Global Herbicides Market – Overview
Herbicides are essential agrochemicals which helps in preventing the growth of weeds. The Herbicides Market is growing at an incremental pace of development on the global stage. Market Research Future, a firm which specializes in market reports related to the Food, Beverages & Nutrition sector among others, recently forecasted in its report on Global Herbicides Market Research Report- Forecast to 2023 that the market will demonstrate at a significant CAGR % while achieving million dollar growth readily in the forecast period.
The global population is rising at a faster rate and it is estimated to reach 9.7 billion by 2050. Therefore, it is extremely important to increase agricultural productivity. The usage of pesticides enhances agricultural productivity, thereby fuelling the demand for the product. Additionally, change in farming practices and technology leading to increasing acceptance of modern farming and protected agriculture is boosting the growth of the herbicides market. Moreover, limited availability of cultivable land is further accelerating the need of herbicides to increase farm productivity.
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However, increasing awareness regarding herbicides and their adverse impact on environment has been growing in recent years. Herbicides could contaminate water bodies through agricultural runoff and leaching processes, as well as by direct applications which is acting as a constraint for the market growth. Nevertheless, there has been a spur in demand for organic herbicides which can act as an opportunity for herbicides market.
Global Herbicides Market - Competitive Analysis
The key players profiled in Herbicides are as-
BASF SE (Germany)
The Dow Chemical Company (U.S.)
Monsanto Company (U.S.)
FMC Corporation (U.S.)
Bayer AG (Germany)
Agrium Inc (Canada)
PI Industries (India)
The major key players are investing significantly in research and development and launching novel products to capitalize on the growing demands for herbicides products including organic herbicides. For instance, recently BASF SE launched Zidua SC herbicide. Also, the key manufacturers are focusing on strategic acquisition to expand its geographical reach to strengthen their market position. For instance, FMC Corporation acquired DuPont's Crop Protection Business and BASF SE signed an agreement to acquire significant parts of Bayer’s seed and non-selective herbicide businesses. The demand for the product is growing rapidly in emerging economies of Asia-Pacific and Latin America which further provide growth opportunities to herbicides manufacturers.
Global Herbicides Market – Segments
The global Herbicides market has been divided into active ingredients, type, method of application, crop type, and region.
On The Basis Of Active Ingredients: Glyphosate, 2, 4-D, Atrazine, Dicamba, Diquat, Acetochlor
On The Basis Of Type: Pre-Plant, Pre-Emergent, and Post- Emergent Herbicides
On The Basis Of Method of Application: Soil and Foliar
On The Basis Of Crop Type: Oilseeds & Pulses, Cereals & Grains, Fruits & Vegetables
On The Basis Of Region: North America, Europe, Asia Pacific and ROW.
Global Herbicides Market - Regional Analysis
The Global Herbicides Market is segmented into North America, Europe, Asia Pacific and rest of the world (RoW). Asia Pacific dominates the market and is projected to continue growing over the estimated period. India and China, two of the largest countries in terms of population are majorly contributing the growth of herbicides in this region.
North America is the second largest consumer for herbicides. However, stringent environmental regulations in the developed economies of North America and Europe are expected to restraint market growth in these regions. In rest of the world, South America is dominating the market.