Herbicides Market to Witness Exponential Growth by 2024

Herbicides Market size will witness a healthy growth in forecast period with application in agricultural industry. Increasing demand for food, decrease in arable land are key driver for product growth. The crop protection industry is growing at above 5% that in turn is driving its consumption as these have largest market share in crop protection market. Advancement in the crop management technology & procedures and rising demand for high agricultural productivity will propel herbicide market.

Herbicides are crop protection materials employed for killing undesired plants without harming the plantation. These are modified as per the crop type to ensure safety of required plantation. In addition, these are used to clear the land by killing the plants or herbs in the region. Some plants have the capability to self-produce the herbicide or these can be inherited in them by bio engineering. Mostly used chemicals are sodium chlorate, amide and sulphuric acid. Other herbicides application includes gardens, lawns, drainage and water bodies for clearing aquatic weed.

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Based on origin, herbicides market is classified as synthetic and biological. As of now, the synthetic type has major share owing to higher efficiency and lower cost. However, environment protection agency is primarily responsible for regulating herbicides in the European countries

Based on mode of action, herbicides market is segmented into selective and non-selective. Non-selective contributes largest market share with their application for both grass weeds and broad leaf. These are preferred as they can be used for many vegetation types. Selective types are manufactured for controlling only certain plants without harming the other species. Selectivity is based on differential absorption, translocation, morphological or physiological differences between species of plant.

With respect to crop type, herbicides market is classified into oilseeds & pulses, cereals & grains and fruits & vegetables. Cereal and grain has larger share as these are cultivated in most of the regions to meet food grain requirements. These are preferred by farmers as it increases the overall yield by reducing crop wastage due to weeds. Cereal and grain crop protection segment is growing at 3% per year.

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Asia Pacific has largest market share owing to higher production and consumption, growing population and disposable income. Latin America led by Brazil and Argentina has substantial share with expansion in farmlands and awareness among farm cultivators regarding its benefits.
Stringent government regulation in Europe and the U.S are anticipated to restraint market growth in these regions. Bio based herbicide has great growth opportunity owing to increasing demand for organic food along with strict food safety norms.

The major players of herbicides market include Beyer, BASF, DuPont, Mostanto, FMC Corporation, Nufarm, Dow Chemicals, Nissan Chemicals, Platform Speciality Products and Drexel Chemicals. Companies are spending on new technology and undergoing mergers to increase their share.

BASF is focussing on research and development activities for new active ingredients formulation to meet government regulations. They have undergone entrepreneurial partnership with Monsanto, one of the key players of herbicides market.

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