LONDON--(BUSINESS WIRE)--A new market research study by Technavio on the global herbicides market projects the market to grow at a CAGR of more than 6% during the period 2019-2023. This research report provides an in-depth analysis of the market in terms of revenue, top drivers, and emerging market trends. It also includes detailed insights and forecasts for all the market segments across different geographies.
Increase demand for glyphosate
The need for glyphosate is increasing significantly, owing to its effectiveness on a wide range of weeds in food crops such as grains, fruits, pulses, cereals, and vegetables. It is commonly used for agriculture, horticulture, viticulture, and silviculture purposes, as well as garden maintenance. The effectiveness of glyphosate-based herbicide on annual broadleaf weeds and grasses has reduced the manual labor involved in the plowing of weeds. Therefore, the increasing demand for glyphosate will significantly drive the herbicides market growth during the forecast period.
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Growing adoption of bio-herbicides
Bio-herbicides are gaining immense popularity as they reduce the dependency on chemical pesticides and are environment-friendly. They are the preferred choice of farmers as they help to increase yield by killing weeds, insects, and unwanted pests. The rising awareness of noxious synthetic herbicides is driving the adoption of bio-herbicide across the world. There is an increase in demand for bioherbicides due to their advantages, which include target-specific activity and minimal side effects. Therefore, the rising demand for bio-herbicides will propel the growth of the herbicides market size during the forecast period.
According to a senior analyst at Technavio, “Apart from the growing adoption of bio-herbicides, other factors such as the rising population and the ever-increasing demand for food, will have a significant impact on the growth of the herbicides market size during the forecast period.”
Regulatory laws and obligations
Vendors operating in the agrochemicals and crop control chemicals market must adhere to rules and regulations, which are governance codes for the global herbicides business. These guidelines focus on preventing the negative impact of chemical herbicides on the environment and native species. These regulations and restrictions on synthetic herbicides are expected to reduce the consumption of harmful and hazardous chemical herbicides during the forecast period. This will lead to an increase in demand for bio-herbicides in the coming years.
Top players in the global herbicides market:
- BASF
- Bayer
- DowDuPont
- ICL
- Nutrien
- Syngenta
Some of the key topics covered in the global herbicides market include:
Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
About Technavio
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