its rising application as insecticides. Pharmaceutical industry has nascent share and are used for veterinary purpose for resistance against fleas and ticks.
Based on type of activity, the product is classified as systematic and contact. The systematic type depends on its ingestion while the contact type depends on direct contact. Performance of contact type can be improved with quality and method of application. The contact type insecticides have the major share as they are more effective.
The product is available in two forms including, liquid and solid. The liquid form has significant share as it is easy to apply and user friendly. It can be applied to various crops that includes cereals & oilseeds, foods & vegetables, corn, coffee and cotton. The product can be applied in two ways named, foliar spray and soil treatment. The foliar spray has major share owing to ease of application. Soil treatment has witnessed significant growth as its properties do not get easily degraded upon hydrolysis.
Asia Pacific has major share in global phorate market owing to increase in population that has escalated the food demand. The limited availability of arable land has further enhanced its consumption. Growth in insecticide industry in the region has further enhanced the industry growth.
North America phorate market has significant share with growing animal healthcare industry. Latin America led by Brazil and Argentina has substantial share for phorate market with expansion in farmlands and awareness among farm cultivators regarding its benefits. There is slow growth in Europe due to stringent government regulations for its use and demand for organic food.
Phorate market is fragmented with the presence of many regional players in the market. Some of the key industry players include Kalyani Industries, Canary Agro Chemicals, A.S. Joshi, Canary Agro Chemicals, Anmol Afrotech, Jayalakshmi Fertilisers, Chromservis, Ram Shree Chemicals, Sikko Industries, AMVAC Chemical Corporation and Hindustan Mint & Agro Products. Firms are spending on research and development for reducing toxicity to increase product sale.
Companies are adopting various strategies to capture phorate market including, mergers, acquisitions, agreements, sale of business units and new product launch. In May 2016, Aceto corporation sold its phorate product line to AMVAC Chemical Corporation. This will help AMVAC to increase its product offerings.
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