Herbicides Market To Make Great Impact In Near Future by 2020
Herbicides are crop protection material used for killing undesired plants without causing any harm to the plantation and thus increase agricultural productivity. Herbicides are often modified for a particular plantation based on plant hormones to ensure the safety of the desired plantation. Herbicides are also employed for clearing land of plants and herbs where they kill all plants in a region. Other applications for herbicides include lawns, gardens, drainage and water bodies to clear aquatic weed.
Some plants naturally produce herbicides and herbicides are also artificially made using chemicals or bio based products. Bio based herbicides are manufactured using renewable resources and are expected to be the fastest growing product segment for herbicides in the near future. Chemicals used for herbicide production include amide, sodium chlorate and sulfuric acid among several others.
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Herbicides help in improving agricultural productivity by killing unwanted herbs and weeds in the plantation. Hence increasing demand for high agricultural productivity to meet the global food demands has been the foremost driver for herbicides market growth. Increasing population and growing disposable income of a region are among other driver for the demand of herbicides. Synthetically produced herbicides dominate the global herbicides market primarily owing to low cost and higher efficiency. However, several synthetic herbicides pose severe threat to the eco system and cause several environmental and health hazards. The hazards associated with synthetic herbicides have led to several stringent regulations on the use of herbicides which has been a major factor restraining herbicides market growth. The regulations have led to increase in the demand for bio based herbicides. In order to meet the stringent regulations and also to improve efficiency of herbicides, major players invest in research and development activities to develop new herbicides. Hence intellectual properties and patents are among the critical success factors for growth in herbicides market.
Asia Pacific dominated the global herbicides market both in terms of production and consumption and the trend is expected to continue in the near future. Asia Pacific comprises of two of the largest countries in terms of population namely India and China. These regions are also among the major emerging economies in terms of GDP growth rate and increasing disposable income. Large population coupled with high economic growth in these emerging economies is expected to drive demand for herbicides in Asia Pacific.
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North America is the second largest consumer for herbicides. However, stringent environmental regulations in the developed economies of North America and Europe are expected to restraint market growth in these regions. Bio based herbicides are expected to offer huge growth opportunity in North America and Europe. Demand for herbicides in the RoW region is dominated by South America primarily owing to growing demand for several crops in the region including corn, beans and cashews among several others. RoW region is expected to be among the fastest growing regions for herbicides market growth.
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Major players in the herbicides market include Kenvos Biotech Co., Ltd., Amvac Chemical Corporation, United Phosphorus Limited (UPL), Bayer CropScience AG and Shadong Tianfeng Biotechnology Co. Ltd among others.