Latin America Isoxaflutole Market was worth USD 20.08 million in 2021 and estimated to be growing at a CAGR of 5.98%, to reach USD 32.49 million by 2026. Isoxaflutole is a chemical which is used in the agrochemical industry to enhance the growth of plants. The major plants on which this chemical is used are sugarcane and maize. It is also used on food crops such as apple, peach, almond etc.
Isoxaflutole primarily acts as a growth catalyst in the growth of plants like maize, sugarcane, apple and peach. The active component in the compound quickly gets metabolized in the soil and starts acting on the plants. It is considered as one among the prominent and efficient sources for biofuel. As a result of rising prices of oil, the demand for sugarcane is increasing in the market, which indirectly resulted in growth of this chemical. As a lot of corn is produced in regions like USA and China, the demand for Isoxaflutole is on the rise.
Latin America Isoxaflutole Market Drivers:
The Latin America Isoxaflutole market is driven by factors such as growing demand for food especially in developing regions, rising investment in research and development, rising soy and corn plantations and rising importance for quality among others. However, the market is constrained by factors like lack of awareness about phytotoxicity of Isoxaflutole.
Latin America Isoxaflutole Market – By Crops:
sugarcane
Sugarcane is expected to dominate this segment.
Latin America Isoxaflutole Market – By End Users:
Agriculture sector has the largest share in this segment.
Geographical Analysis:
The Latin America Isoxaflutole market is divided based on geography into
The market in the region has a huge potential for growth. Factors such as rising demand for food along with increasing investment in research and development is expected to drive the market growth in the region.
Key Players:
Some of the major players in the market include DuPont, CropScience, Santa Cruz Biotechnology Ltd., Wanko Chemical Co. Ltd., and Chemos GmbH.
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