Herbicide Safeners Market Growth Factors & Global Forecast
The herbicide safeners market is projected to reach USD 1,206.7 million by 2023, growing at a CAGR of 7.22% from 2018.
Using herbicides to eradicate weeds at an early stage helps in increasing the productivity and yield per unit, which has led to increased use among producers across the globe. However, in addition to killing weeds, herbicides also exert toxicity on crops. Herbicide injury to main crops may also result in the presence of chemical residues that can harm humans after consumption. Thus, safeners are added to herbicides to protect the main crops from herbicide injury.
Increasing population and decreasing arable land have led to increased demand for food security and safety, globally. Thus, the demand for food production has increased, especially in the developing regions, 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 production growth is expected to come from developing countries such as India and Pakistan. Corn production is expected to increase by nearly 161 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 MT and 24 MT, respectively). Rice production is also expected to increase by 64 MT by 2027, with 84% of the increase coming from Asian countries such as India, Thailand, Indonesia, and Vietnam.
The increased food demand is expected to fuel the production of crops, which, in turn, would drive the crop protection chemicals market. Herbicide is one of the major crop protection chemicals used globally. In Asia Pacific and European regions, due to limited restrictions and ban on GM crops, many types of selective herbicides are available in these markets where safeners are highly used in crop applications. Increased demand for selective herbicides in developing countries is an opportunity for the manufacturers in the region. Manufacturers such as BASF, DowDuPont, Syngenta, and Adama have established their networks in the region, providing herbicides that are pre-mixed/co-formulated with safeners.
Benoxacor is one of the major herbicide safeners used for crops such as corn and rice. With increased production of these crops in these regions, the demand for herbicides and herbicide safeners for these crops is expected to witness high growth in the coming years. Benoxacor is used in combination with herbicide active ingredients such as S-metolachlor, atrazine, and acetochlor. Benoxacor is added to protect crops from herbicide injuries. Benoxacor is projected to be the second-fastest-growing segment in the Asia Pacific region as compared to other regions, with a CAGR of 7.67% from 2018 to 2023.
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