“The herbicide safeners market is projected to grow at a CAGR of 7.22%.”
The herbicide safeners market is projected to reach USD 1,206.7 million by 2023, from USD 851.8 million in 2018, at a CAGR of 7.22%. The herbicide safeners market is projected to grow at a steady rate due to factors such as increased instances of herbicide-induced crop injury. The major factors restraining the safeners market are the potential regulatory bans on herbicides, especially selective herbicides, when they pose environmental and health risks. These bans can wipe out the market opportunity of certain herbicides in those countries, mostly in the European Union, for a certain period of time until new product developments gain approval for the application.
“The market for benoxacor herbicide safeners is projected to be the fastest-growing from 2018 to 2023.”
Benoxacor herbicide safeners are used in the majority of herbicides available in the market. Additionally, benoxacor is majorly used for crops such as corn, soybean, and sorghum. The area harvested for soybean Is projected to increase by nearly 200% between 2013 and 2023, according to FAO. Hence, with the increase in area harvested for such crops, the demand for herbicides and herbicide safeners is also projected to increase during the forecast period.
“The selective herbicide segment would account for the largest share to dominate the market in 2018.”
Selective herbicides are used to specifically target the weeds with a certain mode of action, without harming the main crops. As safeners help in increasing the selectivity of these herbicides by protecting the main crops from the harmful effect of herbicides and effectively preventing the growth of the weeds.
“Asia Pacific is estimated to be the fastest growing region in the herbicide safeners market in 2018.”
Increasing population and decreasing arable land have led to a higher demand for food security and safety, globally. Thus, the demand for food production has increased, especially in developing regions such as Asia Pacific and South America, where the population is increasing at a rapid rate compared to developed regions. The global cereal production is projected to expand by nearly 13% between 2015 and 2017, owing to higher yields, according to the FAO. Most of the cereal production growth is expected to come from developing countries such as India and Pakistan. Corn production is expected to increase by nearly 161 million MT to reach 1.2 billion MT by 2027, with major shares from countries such as China and Brazil which are expected to contribute 31 million MT and 24 million MT, respectively. Rice production is also expected to increase by 64 million MT by 2027, with 84% of the increase coming from Asian countries such as India, Thailand, Indonesia, and Vietnam.
The breakdown of the primaries on the basis of company type, designation, and region conducted during the research study, is as follows:
- By Company type: Tier 1 – 70%, Tier 2 –20%, and Tier 3 – 10%
- By Designation: C-level – 30%, D-level – 20%, and Others* – 50%
- By Region: Asia Pacific – 48%, North America –17%, Europe – 14%, South America – 11%, and RoW -10%
*Others include sales managers, marketing managers, and product managers.
Note: Tier 1: Revenue ? USD 1 billion; Tier 2: USD 100 million< revenue< USD 1 billion; Tier 3: Revenue ? USD 100 million
The global market for herbicide safeners is dominated by large players DowDuPont (US), BASF (Germany), Bayer (Germany), Nufarm (Australia), ADAMA (Israel), Syngenta (Switzerland), Arysta LifeScience (US), Drexel Chemical Company (US), Land O’Lakes (US), Sipcam-Oxon (Italy), Helm AG (Germany), and Tenkoz (US).
The report analyzes the herbicide safeners market across different applications and regions. It aims at estimating the market size and future growth potential of this market across different segments such as type, herbicide selectivity, herbicide application stage, crop, and region. Furthermore, the report also includes an in-depth competitive analysis of the key players in the market along with their company profiles, recent developments, and key market strategies.
Key Benefits of Buying the Report:
The report will help the market leaders/new entrants in this market by providing them the closest approximations of the revenue numbers for the overall herbicide safeners market and its subsegments. This report will help stakeholders to better understand the competitor landscape, gain more insights to better position their businesses, and devise suitable go-to-market strategies. The report will also help stakeholders to understand the market and provide them with information on key market drivers, restraints, challenges, and opportunities.