Ronaldo Pereira
President at FMC
Thanks, Andrew. I want to start-off by providing an update on our strategy, which is supported by Slides 14 through '21. As we look-ahead, it's clear that our commercial strategy is evolving, driven primarily by the upcoming patent expirations, particularly for. While this presents challenges, we see it as an opportunity to transform, compete and advance in new ways. Like other products that transition to the post-patent phase of life, when we look-back at the makeup of our business years from now, it will look much different than it does today. Over the past several quarters, we have spoken to the broad strategy for these products as they shift to their post-patent lifecycle.
At a high-level, the strategy that we've communicated, which you can see on Slide 15, is that we will continue to offer the basic solo formulations under the trusted FMC brand names at lower-price points to compete with generics entry in the market. At the same time, we will offer high-value versions of diamides via new often patented formulations and mixtures. This evening, I'll share in more detail how we're enacting this strategy and share how we see the next few years unfolding for this product class. Going-forward, you will hear us start talking about the two distinct products, and, rather than just simply referring to them as leady as we've done in the past. Both products are very potent tools for growers to control insects.
But as you can see in Slide 16, there are some key differences between the two products. Renoxipir has a more limited spectrum, but that spectrum is focused on controlling lip doctor insects or, which is the most valuable addressable market at nearly $5 billion., on the other hand, has a much broader scope in terms of types of insects it can control. Our sales have outpaced with roughly a 70-30 split. This is partly due to larger -- larger market-share for cutterpillar control and also has been by our own design due to its somewhat simpler manufacturing process and lower-cost profile. The market for or CTPR, which is a chemical name for the active ingredient behind will undergo a series of changes over the next few years and our strategy reflects that. As enters the next phase of its product life, it has been included in the core portfolio along with the other legacy products that are off-patent, like. All composition-of-matter patents have expired for and by the end of 2025, almost all process patents will also have expired. We expect generics to enter all major markets with with solo formulations of CTPR by the end of 2026.
As we mentioned earlier, we are already observing generic CTPR sales in some countries today. As generics enter the market, we will continue to offer solar formulations at lower-price point under the trusted FMC brand to compete with the new market entrants. Based on the latest data from international shipments, we believe we are competitive on costs with lower-price generics offering the solar molecule, thanks to our recent restructuring actions, which have significantly lowered our cost-of-sales. Lower pricing for the solar formulation will coincide with a significant expansion of acres treated with CTPR.
Slide 17 and 18 illustrate how this is likely to occur. Slide 17 shows the global insecticide market, which is about $22 billion at the Farm gate. Diamides as a class of chemistry are estimated to be about 9% or a little under $2 billion of that overall market with FMC's branded diamides making up about 55% of that share. The remaining 45% is made-up of FMC partner sales, generic CTTR and competitor products within the diamide classes that is not -- that are not or. As you can see that the -- you can see that the majority of diamide offerings are on the higher-end of the treatment per-acre price curve with prices ranging from $20 to over $40 per-acre. There are almost no diamide products offered below $10 and FMC's diamides are virtually non-existent in this space.
When generics first enter the market, we expect growers who are solely driven by price to be their key customers, which should be less impactful to FMC. The entrance of generics will certainly create competitive pressure against some existing FMC products. But as Slide 18 shows with our lower manufacturing costs and technology roadmap, there will be substantial opportunities for and to take share across all points of the price curve from other insect sides such as neonicotinoids and organic phosphates. The more favorable environmental profile of both renoxipir and versus these other insecticide classes would further aid market expansion. As seen on Slide 18, we expect that the diamide market will grow from $2 billion up to an estimated $5 billion over-time.
As volume expands, we will continue to differentiate our products from other CTPR offerings with new formulations and mixers. These new products, which are listed on Slide 19, will deliver additional attributes. This innovation can be in the form of adding a second mode of action to combat potential resistance or adding a mixed partner to broaden the spectrum of control while expanding the addressable market. Is expected to continue to show sales growth, although not at the high levels we observed when the product was earlier in its life-cycle. Following the 2025 correction year, we expect overall to report a growth rate in the high-single-digits. On Slide 20, you can see the upcoming products in our pipeline.
Many of these products -- these new products will offer additional value to growers. This can be in the form of reduced labor for application by offering rice growers a much lighter-weight tablet formulation or it can be through new mixtures with pheromones and insectides from other groups that combat resistance and strengthens performance in existing segments. Finally, we plan to introduce seed treatment products, which is an unexplored segment of the market for our branded offerings, as well as a mixture with the side. While the core portfolio grows at or above the market, we expect and the rest of our growth portfolio to grow at multiples of the market. For, we have process patents in-place in major markets through 2025, with Brazil not expiring until the middle of 2026. In addition to the process patents, we also have a key formulation patent for the period through 2027 in key markets and data protection in-place in major regions such as Brazil, the US and Europe.
Depending on the country, this can extend the protection granted to the regional molecule. Data protection creates an additional and costly hurdle for generics to register products even after process patents have expired. Slide 21 shows some of the products in our pipeline, including mixtures with insecticides from other groups that will broaden the spectrum of control as well as slow-down resistance. Our high load formulations are not only easier to handle for growers, they also improve our cost position. To serve growers in the fruits and vegetables space, we'll be offering a fruit flight bait that is a unique and sustainable solution that leaves no residues and has no restrictions for export. Compared To renoxa, Pier has a more complex and more expensive manufacturing process. These factors may cause fewer generics to enter the market compared to. Has a broaden spectrum of fasts it can strongly control, including Whitefly, fruit fly, leaf miner and. Given the broader spectrum and our reduced manufacturing costs, we believe we have a sizable opportunity to expand the market for this product. Similar to renoxipir, we are actively promoting and developing new formulations and mixtures to position ourselves well when all patent protection has expired and generics enter the market. Following the 2025 production year, we expect sales of the Science of to grow in the low-to mid-teens. The most exciting parts of the growth portfolio are the new AIs that we're launching and expanding over the next few years. We have mentioned before our high expectations for the contributions of these molecules and we not share more details about what these expectations are and what supports them. Let me start with the two products already in commercialization. The first one is appear. It is one of the newest active ingredients of the SDHI fundicides, a class of very active products with a strong commercial success. Together as DHI fundicide represent 15% of the global fundicide market with around $3 billion in combined sales in 2023. As SDHI fundicides are known for being very effective when used to prevent crop disease. This is also the case for. However, what sets it apart from the other active ingredients is the especially broad-spectrum of control that covers many diseases of economic importance, such as Asian soybean rust, corn tire spot, coffee rust and damping off in young cotton plants. Pier also protects crops for an extended period lowering the need to respray. These technical attributes are enough to support our confidence in the success of Pier. But there is another aspect that is equally important. Appear has given us access to some large market segments that we haven't -- have never served before. In aggregate, we believe that its addressable market exceeds $2 billion. Sharping rust in Brazil alone is a $3.5 billion market, just to mention one example. In many of these market segments, will be the first technology that we will sell. Going into these new segment segments with a product that is patent-protected, technically differentiated and biologically strong, we open access to sales of other FMC products. As shown on Slide 22, is already registered in Brazil, Argentina, the United States and Paraguay with some other important countries pending registration in the next three years. Sales are expected to be more than $150 million in 2025, exceeding $300 million by 2027. The second product is ISOFLEX Active, a herbicide based on that offers a new mode of action in cereals such as wheat and barley. It's most effective at controlling difficult grasses as well as some key broad leaf weeds. We have been selling this product in Australia with a strong results. With recently approved registrations, it has expanded to Brazil, Argentina, India and the UK. European Union registrations have been submitted and we expect to begin selling there during 2027. Given the size of market in the EU, Isaflex sales in those countries will provide a substantial boost to the product's global sales. We estimate that the addressable market for cereals in Europe to be about $5 billion. Isaflex sales are expect -- expected to be about $100 million in 2025 with sales approaching $250 million by 2027. We expect sales to continue strong growth beyond 2027 as the product becomes more widely used. Our third product is, the first herbicide to be introduced in the market with a new mode of action in over 30 years. In our Q2 fall, we described it as a patented rice herbicide. I want to correct that statement. Is a novel patented and versatile herbicide. While its development in rice is more advanced, our confidence that it will be sold-on other crops in the future keeps growing every day, suffice to say that it can be safely applied on several broad leaf crops such as soybean, sunflower and others. And we believe there are meaningful opportunities to expand the product to these crops beyond 2027. But for today's discussion, let's just stay with rice. There are 165 million hectares of rice planted globally. To put this in perspective, this is 25% more land than soybeans and not so-far from corn. Because of cultural reasons, the vast majority of the countries currently have strict regulations that prevent the introduction of genetically modified rice varieties. As a result, decades of wheat control with herbicides with similar modes of action have led to a substantial increase in weed resistance, probably more so than in any other major crop. Although it's hard to estimate the size of global rice area infested with resistant weeds, in US alone, someone universities estimate that resistant weeds are present in more than half of all the rice fields. Weeds like barnyard grass and sprinkled top are present in virtually every rice field. And in many of them, they have become resistant to existing herbicides. Differently from other crops, there are many agronomic variations on how rice is planted from country-to-country. Direct seeded versus transplanted, variety types, irrigated versus rainfat, different irrigation methods, etc. Today, all these variables result in limitations on which herbsite can be used. A product that can be safely used on transplanted rice can be harmful to the crop when used on direct seeded fuse. Is highly safe on rice plants independently of the agronomic practices. Once we launch it, almost all the rice growers will be able to use it without being forced to choose between their herbsite and their preferred agronomic practices. High versatility, strong performance on resistant weeds, unparalleled crop safety on a crop that is planted in all continents and potential to expand even further in traditional crops. These are the key reasons behind our high expectations on commercial performance in the next few years. Looking-forward into the future, we continue to believe that our new active ingredients can achieve or surpass $2 billion in revenue at maturity. Beyond our new synthetic pipeline, our plant health business is expected to grow at a rate in the mid 20% range out to 2027, led by biologicals with a smaller contribution from pheromones. We still believe there is an excellent opportunity for outsized growth for pheromones, but meaningful growth is not likely to occur until after 2027. In summary, there is enormous potential for expanded sales from our growth portfolio when you consider the new active ingredients and the potential for to broaden its market reach. In addition, we also have a growing portfolio of biological products, including pheromones that are positioned to provide even further growth. With our core portfolio provide providing a solid foundation for sales and earnings in a market that is in the midst of recovery, the differentiated nature of our growth portfolio puts us in a strong position to outgrow the market over the coming years. Pierre will now discuss specifically what our expectations are for the next three years and provide some closing remarks.
