Future Outlook for the Herbicides Market: 2023 to 2032 and Beyond.
Herbicides Market Overview
Herbicides Market Size was prized at USD 53.21 billion by 2023,
exhibiting a compound annual growth rate (CAGR) of 6.00% during the forecast
period (2023 - 2032). Herbicide is a chemical substance used to control or
manipulate undesirable vegetation, especially weeds. Herbicides are either
pre-plant, pre-emergent or post- emergent. Post emergent are further classified
into selective herbicides which kill specific unwanted plants while leaving
desirable vegetation relatively unharmed and non-selective herbicides which
kill all or most plant species. They can be applied directly to the plant,
applied to the soil, or sprayed onto the foliage. The most used herbicides
include Glyphosate, 2, 4-D, Atrazine, Dicamba, Diquat, Acetochlor, and others.
They are used in oilseeds & pulses, cereals & grains, fruits &
vegetables, and others
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Herbicides help in improving agricultural productivity by killing
unwanted herbs and weeds in the plantation. Increasing population and growing
demand for food has led to the need for high agricultural productivity which is
driving the growth of the herbicides market. Moreover, limited availability of
cultivable land is boosting the demand for herbicides to increase farm
productivity.
Growing acceptance of modern farming is adding fuel to the growth
of herbicides market. Owing to the improved efficiency of crops through
herbicides, major players are investing in research and development which is
further boosting the growth of global herbicides market. However, hazards
associated with synthetic herbicides have led to several stringent regulations
on the use of herbicides which may hamper the growth of herbicides market.
Nevertheless, all these factors are projected to contribute to the estimated
CAGR of 6% of herbicides market during the forecast period 2023-2032.
Segment Analysis:
Herbicides market
Size is segmented based on active ingredients such as Glyphosate, 2,
4-D, Atrazine, Dicamba, Diquat, Acetochlor, and others. Glyphosate is the
fastest growing segment. It is one of the cheapest non-selective herbicides and
is effective on a wide range of weeds. Moreover, RoundUp which is the most used
herbicide globally contains active ingredient glyphosate.
Based on the type, herbicides
market is segmented into pre-plant, pre-emergent, and post- emergent
herbicides. The post-emergent herbicide is further segmented into selective and
non-selective herbicides. Among all, post emergent herbicide is the fastest
growing segment owing to its advantage over pre- emergent herbicides.
Based on method of application, herbicides
market is segmented into soil and foliar. Foliar applied herbicides are
dominating the market and is expected to grow substantially over the forecast
period.
Based on the application of herbicides,
the market is segmented into oilseeds & pulses, cereals & grains,
fruits & vegetables, and others. Among all, cereals & grains are
dominating the market followed by fruits and vegetables.
The major players in the Herbicides Market,
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)
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 witness substantial growth over the estimated
period. India and China which are 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. Bio based herbicides are expected to offer huge growth opportunity in
North America and Europe. For rest of the world, South America is projected to
witness high growth owing to increasing demand for crops in this region.
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