Herbicides Market Overview:
Market Research Future (MRFR) reveals that the herbicides market will reach USD 50 billion by 2027. Between 2020 and 2027, the market size shall grow at an approximate rate of 6%, believes MRFR.
Herbicides Market Top Drivers and Barriers:
Shortage of arable land across the globe has raised the demand for modern farming practices while fostering the requirement for higher use of every section of farming plots. These factors propel the demand and use of herbicides to a great extent. Herbicides also find use in applications in landscaping and forestry. Surging preference and use of organic herbicides for use in different crops including oilseed radish, rye, and buckwheat enhance the market demand as well.
In the past few years, an exponential surge in the demand for herbicides from the F&B sector has been noted, thanks to the rapidly booming worldwide population. The traditional farming techniques are fast becoming obsolete since these are more costly and time-consuming than the modern techniques, while the rapidly declining farming lands further add to the dilemma. To address these challenges, advanced and modern farming tools as well as commodities such as herbicides are increasingly being used, which should uplift the market position.
The global Herbicides Market demand is further fostered by the rising tourism trend, which fashions a massive preference for well-ornamented and aesthetically pleasing landscape. This has pushed the need for herbicides to maintain grass lands while conserve parks and farms. Golf courses are another major application of herbicides, as there is a high need to prevent growth of undesired grass and plants. Additionally, new versions of herbicides with improved characteristics and modern features are progressively being introduced in the global market by renowned brands to garner a higher position.
For instance, in March 2022, BASF introduces its latest Herbicide called “Vesnit Complete” for corn and sugarcane farmers. Vesnit Complete offers broad-spectrum and effective control of post-emergent broadleaf weeds and grasses in sugarcane. It boasts of long-duration control as well as impressive crop safety.
Leading Market Companies:
The top developers of herbicides in the global industry include Monsanto Company (US), Bayer AG (Germany), Kenvos Bio (China), The Dow Chemical Company (US), Syngenta AG (Switzerland), FMC Corporation (US), Agrium Inc (Canada), Nissan Chemical Industries Ltd. (Japan), Drexel Chemical Company (US), PI Industries (India), Nufarm Limited (Australia), BASF SE (Germany), UPL (India), Element Solutions Inc (US), ADAMA Ltd. (Israel), and more.
Herbicides Market Segmental Outlook:
The herbicides market has been divided with respect to active ingredient, category, mode of action, and crop type.
The Active Ingredients that the market study has covered include glyphosate 2, diquat, 4-D, atrazine, and more.
The market, in terms of Category, comprises bioherbicides along with synthetic herbicides.
As per the Mode of Action, the major segments are selective as well as non-selective.
The Crop Types include pulses & oilseeds, fruits & vegetables, cereals & grains, and others.
Regional Overview:
The Asia Pacific can expect to overtake other regions and become the market leader in the years to come. The elite position of the region can be accredited to the surging awareness among farmers about the toxic effects of weeds on the crops and their subsequent demand for Selective Herbicides. The high availability of lower priced herbicides with natural generic formulations also enhances the business growth in the region. The rapidly mushrooming population across several nations in the region coupled with the increased disposable incomes of the consumers in Japan, and India elevate the demand for herbicides.
South America will be a highly promising market in the near future and will be capturing the fastest growth rate in the years ahead. The region’s notable growth can be the result of lenient policies and regulations along with the surge in marketing efforts of the reputed firms.
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