Forchlorfenuron Market Size, Share, Growth, and Industry Growth by Type (KT-30 99%, KT-30 98%, and Others), By Application (Kiwi, Grapes, Watermelon, and Others), Regional Insights, and Forecast From 2023 To 2031

Updated On: 11 September 2023

Forchlorfenuron Market REPORT OVERVIEW

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The global forchlorfenuron market size was USD 3 million in 2021. As per our research, the market is projected to touch USD 4.42 million by 2031, exhibiting a CAGR of 3.4% during the forecast period.

The global COVID-19 pandemic has been unprecedented and staggering, with forchlorfenuron experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributable to demand returning to pre-pandemic levels once the pandemic is over.

Forchlorfenuron is widely used for improving fruit size and fruit quality. The chemical formula of the compound is C12H10ClN3O. It is a member of monochloropyridine and phenylureas. It has a molecular weight of 247.68. It is generally used to increase the berry size of kiwifruit and grapes. The compound belongs to the phenyl group. It helps to promote cell division and resulting growth regulators of fruits.

Growing demand for food and healthy fruits is estimated to fuel market growth. Increasing demand for the product in agriculture sector is estimated to surge market growth. Increasing health concern and fitness is predicted to surge market growth. Rising acceptance of chemical growth promoters by farmers is anticipated to accelerate market growth during the forecast period. Growing development in agrochemical industry is projected to drive market growth. Increasing disposable income of population is predicted to fuel market growth.

COVID-19 Impact: Closer of Agrochemical Industry to Hamper Market Growth

An outbreak of COVID-19 pandemic impacted agriculture industry. Ban on transportation declined product demand. Lack of farmers due to spreading of deadly coronavirus disease which reduced market growth. Shutdown of agrochemical industry activities impacted market growth. Lack of supply chain disruption due to lockdown restrictions hampered market growth. Further, fluctuation of raw materials price restricted product demand.

On the contrary, post-COVID-19 market is expected to show considerable market growth due to growing demand to improve fruit size. Higher demand in developing agrochemical industry is projected to drive market growth.   

LATEST TRENDS

"Increasing Demand to Stimulate Fruit Growth to Foster Market Expansion"

Increasing demand to stimulate fruit growth is expected to fuel market growth. Growing demand to improve fruit size and quality is predicted to accelerate market growth. The product is extensively use during harvest delays and helps to regulate fruit growth. Growing demand for fertile land is anticipated to fuel market growth during the forecast period. Increasing need to promote cell division of fruits is estimated to surge market growth. Higher demand for perfect size fruits among consumers is expected to boost product adoption. The product helps to improve pollen fertility. Such benefits of the product are estimated to increase forchlorfenuron market growth. Increasing disposable income of population is estimated to surge market growth.

Forchlorfenuron Market SEGMENTATION

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• By Type

Based on type, the market is divided into KT-30 99%, KT-30 98%, and others.

KT-30 99% is expected to be the leading part of segmentation type.

• By Application

Based on the application, the market is divided into kiwi, grapes, watermelon, and others.

Kiwi is expected to be the leading part of application segmentation.

DRIVING FACTORS

"Growth in Agriculture Sector to Incite Market Growth "

Increasing demand for agriculture products is estimated to fuel market growth. Higher demand for fruits globally is projected to drive market growth. Increasing demand for fast and effective crops is predicted to surge market growth. Growing pressure on the agriculture sector to produce more food in less time is anticipated to boost product adoption. Increasing awareness of health consciousness among population is projected to drive forchlorfenuron market growth. The product helps to optimize protein synthesis and increase sugar content in the fruits. Such benefits of the product are estimated to accelerate market growth during the forecast period.

"Growth in Agrochemical Industry to Incite Market Growth"

Increasing demand for agrochemical industry is expected to surge market growth. Growing acceptance of various chemical growth promoters by farmers is predicted to surge market growth. Increasing developments in the agrochemical industry are projected to boost product adoption. Growing research and development activities in agrochemical industry are estimated to accelerate market growth during the forecast period. The product is extensively used during a delay of maturity of berries. Such benefits are estimated to fuel market growth. Higher demand for regulating cellular metabolism of fruit is anticipated to increase forchlorfenuron market growth. Increasing need to stimulate bud differentiation is predicted to accelerate product adoption. The product helps to break apical dominance of fruits which is anticipated to boost market growth.  

RESTRAINING FACTORS

"Hazardous Effect of HSE Standards to Impact Market Growth "

The hazardous effect on HSE (healthy, safety, and environment) standards is estimated to hamper market growth.

Forchlorfenuron Market REGIONAL INSIGHTS

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"Increasing Demand for Food in Asia Pacific to Drive Market Share  "

Asia Pacific is estimated to hold largest part of forchlorfenuron market share due to growing need for food. Increasing number of population in the region is estimated to surge market growth. Increasing adoption of agrochemical industry is projected to drive market growth. Rising crop yields and availability of fertile land are estimated to accelerate market growth during the forecast period. Increasing health concern and fitness is predicted to surge market growth. Rising acceptance of chemical growth promoters by farmers is anticipated to accelerate forchlorfenuron market growth. Presence of significant market players in the region is estimated to fuel market growth.

North America is estimated to show considerable market growth due to increasing disposable income. Growing number of population and higher demand for fruits and foods is projected to drive market growth. Growing government initiatives to develop agrochemical industry. Availability of fertile land in the region is projected to surge market growth. Growing research and development activities in agriculture sector are estimated to propel market growth. Rising awareness among farmers about the product benefits is predicted to surge market growth.

KEY INDUSTRY PLAYERS

"Leading Players Adopt Strategies to Stay Competitive"

The report covers information about the list of market players and their latest development in the industry. The information includes mergers, partnerships, acquisitions, technological developments, and production lines. Other aspects examined for this market include complete research on companies producing and introducing the latest products, regions they conduct their operations in, automation, technology adoption, generating the most revenue, and making a difference with their products.

List of Market Players Profiled

• AlzChem (Germany)
• Anyang Quanfeng Biological (China)
• Zhengzhou Zhuoyue (China)
• Yinhai Chemical (China)
• Zhongke Chemical (China)
• Cheng Ming (China)
• Yinhe Chemical (China)
• Xinglian (China)
• Henan Door Chemical (China)
• Runtong (China)

REPORT COVERAGE

This research profiles a report with general studies that explain the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by examining the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, and others. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.