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Blood Cancer Drugs Market Size And Forecast Report 2024-2033
Herbicides Market Flourishes, Anticipated to Surpass $72.64 Billion by 2028
The Herbicides market, reflecting robust expansion, is poised to escalate from $40.16 billion in 2023 to $45.42 billion in 2024, manifesting a compelling Compound Annual Growth Rate (CAGR) of 13.1%. Forecasts unveil a trajectory of accelerated growth, projecting the market size to reach an impressive $72.64 billion by 2028, with a sustained CAGR of 12.5%.
Drivers of Market Expansion:
Population Growth as a Catalyst:
The burgeoning global population, anticipated to soar to 10 billion by 2050, is a pivotal factor propelling the Herbicides market. The surge in population translates to heightened demand for food, necessitating an increase in crop production and farming activities. This surge in agricultural demand is expected to bolster the Herbicides market, with farmers and commercial entities acquiring more arable land to meet the escalating food requirements.
Rising Pest Outbreaks Fostering Market Growth:
The escalating outbreaks of pests emerge as a key driver propelling the Herbicides market. Pest outbreaks, contributing to substantial annual losses in global crop production, prompt farmers to turn to herbicides for weed and pest control. Reports from the Food and Agriculture Organization (FAO) underscore the significant economic impact of pests, thereby driving the demand for herbicides in agriculture.
Explore the Global Herbicides Market with a Detailed Sample Report:
https://www.thebusinessresearchcompany.com/sample.aspx?id=2670&type=smp
Key Market Players:
Leading contributors shaping the Herbicides market include Adama Agricultural Solutions Ltd., BASF SE, Bayer AG, DuPont de Nemours Inc., FMC Corporation, Nufarm Limited, Syngenta AG, Dow Chemical Company, Monsanto Company, Element Solutions Inc., and others.
Market Dynamics:
Increased Mergers and Acquisitions:
The Herbicides market has witnessed a notable surge in mergers and acquisitions, primarily focused on expanding product ranges and distribution networks. Industry consolidation, influenced by low food commodity prices, has spurred collaboration. For instance, the acquisition of the Envoke brand herbicide by AMVAC Chemical Corporation from Syngenta Crop Protection demonstrates the trend of consolidation aimed at enhancing weed control solutions.
Product Innovations Reshaping the Landscape:
Major industry players are at the forefront of developing new herbicides, contributing to market competitiveness. Clariant AG's launch of ADJUWEX exemplifies this trend, offering tailored solutions to optimize glufosinate herbicide formulations based on specific agricultural conditions. ADJUWEX, accommodating modern application methods like drone technology, underscores the industry's commitment to precision farming practices.
Regional Dominance and Market Segmentation:
Asia-Pacific emerges as the dominant region in the Herbicides market in 2023, with South America securing the second-largest position.
The herbicides market covered in this report is segmented -
1) By Type: Synthetic, Bio-Based
2) By Mode Of Action: Selective, Non-selective
3) By Application: Grains And Cereals, Pulses And Oilseeds, Commercial Crops, Fruits And Vegetables, Turf And Ornamentals
Access the Complete Report for In-Depth Analysis:
https://www.thebusinessresearchcompany.com/report/herbicides-global-market-report
Herbicides Global Market Report 2024 from TBRC covers the following information:
Market size date for the forecast period: Historical and Future
Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Herbicides Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on herbicides market size, herbicides market drivers and trends, herbicides market major players, competitors' revenues, market positioning, and market growth across geographies. The herbicides market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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