Carbofuran Market

Carbofuran Market Size (2024-2029):

The Global Carbofuran Market was worth US$ 34.68 million in 2023 and is anticipated to reach a valuation of US$ 28.06 million by 2029 and is predicted to register a CAGR of 3.47% during 2024-2029.

Market Drivers:

The carbofuran market is fueling because of the growing popularity in the agriculture sector. Many farmers all across the world have adopted it to increase their revenue and satisfy the growing wants of the populace.

The carbofuran market is driven by the decrease in the amount of arable land per person, increase in the agricultural sector and resistance to biotic pressures like insects. Furthermore, the world's food supply is growing faster than the population. This means that the finest pesticides are used in agricultural fields to help producers and economically disadvantaged populations in emerging nations.

Product demand is influenced by worries about global food security and people's increasing knowledge of the need for mite and pest control for their crops. The population of the world is expected to reach 9.2 billion by 2050, expanding at an exponential rate that adds over 200,000 people to the world's food consumption every day. Since the world's population is still growing, food security has become a major worry. Thus, farmers employ crop protection as a key strategy to satisfy their food needs. Using pesticides on crops is a tried-and-true method of raising food output worldwide. Developing nations have demonstrated a significant need for carbofuran. More and more people are doing everything it takes to increase agricultural productivity.

Market Restraints:

The carbofuran market expansion is limited by the fluctuating costs of fine chemicals and raw materials used in the formulation of carbofuran. Consumers in agricultural markets are price sensitive because carbofuran is frequently used as a pesticide. Also, farmers will search for affordable alternatives or cease using them entirely once the price of the chemical rises as a result of fluctuating raw material costs. Hence, this could restrict market expansion.

However, the biggest obstacle to the market is the usage of carbofuran, which has harmed the environment and put human health in danger. The plant absorbs carbofuran through its roots, which are then dispersed throughout its several organs. It's a common choice for controlling soybean aphids. Its effectiveness in eliminating pests and averting harmful insect infestations makes it a useful tool for a range of crops.

Market Opportunities:

Widening the customer base by focusing on regions where carbofuran is still allowed, such as Asia Pacific. Furthermore, using this as a seed coating agent can enhance crop quality and yields. These factors are expected to expand the carbofuran market.

While carbofuran use is declining in some regions due to regulatory restrictions. There are still opportunities for market expansion in developing regions with less stringent regulations. Moreover, countries in Latin America, Asia and Africa with agriculture as a significant economic sector and pest pressures are high. Hence, it represents growth opportunities for carbofuran manufacturers.

Market Challenges:

The widespread use of carbofuran in agriculture has been criticised for the deaths it caused upon animals, particularly birds. More nontarget bird death from registered usages of carbofuran in North American agriculture is likely caused than by any other insecticide.

The global economy started to recover after the epidemic lasted for more than two years. However, in 2023, the invasion of Ukraine by the Russian Federation and its consequences for supply chains, commodities markets, inflation, and financial conditions sharply slowed global growth. With challenges to activity in most other economies more than offsetting increases in activity in energy exporters, the war in Ukraine is particularly causing skyrocketing prices and volatility in the energy markets. The incursion into Ukraine has moreover resulted in a noteworthy surge in the costs of agricultural commodities, therefore intensifying food insecurity and severe poverty in several developing nations and growing markets.

CARBOFURAN MARKET REPORT COVERAGE:

Market Segment Analysis:

Carbofuran Market – By Type:

• Dry Powder
• Granules
• Emulsion

The granules segment is currently holding the biggest share of the carbofuran market. It is anticipated to increase considerably in the coming years. Also, granules containing carbofuran are low-in-strength formulations. It is meant to be administered straight without diluting. Moreover, they work particularly effectively in soil applications. Further, a granular formulation called Furadan 3G contains 3% pure. Granules of carbofuran are extensively utilised in agriculture. Whereas emulsion is mostly utilised in the seed coating agent industry due to its potent anti-pest properties on seeds before sowing in soil or ground coverings.

Carbofuran Market – By Application:

• PESTICIDE
• SEED COATING
• OTHERS

The pesticide segment dominates the carbofuran market. It is a highly effective insecticide widely used to control insects and nematodes on a variety of crops. So, this contributed to its increasing demand. Moreover, although it is banned in several countries the sales and manufacturing of pesticides continue globally. Therefore, leading to its sustained market growth. Also, its ability to effectively preserve crops is another factor driving the increased demand for this product. For example, maize, rice and potatoes have caused a comeback of the chemical in certain areas. Additionally, the potency of carbofuran in controlling animals has made it a preferred poison in illegal activities. As a result, it further contributes to segment market growth.

Market Regional Analysis:

• North America
• Europe
• Asia-pacific
• Middle-east and Africa
• Latin America

Asia Pacific is leading the global carbofuran market. This is mostly because of growing public knowledge of carbofuran and continuous technical development. Also, in developing nations, the use of pesticides in agriculture is rapidly increasing. Moreover, the WHO estimates that about 20 percent of pesticides are utilised in developing countries. This raises the usage rate. In addition, the imports of pesticides have increased by 61 percent in Cambodia, 55 percent in Laos and 10 percent in Vietnam. Furthermore, agribusiness companies have been compelled to broaden their supplier and production networks in the Asia Pacific due to the growing demand for commodities and the expansion of cultivation in the region's emerging countries.

Europe is anticipated to experience moderate growth in the carbofuran market during the forecast period. According to Austrian laboratory research, carbofuran has a limited potential for adsorption in temperate soils, increasing the likelihood that it may migrate into water bodies through runoff. However, European countries have shifted away from widespread use towards more restricted and limited applications. This is because regulatory authorities prioritize environmental protection and human health considerations. Also, there is the adoption of alternative pest control techniques in European agricultural systems and an increasing emphasis on sustainable agriculture.

North America carbofuran market is expected to grow in the coming years. In Canada, carbofuran was used on various crops to manage insect pests. Also, the use of traditional ground equipment and aerial application was applied to canola, mustard, sunflowers, maize (sweet, field, and silage), sugar beets, green peppers, potatoes, raspberries and strawberries. Except for four food crop applications which include field corn, potatoes, pumpkins and sunflowers) and two non-food crop uses comprising pine seedlings and spinach cultivated for seed, all federally registered uses of carbofuran have been discontinued in the USA.

Latin America is expected to have a balanced pace in the carbofuran market in the future. It is utilized in agriculture across different types of crops. This includes corn, soybeans, rice, sugarcane, bananas, and vegetables. According to research, Brazil's pesticide-treated land for the 2023–2024 crop is predicted to rise by 3.7 percent from the previous season. Additionally, the growing area under soybean cultivation and El Nino influenced climate conditions led to an increase in pests and illnesses. This in turn caused the rise in the use of agrochemicals. However, carbofuran is banned in several LA countries like Brazil, Argentina, Colombia, Chile, Peru and Venezuela.

Middle East and Africa is predicted to propel further in the carbofuran market during the forecast period. The growing populations and limited cultivable land are driving the need for increased agricultural productivity. This makes carbofuran attractive for pest control.

Impact of COVID-19 on the Carbofuran Market:

The carbofuran market was adversely affected by COVID-19. Since agricultural operations were not bound by any laws, the need for agrochemicals remained unaltered. However, during the first half of the epidemic, sales of fertiliser decreased dramatically while sales of pesticides remained unchanged because of disruptions in commercial activities. Additionally, the conflict in Ukraine is driving up prices and creating instability in the energy markets, with setbacks to growth in the majority of nations more than offsetting gains in energy exporters. Moreover, the incursion into Ukraine has resulted in a noteworthy surge in the costs of agricultural commodities, therefore intensifying food insecurity and severe poverty in several developing and rising markets.

Market Key Players:

1. Hunan Gofar Fine Chemical
2. Hunan Haili Chemical
3. Jialong Chemical
4. Hubei Sanonda (Chemchina)
5. LANFENG BIO-CHEM
6. FMC

Market Key Developments:

• In September 2023, four hazardous pesticides were prohibited by an order issued by the Chinese Ministry of Agriculture and Rural Affairs. It states that as of December 1, 2023, the issuing body would cancel the formulation registration for omethoate, carbofuran, methomyl, and aldicarb.
• In May 2023, the Ministry of Agriculture in India approved the ban on 3 of 27 pesticides. Carbofuran, Malathion, Monocrotophos, Quinalphos, Mancozeb, Oxyfluorfen, Dimethoate and Chlorpyriphos are the eight pesticides for which there is a change in label claim.