Press release
Herbicides Market is on an Upward Growth Curve
The global herbicides market is estimated to reach over USD 93.75 billion by 2034, exhibiting a CAGR of 7.9% during the forecast period.
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Herbicides are pesticides used in crop protection to support agricultural growth by controlling or limiting the spread of weeds in fields. The effective use of herbicides enhances agricultural production, improves yield quality, and increases yield quantity. Key drivers of the global herbicide market's growth include the rising demand for food worldwide and growing public awareness of the benefits of using herbicides both before and after crop cultivation.
Additionally, the adoption of integrated pest management (IPM) technologies and the implementation of improved farming practices are contributing to market expansion. However, the introduction of stringent regulations restricting the use of certain herbicides in developed countries is presenting a challenge to the market's growth. As the global population increases, the demand for food rises, necessitating an expansion in farming practices, agricultural production, and trade volumes. To meet this demand, farmers and agricultural businesses are likely to acquire more arable land, which is expected to increase the demand for herbicides and further drive market growth.
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 global demand for herbicides is increasing due to shifting monsoon patterns and the growing need for diverse crop varieties. This surge in demand is expected to drive the growth of agricultural products such as grains and cereals on a global scale. Key factors influencing the demand for herbicides include the reduction of arable land caused by climate change. While challenges such as herbicide residue and the carcinogenic potential of certain active ingredients pose obstacles, the ongoing development of the agricultural sector in emerging markets and the introduction of innovative formulations present significant growth opportunities.
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Challenges:
The global herbicides market is expected to experience slow growth over the forecast period due to concerns regarding the contamination of drinking water and air quality caused by herbicide usage. Issues such as herbicide residue and the carcinogenic properties of some active ingredients continue to hinder market expansion.
Regional Trends:
The North American herbicides market is projected to capture a significant share of global revenue and is expected to grow at a strong compound annual growth rate (CAGR) in the near future. This growth is driven by the increasing demand for higher agricultural production to meet the needs of a growing population, with herbicides playing a crucial role in improving agricultural productivity by controlling weeds and undesirable vegetation. Two key factors contributing to the growth of the herbicide market in North America are the rapid population growth and the region's financial stability.
Additionally, the Asia Pacific (APAC) region holds a notable share of the global herbicides market, dominated by countries like China and India. The APAC market is set to expand due to factors such as the growth of emerging economies, increasing discretionary income, and robust agricultural development in the region.
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.
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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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