Globally growing herbicide industry is expected to be the key driving factor for isoxaflutole market growth over the next seven years. Expanding population and growing food demand has led to increasing herbicide consumption which is projected to positively impact isoxaflutole demand and in turn complement isoxaflutole market growth. Isoxaflutole finds its major use in crops such as corn and soy in order to improve quality by protecting chlorophyll from decomposition in sunlight. Rising European Food Safety Authority intervention for isoxaflutole usage in other crops is anticipated to drive isoxaflutole market growth over the forecast period. Limited awareness regarding toxicity degree in herbicides for isoxaflutole is expected to hinder isoxaflutole market growth and pose challenges to industry participants. Extensive R&D by companies in order to overcome challenges such as soil pollution and phytotoxicity is expected to create new avenues and yield lucrative opportunities for industry participants over the forecast period.
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North America is expected to remain the key regional market for isoxaflutole owing to large scale soy and corn production in U.S. Growing agricultural industry in countries of Asia Pacific such as China and India coupled with increasing soy production in India is projected to positively impact isoxaflutole market demand in the region. Increasing awareness regarding yield and crop quality is also expected to drive isoxaflutole demand in Asia Pacific. Brazil and Argentina together accounted for more than one third of global soy production in 2011.
Mergers and Acquisitions (M&A) are anticipated to be the key strategy followed by companies operating in isoxaflutole market in order to gain major market share over the forecast period. First commercially produced isoxaflutole was by Aventis Crop Science which was taken over by Bayer. Bayer Crop Science and Dupont are expected to remain leading isoxaflutole producers. Other key companies operating in global isoxaflutole market include Wanko Chemical Co. Ltd., Santa Cruz Biotechnology Ltd. and Hemos GmbH.
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