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.
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.
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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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