The rising adoption of insecticides among numerous countries for crop preservation may bring considerable growth opportunities for the tebufenozide market. Furthermore, the expanding use of agrochemicals in countries having agriculture as the main occupation like India may prove to be a boon for the growth of the tebufenozide market.
Tebufenozide is a insect growth regulator, which is utilized as an active ingredient in agrochemicals. The agrochemicals are used on several crops such as vegetables, fruits, corn, and rice. It is prominently used for controlling the spreads of gypsy moths, tussock moths, caterpillars, and other crop-damaging insects. It helps in enhancing the yield and keeps the crops healthy and disease-free. Such advantages bode well for the growth of the tebufenozide market. The high selectivity value of targeted pests and low toxicity are the crucial aspects that bring substantial growth prospects for the tebufenozide market. Rohm and Haas, a company headquartered in the U.S. discovered tebufenozide.
The players in the tebufenozide market indulge extensively in research and development activities for achieving a large consumer base. The players are also involved in innovative advertising strategies for attractive prospective consumers. Strategic collaborations are also important for the overall growth of the tebufenozide market. Mergers, acquisitions, partnerships, and joint ventures help in influencing the growth prospects of the tebufenozide market to a considerable extent.
Many new players enter the tebufenozide market with innovative chemnical formulations. These companies are mostly merged or acquired by key players in the tebufenozide market. Agrochemical startups are increasing at a rapid rate across many countries.
Fewer Side Effects Serve as Growth Boosters for Tebufenozide Market
Comapared to other chemical insecticides, tebufenozide has low side effects. In addition, it is said to be more effective than other agrochemicals in terms of crop protection. The growing awareness among the consumers in the agriculture sector about the low side effects and enhanced efficiency is attracting substantial growth for the tebufenozide market.
COVID-19 Impact on Tebufenozide Market
The COVID-19 pandemic has dented the growth prospects of the tebufenozide market for a short term. The strict lockdown restrictions impacted the supply chain mechanisms and production of the players in the tebufenozide market. This aspect damaged the growth prospects of the tebufenozide market considerably. However, the agriculture sector was exempt from lockdown restrictions in countries like India where agriculture is the main occupation. This factor led to lesser losses across the tebufenozide market.
Growing Encouragement from Government Bodies of Countries like India to Bring Profitable Avenues for Tebufenozide Market
The government bodies of numerous countries are incentivizing such startups with various schemes. Such schemes prove to be beneficial for the growth of the tebufenozide market. The Indian Government’s Initiative for Development of Entrepreneurs in Agriculture (IDEA) is a classic instance. The scheme helps in promoting agriculture-related ventures and provides supplementary sources of input services and supply. The Agriculture Ministry of India funded more than 230 srartups in 2020 under the Rashtriya Krishi Vikas Yojana (RKVY). Such developments prove to be beneficial for the growth of the tebufenozide market.
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Asia Pacific Region to Emerge as Prominent Regional Growth Contributor for Tebufenozide Market
Asia Pacific has countries like India where agriculture is the main occupation of many citizens. This aspect may serve as a key growth accelerator for the tebufenozide market in Asia Pacific. Furthermore, the farmers are switching from traditional farming methods to modern methods for enhanced yield outcome. This aspect is leading to increased demand for chemical insecticides like tebufenozide. The players are spreading awareness about tebufenozide’s effectiveness and advantages through various initiatives and campaigns. This aspect is playing a crucial role in the growth of the tebufenozide market across the Asia Pacific region.
Some key players into the tebufenozide market are Shijiazhuang Awiner Biotech, Kumiai Chemical Industry, Sigma-Aldrich, Shijiazhuang Awiner Biotech, Hangzhou Tianlong Biotechnology, and Wings Chemical.