The Metolachlor Market size is projected to grow at a CAGR of 3.3% during the forecast period 2022-2027 and reach US$607.5 billion by 2027. Metolachlor is an organic compound that is primarily employed as a herbicide. It is an aniline derivative that belongs to the chloroacetanilide herbicide family. The bolstering production of row and horticulture crops is the major determinant spurring the Metolachlor Market growth. For instance, according to the Food and Agriculture Organization (FAO), in 2019, global banana production was 117,525,115 tons and in 2020, it was 119,833,677 tons, an increase of 2%. Moreover, increasing crop production within the same area of arable land will also play a vital role in the metolachlor market growth.
Metolachlor Market: Leading Segment is the Organic
On the basis of the source, the Metolachlor market can be segmented into organic and synthetic. The organic source is evaluated to be the leading segment in the metolachlor market in 2021. During the forecast period 2021-2027, the organic segment is expected to grow with a CAGR of 6.7%. Metolachlor derived from organic compounds can suppress annual weeds while also providing organic matter, nutrients, moisture conservation, soil protection and temperature regulation. Furthermore, metolachlor, an aniline derivative derived from organic compounds, outperforms synthetic weed control. As a result of the aforementioned factors, the adoption of organic sources is increasing. This factor is driving the market growth.
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Metolachlor Market: Leading Region is the Asia-Pacific
On the basis of geography, the Metolachlor market is segmented into North America, South America, Europe, APAC and ROW. According to IndustryARC’s analysis, Asia-Pacific has emerged as the most dominant region in the market. In 2021, the Asia-Pacific region held around 35.0% share of the total revenue earned by the market globally. The agriculture sector is the prime sector of the Asia-Pacific region. For instance, according to the U.S., Department of Agriculture, in 2020, the wheat crop production in India was about 107.9 million metric tons and in 2021, it was about 109.6 million metric tons, an increase of about 1.6%. Moreover, in 2020, the total rice production in China was about 148.3 million metric tons and in 2021 it was about 149 million metric tons, an increase of about 1%. Therefore, it is anticipated that rising row crop production in the Asia-Pacific region will increase demand for metolachlor, which in turn will increase the size of the metolachlor market.
The Major Players in this Market Include
The major companies in the Metolachlor market include Bayer CropScience, Syngenta, BASF, Nufarm, FMC, Shanghai Tenglong Agrochem Co. Ltd., Shangdong Luba, Ruize Nantong, Jiangshan Agrochemical & Chemical and Jiangsu Fengshan Group.
The key focus of the companies has shifted towards product launches. For instance, in March 2022, DAMA Ltd., one of the world's leading crop protection companies, introduced Cheval, a premium pre-seed and post-emergent metolachlor herbicide. Due to its unique formulation and long residual effect, this product is used to control weeds in soybean and other crops, providing valuable benefits to farmers.