Press release
Herbicides Market Worldwide Phenomenal Growth 2020 | Size, Value Share, Latest Trend, Global Analysis and Key Players by Forecast to 2024
Herbicides Market
Global Herbicides Market is expected to garner a revenue of USD 43 billion by 2024 with a CAGR of approximately 6% during the forecast period, 2019–2024. Herbicides are crop protection chemicals, grouped under pesticides, which help in the growth of crops by eliminating or restricting the growth of weeds in the field. Adequate application of herbicides in the field positively impacts crop growth, yield quality, and quantity of yield. Surging demand for food across the globe and rising awareness regarding the benefits of applying herbicides pre- and post-cultivation of crops are the significant determinants driving the growth of the global herbicides market. Additionally, the rising adoption of better agricultural practices and integrated pest management technologies are also catalyzing market growth. However, the implementation of stringent regulations against the use of certain herbicides in the developed nations is hampering the market growth herbicides. Germany, France, Switzerland, and the US are amongst the prominent country-level markets with stringent regulations against the use of synthetic herbicides due to their carcinogenic characteristics.
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Segmentation
The global herbicides market has been segmented based on the active ingredient, category, mode of action, crop type, and region.
By active ingredient, the global herbicides market has been classified as glyphosate,2, 4-D, atrazine, diquat, and others.
The global herbicides market has also been divided, based on category, into synthetic herbicides and bioherbicides.
Based on the mode of action, the global market is bifurcated into selective and non-selective.
By crop type, the global herbicides market has been classified as pulses & oilseeds, cereals & grains, fruits & vegetables, and others.
The global herbicides market has been studied with regard to four key regions—North America, Europe, Asia-Pacific, and the rest of the world.
The North American herbicides market has further been segmented into the US, Canada, and Mexico. The European herbicides market has been classified as the UK, Germany, France, Italy, Spain, and the rest of Europe. The herbicides market in Asia-Pacific has been segmented into China, India, Japan, Australia & New Zealand, and the rest of Asia-Pacific. The herbicides market in the rest of the world has been segmented into South America, the Middle East, and Africa.
Key Players
BASF SE (Germany), The Dow Chemical Company (US), Monsanto Company (US), FMC Corporation (US), Bayer AG (Germany), Agrium Inc (Canada), PI Industries (India), Syngenta AG (Switzerland), Element Solutions Inc (US), Nufarm Limited (Australia), Nissan Chemical Industries Ltd. (Japan), Drexel Chemical Company (US), ADAMA Ltd. (Israel), Kenvos Bio (China), and UPL (India) are some of the key players in the global herbicides market.
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Regional Market
Asia-Pacific is expected to dominate the global herbicides market throughout the review period owing to the rising awareness regarding the harmful effects of weeds on crop growth. Additionally, a hike in the sales of low-priced herbicides with generic formulations is also fuelling the growth of the regional market. However, South America, a prominent regional market in the RoW is expected to register the highest CAGR during the forecast period owing to the presence of less stringent regulations in the region and increasing penetration of market players in the regional market.
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