Profenofos Market size is forecast to reach US$1.4 billion by 2026, after growing at a CAGR 3.4% during 2021-2026. Profenofos is an organophosphate insecticide produced by mixing phosphorus oxychloride, sodium ethoxide, and sodium 1-propanethiolate, then treating with 4-bromo-2-chlorophenol. Globally, increased crop losses due to insect attacks, a decrease in per capita arable land, and advancements in farming practices and techniques are the key factors expected to drive the demand for insecticides such as profenofos during the forecast period. Market growth is also fueled by safety standards that lead to product development and low pricing which lead to an increase in demand for insecticides in emerging countries. Rising R&D investments to develop eco-friendly products is another factor that is expected to open up lucrative business opportunities for the growth of the profenofos industry.
Impact of Covid-19
Due to the global industrial shutdown caused by the COVID 19 pandemic, the production and demand for insecticides has suffered. The profenofos market has been experiencing supply-demand imbalances as well as raw material supply disruptions. This has impeded full-scale operations of profenofos-related companies. Raw material prices are also raised as a result of supply constraints. Furthermore, the recovery of the affected downstream supply chain may take longer to come on track.
Profenofos Market Segment Analysis- By Packaging
Bottled packaging held the largest share in the profenofos market in 2020. When selecting the right packaging material, many properties must be considered. Weight, recyclability, refill ability, transparency, shelf-life, frangibility, shape retention, and temperature resistance are all important considerations in the selection process. Bottled packaging can serve a number of benefits to the products. These packaging protect the profenofos products from breaking and contamination. It also provides the bottled product an eye catching look, and to deliver the useful product to their targeted customers. Thus, the increasing use of bottle packaging would further drive the profenofos market’s growth over the forecast period.
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Profenofos Market Segment Analysis- By Crop Type
Commercial crops held the largest share in the profenofos market in 2020 and is projected to grow at a CAGR of 4.2% during 2021-2026. Increasing use of profenofos in cotton crops would further drive the growth of the market. Profenofos protects cotton by controlling tobacco budworm, armyworm, cotton bollworm, cotton aphid, spider mites, whiteflies, and plant bugs. Increasing production of commercial crops has driven the demand for profenofos in the forecast period. For instance, according to the United States Department of Agriculture, the United States produced nearly 20 million bales of cotton worth approximately $7 billion in total (lint plus seed) value during the marketing year (MY) 2019—August 2019 to July 2020. Furthermore, as per the Cotton Corporation of India during 2019-2020, 36.5 million bales of cotton were produced. Therefore, with the increasing production of commercial crops globally, the demand for profenofos is estimated to raise in the forecast period.
Profenofos Market Segment Analysis– By Geography
The APAC region held the largest share of more than 42% in the profenofos market in 2020. Globally, the region’s growth in the market is mainly due to the rising investments in the pharmaceutical, personal care, agriculture, and other end-use industries. As a result of rising complaints of pest and insect damage to crops in the region, the presence of established manufacturers, and rising demand for agrochemicals such as insecticides and pesticides has raised the demand for profenofos. Profenofos is primarily used in agriculture-based economies around the world as a pesticide. Developing economies reliant on agriculture, such as India and Bangladesh, are expected to contribute positively to market revenue growth in this region. For instance, the Indian agrochemicals market is predicted to increase at an annual rate of 8%, reaching $3.7 billion in FY22 and $4.7 billion in FY25, according to Invest India. Thus, the rising usage of profenofos in several end-use industries in the APAC region is further anticipated to drive the overall market in the forecast period.
Profenofos Market Drivers
Rising Initiatives to Promote the Production of Agrochemicals Would Further Raise the Growth of the Market
For agricultural production enhancement and protection, traditional farming is being replaced by commercial farming with technologically advanced technology and high-quality chemicals. Thus, government is taking initiatives to raise the production of agrochemicals in various countries. For instance, the Indian government introduced the Production Linked Incentive (PLI) scheme in 2020 to promote domestic agrochemical manufacturing. Furthermore, in September 2020, Mitsui & Co., Ltd., and Nippon Soda Co., Ltd, two Japanese multinational corporations, have invested in Bharat Insecticides Limited in India. The Mitsui and Nippon Soda of Japan have purchased a 56 percent stake in Bharat Insecticides which is a leading producer of profenofos. BIL’s ability to produce innovative crop protection solutions will be strengthened and supported by this new partnership with Mitsui and Nisso, which will help India’s agriculture industry flourish sustainably. Raised awareness of insecticide use has not only increased the demand for profenofos, but also awareness of possible crop savings in developing countries. As a result, the rising initiatives by several governments and firms, to promote the production of agrochemicals has raised the market growth.
Rising Demand and Production for Cotton Will Drive the Market Growth
The usage of various agricultural chemicals is readily associated with modern agriculture. Insecticides of various classes are used to maximize crop production and meet increased demand for food, clothing, and other agricultural necessities. Rising demand for natural products such as cotton is one of the primary factors driving the demand for organophosphate insecticides. Profenofos (0-4-bromo-2-chlorophenyl-Oethyl-5′ propyl phosphorothioate) is a prominent organophosphate insecticide widely used in cotton cultivation. Cotton production has increased significantly in various countries such as USA, India, China, and others over the years. According to the Organization for Economic Cooperation and Development (OECD) cotton production is expected to expand at a rate of 1.5% per year until it reaches around 30 Mt in 2029. Cotton area increase (0.5% t per year) and average worldwide yields will also contribute to this rise (1 percent p.a.). Thus, with the increasing production of cotton the profenofos market is also projected to rise over the forecast period.
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Profenofos Market Challenges
Rising Harmful Effects Will Hinder the Market Growth
Profenofos can produce cholinesterase inhibition in humans, which means it can overstimulate the neurological system, producing nausea, dizziness, and confusion, and death at very high exposures (e.g., accidents or big spills). Also, profenofos have a severe toxicity when compared to other regularly used OP insecticides, causing respiratory collapse. According to The Globally Harmonized System of Classification and Labelling of Chemicals standards, profenofos is toxic to aquatic life with long lasting effects. In addition, profenofos is highly toxic, may be fatal if swallowed, inhaled, or absorbed through skin. Thus, due to the rising harmful effects, the market growth for profenofos is estimated to face challenges in the upcoming years.
Profenofos Market Landscape
Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the profenofos market. Major players in the profenofos market are
Acme Organics Pvt. Ltd.
Yantai Keda Chemical
Fulon Chemical Industrial Co., Ltd.
Hualong Chemical Industry Co., Ltd.
National Company for Agrochemicals Production (Agrochem)
Jiangsu Baoling Chemical Co., Ltd.
iangsu Jiangnan Agrochemical and others.
APAC region dominated the profenofos market due to the huge government investments made in the agrochemicals sector in emerging economies such as China, India, Japan, and other countries.
Globally, the inclining demand for profenofos with rising cotton production to control tobacco budworm, cotton bollworm, armyworm, cotton aphid, whiteflies, spider mites, and plant bugs is estimated to drive the market growth in the projected period.
Rising demand for food crops with emerging population is anticipated to increase the demand for more agricultural produce. Thus, which would further drive the demand for organophosphate insecticides, such as profenofos in the forecast period.
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