Difenoconazole Market Competitive Strategies, Regional Analysis Forecast 2031

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COVID-19 Impact on Difenoconazole Market

• The COVID-19 outbreak is hampering the demand for difenoconazole in many applications. Governments of various countries across the globe have enforced lockdown measures to curb the spread of the coronavirus. This has resulted in slowdown and even halt in manufacturing operations, thus hampering the demand for difenoconazole.
• Key players operating in the difenoconazole market are primarily tier I and tier II manufacturers and suppliers. Manufacture and supply chain facilities of these players are spread across various countries in Asia Pacific, Europe, North America, Latin America, and Middle East & Africa. Many of these players have halted their production output over the last few months due to the COVID-19 pandemic. The pandemic has negatively influenced the demand and supply chain of difenoconazole.
• The COVID-19 outbreak has directly affected the production and demand for difenoconazole. Industrial shutdown caused by the COVID-19 pandemic has created disruption in the supply chain. Disruption in supply of raw materials is projected to hamper full-scale operations of companies operating in the market.

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Key Drivers of Difenoconazole Market

• Rise in demand for difenoconazole in the agrochemical industry due to its functionality is a significant factor projected to fuel the global difenoconazole market during the forecast period
• Global food demand is expected to increase from 50% to 90% by 2050, owing to expected increase in the global population. Rise in global population is estimated to boost the global food production. Climate change, outbreak of pests, and lack of investment have restricted food production. Thus, there is need to improve agricultural productivity in order to meet the demand for food. Hence, farmers are focusing on increasing productivity by reducing the damage caused by pests. This is likely to drive the market.

Restraints of Difenoconazole Market

• Various types of pesticides are used in the market. Chemical pesticides are used due to their cheap prices and ease of usage. The use of these products on crops has led to several negative side-effects. For instance, beneficial non-target microorganisms present in crop may be negatively affected by use of these products.
• Fungus present in the crop can develop resistance against products. For instance, Botrytis cinerea, a grey mold fungus present in fruits and vegetables, has developed resistance against fungicides. This acts as a major factor restraining the adoption of difenoconazole for crop protection.

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Asia Pacific to Constitute Significant share of Global Difenoconazole Market

• Asia Pacific includes major agriculture dependent economies such as China, India, and Japan. Increase in cultivation of crops and rise in post harvesting damages are the primary factors driving the market in the region. Growth in standard of living of the people has led to a rise in demand for high quality food products. This is also boosting the market in the region.
• In North America, the U.S. and Canada are adopting natural as well as synthetic methods to improve the crop yield. On the other hand, strict rules are being enforced in Europe to curb the use of these products in crop production.
• The market in Latin America is likely to expand at a rapid pace during the forecast period.