Herbicides Market Research Report 2023 | InsightAce Analytic

InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Herbicides Market Size, Share & Trends Analysis Report by Type (Synthetic And Bio-Based), Application (Pulses & Oilseeds, Grains & Cereals, Commercial Crops, Fruits & Vegetables, Turf & Ornamentals And Others), And Mode Of Action (Selective And No-Selective)- Market Outlook And Industry Analysis 2031"

The global herbicides market is estimated to reach over USD 71.15 billion by 2031, exhibiting a CAGR of 7.05% during the forecast period.

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Herbicides are pesticides that are crop protection compounds that aid in the growth of crops by eradicating or limiting the proliferation of weeds in the field. Agricultural production, yield quality, and yield quantity all benefit from effective herbicide usage in the field. The essential elements propelling the growth of the global herbicides market are the rising food demand worldwide and growing public awareness of the advantages of using herbicides before and after crops.

Additionally, the growing use of integrated pest management technology and better farming practices fuel market expansion. However, the introduction of strict laws prohibiting the use of several herbicides in industrialized countries is impeding the growth of the herbicide business. The need for food increases as the population grows. Farming practices, agriculture endeavors, and trade volumes will need to rise to accommodate the expanding population. Farmers and industrial agriculture businesses will also buy more arable land to raise crop production, which is predicted to increase herbicide requirements and spur market expansion.

List of Prominent Players in the Herbicides Market:
• UPL
• BASF SF
• Bayer AG
• DUPont
• ADAMA
• Syngenta
• FMC Corporation
• Drexel Corporation
• Sumitomo Chemical Co., Ltd
• Nufarm

Market Dynamics:
Drivers-
The need for herbicides worldwide is rising due to the changing monsoon and rising demand for crop varieties. The herbicide market is seeing increased demand, expected to drive the growth of agricultural products like grains and cereals on a global scale. Some factors influencing the requirement for herbicides in the worldwide market include the decrease in arable land due to climatic changes. Inhibiting the market's expansion are difficulties with herbicide residue and the carcinogenic nature of some active components. However, the development of the agriculture sector in emerging markets and the creation of novel formulations present promising growth prospects.

Challenges:
The market is predicted that over the projected period, growth will be slow due to factors like the use of herbicides that contaminate our drinking water and the air we inhale. Silencing the market's expansion is difficult with herbicide residue and the carcinogenic nature of some active components. Additionally, strict regulatory processes and a lack of protocols and guidelines could be obstacles to the overall expansion of the worldwide herbicides market.

Regional Trends:
The North America herbicides market is expected to record a significant market share in revenue and is projected to grow at a high CAGR soon. The global market is benefiting from the rising demand for high agricultural production to meet the population's rising demand. Getting rid of undesired weeds and herbs increases agricultural productivity. The two main factors influencing the growth of the global herbicide market in North America are the rapid population boom and additional financial stability. Besides, Asia Pacific had a noteworthy share of the market. Regarding the total population, the APAC area is dominated by China and India. The APAC industry will increase due to the emerging economies' GDP growth, rising discretionary money, robust progress in this direction, and current projects.

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Recent Developments:
• In May 2021-For an undisclosed fee, US-based AMVAC Chemical Corporation purchased the Envoke brand herbicide from Swiss agrichemical company Syngenta Crop Protection. With the addition of the new portfolio, AMVAC can now provide customers with cutting-edge weed management options. Envoke's herbicide manages weeds in cotton, sugarcane, and transplanted tomatoes.

Segmentation of Herbicides Market-
By Type
• Synthetic
• Bio-Based

By Application Outlook
• Pulses & Oilseeds
• Grains & Cereals
• Commercial Crops
• Fruits & Vegetables
• Turf & Ornamentals
• Others

By Mode of Action Outlook
• Selective
• Non-selective

By Region-
North America-
• The US
• Canada
• Mexico

Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe

Asia-Pacific-
• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific

Latin America-
• Brazil
• Argentina
• Rest of Latin America

Middle East & Africa-
• GCC Countries
• South Africa
• Rest of Middle East and Africa

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This release was published on openPR.