The global herbicides market is anticipated to grow significantly over the forecast period. Growing food demand on account of the increasing global population has been acting as one of the major macro factors driving the demand for herbicides. To cater to the growing food demand, there is an increase in the overall planted acreage around the world which has been boosting the demand for herbicides in the recent past. Herbicides protect crops from the attack of weeds and support their growth. The development of new herbicides with specific applications has fueled the global market for herbicides and due to the advent of technology; this trend is expected to continue over the forecast period.
Industry participants have been involved in extensive R&D activities to develop new herbicides that may match the desired specifications of farmers. However, there are many challenges which the herbicides industry faces regularly one of them is finding a solution to herbicide-resistant weeds. Major companies such as BASF, Monsanto, Dow Chemical Company have been investing heavily in developing their agrochemical business which has been driving the market for herbicides. The global market for herbicides is highly competitive where companies want to edge out their competitor’s product. Recently, Dow Chemical developed a new herbicide for corn and openly told farmers that their new product is going to protect crop weeds which have become resistant to Monsanto’s herbicide product.
There have been constant protests to ban herbicides as they contain harmful chemicals that affect the health of both farmers and consumers. However, they come at a cheaper price compared to their substitute products. To overcome such a challenge, the industry has been shifting its focus towards developing bio-based herbicides. Bio-herbicides provide a clean solution to the weed control in crops. Besides, bio-herbicides are also designed to control weeds that have developed resistance against synthetic (chemical-based) herbicides. However, the cheap prices of chemical-based herbicides have been acting as a major barrier to the growth of the bio-herbicides market.
This report, by Grand View Research, takes a closer look at the herbicides industry, providing a holistic perspective on market dynamics, trends, supply, and demand. The report deep-dives into the market and segments it on multiple levels and providing key insights on a macro as well as micro-level. The study aims at providing granular information, regarding estimates and forecasts for key products including glyphosate, atrazine, acetochlor, and 2,4-D among some other herbicides. The report also provides the same level of information for key regional markets.
This research report analyzes various factors which have been driving and inhibiting the global herbicides market in the past. Besides, the report analyzes the impact of each driver and restraint on the market growth, which forms the base for the market forecast. The report also showcases the opportunities available in the market which may act as future drivers for the market.
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The current pandemic situation has created disruption in the manufacturing of agrochemicals by virtue of raw material availability. Furthermore, this continual trend shall have a cascading effect on food productivity and crop yields on economies that are predominantly agrarian, during a time when demand for Agri produce shall register a spike over the medium term. Governments across the developing world are vying to incrementally ease restrictions on the manufacturing of fertilizers and maintain seasonal agricultural activities in order to reduce concerns regarding food security, which is a critical indicator for determining the course of a supply gap in the industry. The report will account for Covid19 as a key market contributor.