Herbicides Market Analysis: Predicting USD 53.21 Million Valuation by 2032
Market Forecast
Herbicides Market Size was prized at USD 53.21 billion by 2032,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 commonly 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.
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.
Downstream Analysis:
Herbicides market is segmented on the basis of 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 commonly 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.
On the basis of 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.
Competitive Analysis:
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.
Market Segmentation:
Herbicides market is segmented on the basis of active ingredients, type and method of application, application and region.
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