Seattle, Jan. 24, 2019 (GLOBE NEWSWIRE) -- The global cyromazine market was valued at US$ 1.27 million in 2017 and is projected to exhibit a CAGR of 6.03% over the forecast period (2018–2026).
Key Trends and Analysis of the Cyromazine Market:
Increasing demand for environmentally safe crop protection products is expected to propel growth of the cyromazine market, owing to benefits offered by cyromazine such as low toxicity and lesser harmful impact on the environment. According to the USDA report on agricultural statistics published in 2017, domestic utilization of grains increased from 349.8 million metric tons in 2015 to 368 million metric tons in 2016 in the U.S. Therefore, growing agricultural sector is expected to result in increasing crop protection requirements, which in turn is expected to propel demand for cyromazine.
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Veterinary medicine segment is expected to be the fastest growing segment over the forecast period. According to Coherent Market Insights’ analysis, veterinary medicine segment is expected to witness a CAGR of 6.31 % during the forecast period, owing to increasing spending and government approvals for various formulations to be applied in animal healthcare. According to the data published by the US department of Commerce on ‘Industry Focus: Animal Healthcare (Veterinary)’, the American Pet Products Association (APPA) reported the overall spending in the pet industry for veterinary care and supplies, and over-the-counter medicine in 2016 totaled US$ 30.66 billion.
Players operating in the global cyromazine market are adopting various growth strategies, to increase their market share. For instance, in June 2017, ADAMA Agricultural Solutions announced the acquisition of a number of crop protection products in the U.S. from Syngenta AG, which includes insecticides Trigard and Armor, both of which contains cyromazine. Trigard provides control of leafminer larvae in vegetables whereas Armor controls sciarid fly larvae in mushroom.
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Key Market Takeaways:
- North America held significant market share in the global cyromazine market in 2017, owing to growing agricultural business in the U.S. For instance, according to the USDA, the U.S. agricultural exports is expected to be US$ 143.4 billion in FY2018, which is 2% greater than that from FY2017. Therefore, growing agricultural business is expected to increase demand for crop protection products such as cyromazine in the region over the forecast period.
- Some of the major players operating in the global cyromazine market include Syngenta AG, ADAMA Agricultural Solutions Ltd., Elanco Animal Health Inc., Jurox Pty Limited., Arysta LifeScience Corporation, Lasa Supergenerics Limited, Orion AgriScience Limited, Topsen Biotech Co. Ltd., Shandong Luxi Animal Medicine Share Co., Ltd., Bayer AG, and Toronto Research Chemicals Inc.
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