Global Herbicides Market: Acute Demand to Meet Soaring Food Inflation Bestows Growth
As precision farming becomes the norm in 21st century, techniques for plant protection, of which use of herbicides is significant, are becoming imminent. This stems as farmers vie for high acreage at affordable investments to feed the world’s growing population. According to United Nations Food and Agriculture Organization (FAO), we will need 35% surplus food from today to meet the requirements of 8.5 billion people by 2030.
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For long, experts and businesses across the world have mulled genetically modified crops (GM crops) as the solution to meet the ever-increasing food inflation. The need to curtail heribicide consumption was also forcing businesses to contemplate the introduction of GM crops. Contrary to proponents of GM crops, they only resulted in increased use of herbicides, at least for GMO corn and soybeans – the most popular crops in the U.S. This demonstrates sway of herbicides for some popular crop that the U.S. depends on.
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The growth in the agrochemical industry has helped development of new herbicides. TFor instance one of the top players Monsanto is concentrating on agrochemicals, including herbicides that complement genetically modified seeds. New constituent chemicals with improved properties, especially the ones that enable significantly reduced use, and often new mode of action have been discovered. Herbicide mixtures that involve application of multiple products in a single application is an example of this.
In such scenarios of transformation of the entire agrochemicals sector, agriculturists are keen to understand how constituent segments of the agrochemicals sector are likely to grow. This includes herbicides segment, which prompted Transparency Market Research (TMR) to publish a report on the herbicides market. The report is an attempt to delve into every vital aspect for opportunistic growth in the herbicides market. As per projections of the report, the global herbicides market is predicted to register a CAGR of 6.1% between 2016 and 2025.
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Herbicides Market – Insights into Roadmap of Progression
While synthetic auxin herbicides have been in use since 1950s, consistent R&D for weed control in the last decade has led to notable findings for these herbicides. The unfolding of Transport Inhibitor Response (TIR1)- a class of protein, has concluded the mystery of long-sought auxin receptor, for significance of auxin in regulating almost every aspect of plant development. This important finding of auxin signals continued use of synthetic auxins such as 2,4-D for weed control.
High Consumer Demand for Bio-based Formulations Unlocks Growth Prospects
Increasing focus on R&D activities to innovate newer herbicide formulations is a trend that has come to the fore. This, mainly includes development of bio-based herbicides due to adverse implications of chemical-based products on environment and human health Besides this, impetus on product manufacturers to develop herbicides, for the ones resistant to weeds validates continued demand of herbicides. Thus herbicides market receives boost, in turn.
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