A CAGR of 6.2% will Push the Fumigation Product Market to Reach US$ 10.1 Billion by 2034, finds FMI’s Report
Future Market Insights Global and Consulting Pvt. Ltd.
7 min read
Future Market Insights Global and Consulting Pvt. Ltd.
The fumigation product market in the United States is anticipated to experience significant growth, with a projected Compound Annual Growth Rate (CAGR) of 6.5% through 2034. This growth is attributed to shifting consumer preferences towards eco-friendly alternatives, driven by increasing awareness of environmental concerns.
NEWARK, Del, April 25, 2024 (GLOBE NEWSWIRE) -- With the help of multiple growth factors, the fumigation product market growth rate will encompass a moderate advancement path with a CAGR of 6.2%. It will likely lift the fumigation product market size from US$ 5.5 billion, measured in 2024, to US$ 10.1 billion by 2034.
The growing population rate and urbanization will drive the fumigation product market growth rate. The increasing commercial and non-commercial sectors will generate the demand for disinfecting products. Also, vigorous methods will be demanded to gain rapid results. Hence, this will be a key growth driver.
The growing prevalence of infectious diseases will give traction to the demand for fumigation products. Due to this, consumers will agitate the fumigation product market size by generating more demand for products.
Stringent policies for food safety and the healthcare industry will generate the demand for fumigation products. Disinfection processes will get traction and the regulatory policies will govern them, fueling the market growth.
The growing agricultural sector will assist the fumigation product market growth rate as the demand for pesticides, fungicides, and germicides will increase drastically. Therefore, this is another key market driver.
Key Takeaways from the Market Study
The growing agricultural sector in China will determine a moderate CAGR of 6.9% for the fumigation product market in the country.
The South Korean fumigation product market growth rate will be the fastest, occurring at a CAGR of 8.3%.
The United States of America will be the largest market by size, projecting a valuation of US$ 1.8 billion.
Phosphine will likely be the highest-demanded type, which will hold 68% of the market space in 2024.
“Prolonged chemical use might affect people’s health and immune pests, making the fumigation products ineffective. Hence, this is a key market restraint,” says Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI).
Major players in the fumigation product market innovate and expand through their product launches. Moreover, strategic acquisitions, mergers, and collaborations are key market expansion modes that deliver a sustainable competitive edge.
New entrants possess less negotiating power due to their lower market share. However, strategic alliances, aggressive pricing, and innovation will elevate their market share, giving a decisive competitive advantage. The following key market developments have occurred recently:-
In October 2022, AMVAC Chemical Corporation partnered with NewLeaf Symbiotics. The collaboration was intended to use the strategic strengths of both organizations in the field of marketing and operations to deliver optimum results.
In February 2024, Arkema expanded its elastomers production capacity by 40%. This development has been significant for the organization in the consumer goods and sports market segment.
Key Companies Profiled in the Fumigation Product Market
Future Market Insights offers an unbiased global fumigation product market analysis, providing historical data from 2019 to 2023 and forecast statistics from 2024 to 2034.
The fumigation product market is segmented by Type (Phosphine, Sulfuryl Fluoride, Methyl Bromide, and Others), Form (Solid, Liquid, and Gas), Application (Commercial & Industrial, Agriculture, and Residential), and Region (North America, Latin America, Western Europe, Eastern Europe, South Asia and Pacific, East Asia, and the Middle East and Africa).
About the Chemicals and Materials Domain at Future Market Insights
Future Market Insights's chemicals and materials team offers expert analysis, time-efficient research, and strategic recommendations to provide authentic insights and accurate results to help clients worldwide. With over 100+ reports and one million+ data points, the team has lucidly analyzed the industry in 50+ countries for over a decade. The team briefly analyzes key trends, including competitive landscape, profit margin, and research development efforts.
Authored By
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of ~400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
