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.
Key Industry Insights & Findings from the Report:
- The increasing necessity for food due to population growth drives the demand for herbicides market.
- The adoption of modern farming methods such as precision agriculture drives the demand for herbicides market.
- North America dominated the market and accounted for a global revenue share in 2023.
- The challenge facing the herbicides market is the increasing regulatory scrutiny and restrictions on the use of certain herbicides due to environmental and health concerns.
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.
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 source type, formulation, mode of action and crop type. Source Type segment includes Microbial, Biochemical and synthetic chemical and Others (plant phytotoxic residues and other botanical extracts). According to the formulation, the market is segmented into Granular, Liquid, and Others (pellets, dust and powder). As per the mode of application, the market is categorized into Seed Treatment, Soil Treatment, Foliar, and Post-harvest. At last, the Crop type segment comprises Agricultural crops (Cereals & grains, Oilseeds & pulses, Fruits & vegetables), Non-agricultural crops (Turf & ornamentals, Plantation crops, Homes and gardens, and Industrial Vegetation Management).
Based On Source Type, The Synthetic Chemical Segment Is A Significant Contributor To The Herbicides Market
The synthetic chemical category is expected to hold a significant share of the global Herbicides market in 2021. Synthetic chemicals 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.
The North America Herbicides Market Holds A Significant Revenue Share In The Region
The North American 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.
Recent Developments:
- In February 2024, BASF received approval from the Environmental Protection Agency (EPA) for the Surtain herbicide. The U.S. EPA has registered and certified Surtain™ herbicide, which is the first solid encapsulated premix designed product available in the market. However, its use is still requiring state authorization. The revolutionary technology of Surtain herbicide provided producers with a broad range of time during which it could be applied, starting from before planting and extending to the early stages of plant growth.
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 |
Source Type, Formulation, Mode Of Application, Cropt Type |
|
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; France; Italy; Spain; South Korea; Southeast 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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