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"Global Herbicides Market was Valued at US$ 27.5 Bn in 2019 and it is Expected to Reach More than US$ 47.2 Bn by 2028, Likely to Grow with the CAGR of 6.2% During the Forecast Period."
Herbicides are crop protection Chemicals used for killing undesired plants without harming the plantation. These are modified as per the crop type to ensure the safety of the required plantation. In addition, they are used to clear the land by killing the plants or herbs in the area. Some plants have the capability to self-produce the herbicide or these can be inherited in them by bioengineering. Mostly used chemicals are sodium chlorate, amide, and sulphuric acid. Other herbicides application includes gardens, lawns, and drainage and water bodies for clearing aquatic weed.
The potential applications of herbicides for controlling or destroying a wide spectrum of weeds and boost the active growth of the desired plants helps to gain considerable popularity in the pesticide industry. The ever-rising need for agricultural productivity to meet global food demands due to a surge in population and the limited availability of cultivable land across the globe is intensifying the demand for effective weed-control phytotoxic chemicals. This is a major factor driving the demand for herbicides in the agriculture industry. The demand for weed control chemicals is especially accentuated by the rapid pace of infrastructural developments reducing the area of cultivable land available across the globe.
Furthermore, the substantial demand for herbicide chemicals for the specific action on unwanted plants and continuous efforts in R&D in recent decades to improve their specificity are factors propelling the growth of the herbicides market. The reduction of manual and mechanical weeding in developing economies is also bolstering the uptake of herbicides among farmers.
However, the major restraint for the herbicides market is its toxic content. Its improper application leads to direct or indirect contact with humans & wildlife and has health effects like skin rashes and poisoning. Stringent government regulations in Europe and the U.S are anticipated to restrain market growth in these regions. In order to overcome such a challenge, the industry has been shifting its focus towards developing bio-based herbicides. The bio-herbicides provide a clean solution to the weed control in crops. Thus it has great growth opportunities owing to the increasing demand for organic food along with strict food safety norms.
The Glyphosate Segment Is Expected To Dominate the Herbicides Market During The Forecast Period
Glyphosate was the largest product segment, accounting for over xx % of global revenue share in 2019 and this trend is expected to continue over the forecast period. Glyphosate is the highest consumed herbicide. Glyphosate is largely used in various applications, glyphosate-based products in various forms, such as gel and powder across countries, glyphosate is projected to remain a leading segment. Furthermore, growers use it for weed management and for plant growth as well. The factors are likely to drive the demand for glyphosate in the next years.
Non-selective Segment Anticipated to be Significant Growth in Global Herbicides Market During the Forecast period
On the basis of mode of action, Non-selective constituted the largest market share with their application for both grass weeds and broadleaf in the Herbicides market in 2019 and it is projected to grow at a significant CAGR of above 5.4 % during the forecast period As non-selective herbicide finds application in most of the vegetation types and is a preferred alternative to selective herbicides. Additionally, with the introduction of genetically modified crops (GM crops) that have herbicide tolerance, the demand for non-selective herbicides is projected to increase during the forecast period.
The Market in the Asia Pacific Expected to Hold the Largest Market Share in Herbicides Market over the Forecast Period
The Asia Pacific is anticipated to hold above 30 % over the forecast period. It is expected to grow at CAGR of above 6 % due to advancements in crop protection techniques against weeds and increasing demand for low-priced generic herbicides formulations. China and India are the leading countries in terms of population in the Asia Pacific region and it also shows rapid growth owing to the developing agriculture sector, protected agriculture practices, increasing acceptance of modern farming, and changes in farming practices. The emerging economies in terms of GDP growth coupled with the increasing disposable income fuel the growth of the market in the region.
While Latin America is projected to be the fastest-growing region. Which is led by Brazil and Argentina has substantial share with expansion in farmlands and awareness among farm cultivators regarding its benefits. Additionally, less stringent regulations in South America as compared to those imposed in other regions has led major players to expand in this region.
Some of the key players in the global Herbicides market are BASF, DowDuPont, Monsanto, Syngenta, FMC Corporation, Arysta, Nufarm Ltd., Nissan Chemical Industries, Drexel Chemical, Valent Biosciences Corp, Chemtura Corporation, Cheminova A/S, and Wilbur-Ellis Company.
Herbicides Market Key Segments:
Herbicides Market, By Type
Herbicides Market, By Mode of Action
Herbicides Market, By crop Type
- Oilseeds & pulses
- Cereals & grains
- Fruits & vegetables
- Others(lawns, forests, and aquatic vegetation)
Herbicides Market, By Region
- North America
- Asia Pacific
- Middle east and Africa
- Latin America