The crop oil concentrates market is estimated to account for USD 199 million in 2019 and is projected to reach USD 254 million by 2025, recording a CAGR of 4.1% during the forecast period. The market is primarily driven by the increasing need to reduce pesticide usage per hectare, growing preference for generic pesticides, and rising adoption of herbicide-tolerant crops.
Of the various pesticides, the usage of herbicides remains high globally. This due to an increase in the cultivation area of herbicide-tolerant crops and high weed resistance to herbicide formulations. In addition, according to industry experts, application of adjuvants including COC, remains high in herbicides due to its increasing application rate as per labels provided by pesticide manufacturers. Thus, in terms of both value and volume, the herbicides segment is estimated to dominate the global market in 2019.
The surfactant content in the product helps attain a better coverage area for the pesticide and also imparts the surfactant’s properties to pesticide application. The surfactant concentration decides the quality of the product as well as defines its price, ranging from less than 15% to more than 25% of a surfactant in a product. Since the products with higher surfactant concentration provide added advantages of the surfactant, the cost of these products is comparatively high. Thus, the market for crop oil concentrates with surfactant concentration greater than 25% is estimated to the high in the global market in 2019.
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The global market was dominated by North America in 2018, in terms of value and volume, due to the high presence of COC manufacturers and adoption of modern agricultural technology such as precision farming and plant biotechnology. However, the demand for COCs in developing regions, such as South America has significantly increased. This is mainly due to the growing adoption of agrochemicals, advancements in farming techniques in Brazil and Argentina, and establishment of distribution channels by global agrochemical players. In addition, the consumption of herbicides is quite high in the region, according to FAOSTAT. Due to these factors, the market in South America is projected to record the highest growth during the forecast period.
Many domestic and global players provide COC products for various pesticide applications across the world. Major manufacturers have their presence in the North American and European countries. The definition for COCs is not structured by any government authority, and hence, there has been ambiguity in understanding its scope. Hence, the report scope has been restricted to the market for petroleum-based COCs marketed across the globe. Key companies in the crop oil concentrates market are Wilbur-Ellis Holdings, Inc. (US), Croda International Plc (UK), BASF (Germany), Winfield United (US), KALO, Inc. (US), BRANDT Consolidated, Inc. (US), Innvictis Crop Care (US), CHS, Inc. (US), Precision Laboratories, LLC (US), Helena Agri-Enterprises, LLC (US), Nutrien Ag Solutions (US), and Plant Health Technologies (US). Various strategies, such as acquisitions, expansions, and agreements, were adopted by key companies to remain competitive in this market.