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Herbicides Market Current Scenario with Future Aspect Analysis
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 a class of pesticides used in crop protection to support agricultural productivity by controlling or limiting weed growth in cultivated fields. Effective herbicide application enhances crop yield quality and quantity, thereby contributing to overall agricultural efficiency. The growth of the global herbicide market is primarily driven by increasing global food demand and heightened awareness of the benefits of pre- and post-emergence herbicide use.
Furthermore, the adoption of integrated pest management (IPM) practices and the implementation of advanced farming techniques are supporting market expansion. However, the introduction of stringent regulations limiting the use of certain herbicides in developed nations poses a challenge to market growth. As the global population rises, the demand for food increases, prompting the expansion of agricultural production, improved farming practices, and higher trade volumes.
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 anticipated to experience moderate growth over the forecast period due to growing concerns regarding environmental contamination, including the impact on drinking water and air quality from herbicide use. Issues such as herbicide residues and the potential carcinogenic properties of certain active ingredients continue to constrain market expansion.
Regional Trends:
The North American herbicides market is projected to account for a significant share of global revenue and is expected to grow at a robust compound annual growth rate (CAGR) in the near term. This growth is driven by increasing demand for higher agricultural productivity to meet the needs of a growing population, with herbicides playing a pivotal role in controlling weeds and undesirable vegetation. Key factors supporting market growth in the region include rapid population expansion and strong economic stability.
The Asia-Pacific (APAC) region also holds a prominent share of the global herbicides market, led by countries such as China and India. Market growth in APAC is expected to accelerate due to emerging economies, rising disposable incomes, and the ongoing development and modernization of agricultural practices 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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