The Global Herbicides Market Size is valued at 41.25 billion in 2023 and is predicted to reach 71.15 billion by the year 2031 at an 7.22% CAGR during the forecast period for 2024-2031.
Herbicides are a type of sustainable agricultural product that kills undesirable plants without harming the plantation, hence boosting agricultural output. For a specific plantation, herbicides are frequently altered based on plant hormones to ensure the safety of the targeted plantation.
Additionally, herbicides are used to rid a field of all vegetation, including plants and herbs. Increased awareness of the benefits of applying herbicides before and after crop production and an increase in global food consumption are significant factors propelling the expansion of the worldwide herbicides market. But there are bright prospects due to the development of the agriculture industry in developing nations and the invention of new formulations.
Commercial agriculture firms and farmers will also buy more arable land to enhance agricultural production. A pattern has emerged where R&D operations are prioritized to develop newer herbicide formulas. This primarily entails the creation of bio-based herbicides due to the adverse effects of chemical-based treatments on the environment and human health. A further factor supporting the sustained demand for herbicides is the pressure on product producers to provide weed-resistant herbicides. As a result, the demand for herbicides grows.
Recent Developments:
- In May 2021-For an undisclosed fee, US-based AMVAC Chemical Corporation purchased the Envoke brand herbicide from Swiss agrichemical company Syngenta Crop Protection. With the addition of the new portfolio, AMVAC can now provide customers with cutting-edge weed management options. Envoke's herbicide manages weeds in cotton, sugarcane, and transplanted tomatoes.
Competitive Landscape:
Some of the major key players in the Herbicides market are:
- UPL
- BASF SF
- Bayer AG
- DUPont
- ADAMA
- Syngenta
- FMC Corporation
- Drexel Corporation
- Sumitomo Chemical Co., Ltd
- Nufarm
Market Segmentation:
The herbicides market is segmented based on type, application, and mode of action. Based on type, the market is segmented as synthetic and bio-based. By application, the market is segmented into pulses & oilseeds, grains & cereals, commercial crops, fruits & vegetables, turf & ornamentals and others. By mode of action, the market is segmented into selective and no-selective.
Based On Type, The Synthetic Segment Is A Significant Contributor To The Herbicides Market
The synthetic herbicides category is expected to hold a significant share of the global Herbicides market in 2021. Synthetic herbicides are in considerable demand due to their effectiveness and inexpensive price. Additionally, glyphosate is the most widely used herbicide in the world due to its efficiency, low cost, and use in weed control and plant development. Synthetic herbicide use has a variety of adverse effects on both people and animals. Herbicides, which can be a single agent or a combination of substances, are typically used to restrain, eliminate, and prevent the growth of weeds. Due to their chemical components, most herbicides irritate the skin, induce respiratory and digestive issues, and cause skin irritation.
Selective Segment Witness Growth At A Rapid Rate
The selective segment is projected to grow rapidly in the global Herbicides market. A herbicide known as a selective killer only kills particular species of plants. In agriculture, it is mostly used to eliminate weeds without endangering the crop. The manner of action, chemical makeup, and characteristics of selective herbicides are categorized. The demand for organic food is rising, and people are becoming more aware of the advantages of employing selective herbicides, which is why this market is expanding. Additionally, the market for selective herbicides is anticipated to grow due to the rising acceptance of genetically modified crops.
The North America Herbicides Market Holds A Significant Revenue Share In The Region
The North America herbicides market is expected to register the highest market share in revenue soon. The large population base and the strong demand for food production drive the market value. Large manufacturers' positions in the herbicide market in this region are being cemented by factors including their extensive product portfolios for plant protection products, strong R&D, and expanding manufacturing facilities at various locations. In addition, the Asia Pacific region is projected to grow rapidly in the global herbicides market. India and China have the largest populations in the Asia-Pacific region. These regions are among the top emerging economies regarding GDP growth and rising disposable income. Demand for herbicides in Asia is anticipated to increase due to the region's large population and rapid economic expansion in these rising economies.
Herbicides Market Report Scope:
|
Report Attribute |
Specifications |
|
Market size value in 2023 |
USD 41.25 billion |
|
Revenue forecast in 2031 |
USD 71.15 billion |
|
Growth rate CAGR |
CAGR of 7.22% from 2024 to 2031 |
|
Quantitative units |
Representation of revenue in US$ Million, Volume in Kiloton and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
|
Forecast Year |
2024-2031 |
|
Report coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
|
Segments covered |
Type, Application, And Mode Of Action |
|
Regional scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
Country scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; South East Asia |
|
Competitive Landscape |
UPL, BASF SF, Bayer AG, DUPont, ADAMA, Syngenta, FMC Corporation, Drexel Corporation, Sumitomo Chemical Co., Ltd and Nufarm |
|
Customization scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing and available payment methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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