Herbicides Market Overview:
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 market 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.
Market Forecast
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
outlook during the forecast period 2023–2032.
Downstream Analysis:
Herbicides market 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.
Competitive Analysis:
The major players in the Herbicides Market,
v BASF SE (Germany)
v The Dow Chemical
Company (U.S.)
v Monsanto Company
(U.S.)
v FMC Corporation
(U.S.)
v Bayer AG
(Germany)
v Agrium Inc (Canada)
v 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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Market Segmentation:
Herbicides market is segmented on the basis of active ingredients,
type and method of application, application and region.
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