Herbicides Market to Grow with a CAGR of 6.02% through 2028
Expanding adoption of modern farming practices and
research & development of innovative herbicides is expected to drive the
Global Herbicides Market growth in the forecast period, 2024-2028.
According to TechSci Research report, “Herbicides
Market – Global Industry Size, Share, Trends, Competition Forecast &
Opportunities, 2028”, the Global Herbicides Market stood at USD 38.61 Billion in 2022 and is
anticipated to grow with a CAGR of 6.02% in the forecast period, 2024-2028. The global
herbicides market is driven by several key factors. Advanced farming practices
and technology, along with the rising need for high-quality agricultural yield,
have significantly contributed to the market's growth. Additionally, population
growth and urbanization are driving the demand for increased agricultural
production, which in turn fuels the need for effective herbicides. Climatic
changes affecting crop yield and the increased prevalence of weed resistance
are also significant drivers pushing for the development of more efficient
herbicide products. Government initiatives promoting the use of herbicides to
ensure food security further stimulate the market growth.
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The global herbicides market is experiencing
remarkable growth, driven by the escalating demand for enhanced agricultural productivity
and food security. This growth is fueled by a combination of factors, including
the adoption of advanced farming practices, technological advancements, and the
ever-expanding global population. The global herbicides market is projected to
witness significant growth during the forecast period. The increasing global
population, leading to growing food demand, acts as a major macro factor
driving the demand for herbicides. To meet the rising food demand, there has
been a surge in the overall planted acreage worldwide, boosting the demand for
herbicides in recent years. Herbicides play a crucial role in protecting crops
from weed infestation and supporting their growth. The continuous development
of new herbicides with specific applications has further fueled the global
herbicides market, and this trend is expected to continue with the advancement
of technology. Industry participants are heavily involved in extensive research
and development activities to develop new herbicides that meet farmers' desired
specifications. However, the herbicides industry faces several challenges,
including finding solutions to herbicide-resistant weeds. Major companies such
as BASF, Monsanto, and Dow Chemical Company are making significant investments
in developing their agrochemical business, driving the herbicides market. The
global herbicides market is highly competitive, with companies striving to
outperform their competitors' products. For instance, Dow Chemical recently
developed a new herbicide for corn, openly stating that their product protects
crop weeds that have become resistant to Monsanto's herbicide.
There have been ongoing protests to ban herbicides due
to their harmful effects on the health of farmers and consumers. However,
herbicides are available at a lower price compared to alternative products. To
tackle this challenge, the industry is shifting its focus towards the
development of bio-based herbicides, which provide a cleaner solution for weed
control in crops. Additionally, bio-herbicides are designed to target weeds
that have developed resistance to synthetic (chemical-based) herbicides. Nevertheless,
the lower prices of chemical-based herbicides remain a significant barrier to
the growth of the bio-herbicides market. The global herbicides market is
primarily driven by the need for increased agricultural productivity and food
security. However, the market must address concerns regarding the use of
synthetic herbicides and embrace sustainable alternatives to ensure a more
environmentally friendly and healthy future for agriculture.
The Global Herbicides Market is segmented into type, mode
of action, crop type, regional distribution, and company.
Based on type, Glyphosate, a widely used herbicide in
agriculture, currently dominates the market due to its exceptional
effectiveness in eliminating a diverse array of unwanted plants and weeds. Its
popularity among farmers and landscapers worldwide stems from its broad-spectrum
capabilities, long-lasting effects, and established reputation in the industry.
Despite growing concerns about its potential
environmental and health impacts, Glyphosate's prominent position is projected
to endure. Its continued utilization is driven by its ability to target
specific unwanted vegetation while preserving desired crops, making it an
invaluable tool in modern agricultural practices. Moreover, ongoing research
and development efforts are focused on enhancing safety measures and mitigating
potential risks associated with Glyphosate. These efforts aim to ensure its
sustained relevance in the ever-evolving field of herbicides. With its
unparalleled efficacy and versatility, Glyphosate remains a go-to-choice for
professionals seeking effective weed control solutions. As agriculture
continues to evolve, Glyphosate's proven track record and adaptability make it
a key player in supporting sustainable farming practices.
Based on region, North America continues to dominate
the global herbicides market, and this can be attributed to a combination of
several factors. Firstly, the region's expansive agricultural lands, coupled
with advanced farming practices, create a strong reliance on herbicides for
effective crop protection. This high demand acts as a driving force behind the
market growth in North America. Moreover, the presence of major market players
and their continuous investment in research and development further contribute
to the region's dominance. These players constantly strive to innovate and
improve herbicide formulations, ensuring that farmers have access to the most
effective and efficient products available. Additionally, the increasing
adoption of genetically modified crops has played a significant role in fueling
the market growth. These crops are specifically engineered to be more resistant
to certain herbicides, allowing farmers to effectively manage weed control
while minimizing the impact on crop yield. This trend has gained significant
traction in North America, further solidifying its position as a leader in the
herbicides market. Overall, the combination of vast agricultural lands,
advanced farming practices, major market players, robust R&D investment,
and the adoption of genetically modified crops has positioned North America at
the forefront of the global herbicides market.
Major companies operating in Global Herbicides Market
are:
- BASF SE
- Monsanto Company
- Bayer AG
- Syngenta AG
- FMC Corporation
- Platform Specialty Products Corporation
- Nufarm Limited
- Nissan Chemical Industries Ltd.
- Drexel Chemical Company
- Adama Agricultural Solutions Ltd.
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“The global herbicides market is poised to witness
substantial growth in the coming years, propelled by a multitude of key
factors. One of the primary drivers is the ever-increasing global population,
which directly translates into a higher demand for food production. As farmers
strive to meet this demand, they heavily rely on herbicides to safeguard their
crops and ensure optimal yield efficiency. Moreover, the steady advancements in
farming technology and methods, such as precision farming techniques, are
paving the way for even more efficient and effective utilization of herbicides
in agriculture. Looking ahead, the future of herbicides is likely to be
characterized by a strong emphasis on developing environmentally friendly and
sustainable solutions, addressing concerns of ecological impact and promoting
responsible agricultural practices.,” said Mr. Karan Chechi, Research Director
with TechSci Research, a research-based management consulting firm.
“Herbicides Market - Global Industry Size, Share,
Trends, Opportunity, and Forecast, 2018-2028 Segmented By Type (Glyphosate,
Diquat, 2,4-Dichlorophenoxyacetic acid, and Others), By Mode of Action
(Selective and Non-Selective), By Crop Type (Cereals & Grains, Oilseeds
& Pulses, Fruits & Vegetables, and Others), By
Region and Competition”, has evaluated the future growth
potential of Global Herbicides Market and provides statistics & information
on market size, structure and future market growth. The report intends to
provide cutting-edge market intelligence and help decision makers take sound
investment decisions. Besides, the report also identifies and analyzes the
emerging trends along with essential drivers, challenges, and opportunities in
Global Herbicides Market.
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