Cereals and Grains to Drive Demand for Herbicides Globally, Market Poised to Breach US$38 bn mark by 2023

Transparency Market Research has published a new report titled “Herbicides Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023.” According to the report, the global herbicides market was valued at US$ 22.31 Bn in 2014 and is likely to reach US$ 38.30 Bn in 2023, expanding at a CAGR of 6.2% between 2015 and 2023.

Herbicides are used to prevent or control unwanted weed growth. These are basically synthetic chemicals that can be used individually or in combination with each other. Herbicides could be selective for specific targets or non-selective with broad spectrum. Herbicides affect growth and development of weeds at the tissue and cellular level. Herbicides can be photosynthesis inhibitors, shoot growth inhibitors, root growth inhibitors, amino acid synthesis inhibitors, pigment synthesis inhibitors, and others.

Rapid rise in demand for grains due to increasing population is expected to drive growth of the herbicides market globally. Additionally, increasing usage of genetically modified (GM) crops is anticipated to boost the herbicides market during the forecast period. However, growth in the organic agriculture industry that uses biological methods for crop protection is projected to hamper the herbicides market in the next few years. Stringent regulations imposed by environmental protection agencies and ban on herbicide products are also anticipated to inhibit the market growth. New product development through research and development is projected to be an important opportunity for market players during the forecast period.

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In terms of volume, glyphosate accounted for the highest share of the global herbicides market in 2014. The segment accounted for more than 60% share of the market in 2014. The segment is anticipated to maintain its dominance in the near future. 2,4-D herbicide is likely to be the fastest-growing segment of the global herbicides market during the forecast period. Acetochlor and atrazine, which have faced ban in Europe, are likely to expand at a sluggish growth rate during the next few years.

In terms of volume, cereals & grains held significant share of the global herbicides market in 2014. The segment accounted for more than 35% share of the market in 2014. It is anticipated to maintain its share by growing at a moderate rate in the near future. Fruits & vegetables is likely to be the fastest-growing segment of the global herbicides market during the forecast period. Oilseeds & pulses and other crop segments are estimated to expand at a moderate to sluggish rate in the next few years. The others crop segment includes ornamental, grass, floriculture, and horticulture.

In terms of volume, Asia Pacific dominated the global herbicides market with more than 25% share in 2014. Asia Pacific was followed by Latin America and North America in 2014. Demand for herbicides in the Middle East & Africa is estimated to increase at the lowest rate in the next few years.

The global herbicides market is moderately fragmented; the top five players constituted more than 51% share in 2014. Major players in the herbicides market include BASF SE, Monsanto Company, Bayer CropScience AG, Syngenta AG, Dow AgroSciences LLC, and FMC Corporation.

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