Increasing adoption of bio-herbicides to drive market growth. Bio-herbicides are generally bacterial. fungal. and viral formulations which help kill weeds and harmful pests. They create minimal residue and ensure rare resistance development and exceptional activity. They reduce the dependency on chemical pesticides and are extremely environment-friendly. These advantages of bio-herbicides make them a preferred choice for farmers to increase yield by killing weeds, insects. and unwanted pests. analysts have predicted that the herbicides market will register a CAGR of over 6% by 2023.
Increasing population and the ever-rising demand for food
With rapid population growth and drastic decline in limited cultivable land, emerging economies such as India and China are facing intense pressure to ensure food security. This has resulted in the extensive use of eco-friendly and safe agricultural products, to increase crop yield and reduce crop damage due to weeds and insects. As consumers are aware of the outcomes of the excessive use of highly productive chemicals, the demand for environmentally friendly agricultural products and herbicides will promote market growth during the forecast period.
Environmental and health effects of herbicides
Compared with the alternate weeding processes, such as mechanical weeding by hand or machine, herbicides are less expensive and offer faster results. However, the excessive use of herbicides or improper use of herbicides results in crop damage, a reduction in soil fertility, and reduces crop yield. Herbicides might cause harm by causing acute poisoning during mild- or long-term exposure.
For the detailed list of factors that will drive and challenge the growth of the herbicides market during the 2019-2023, view our report.
The market appears to be fragmented and with the presence of several companies including Nutrien and Syngenta the competitive environment is quite intense. Factors such as the Increasing adoption of bio-herbicides and the increasing population and the ever-rising demand for food, will provide considerable growth opportunities to herbicides manufactures. BASF, Bayer, DowDuPont, ICL, Nutrien, and Syngenta are some of the major companies covered in this report.