The global herbicides industry size is anticipated to create a positive growth outlook for the market by registering a stable CAGR of 6% during the forecast period from 2022 to 2032. Some of the significant variables are expected to drive the growth of the global herbicides market incorporating the increased knowledge about the advantages of spraying herbicides pre- and post-cultivation of crops, as well as rising demand for food throughout the world.
Key Takeaways in the Herbicides Market
- The formulation of strict laws prohibiting the use of some herbicides in industrialized countries which are stifling the expansion of the herbicide market over the assessment years. In addition to that, the increasing population and growing disposable income of a particular region are attributed among the key drivers for the demand for herbicides.
- Synthetically produced herbicides are dominating the global herbicides market primarily owing to low cost and higher efficiency. Furthermore, bio-based herbicides are known to have been made of renewable resources and are predicted to be one of the fastest-growing herbicide product classes in the near future. Among the chemicals utilized in herbicide, manufacture includes amide, sodium chlorate, and sulfuric acid, to name a few.
- In order to make the goods, herbicide producers are expected to follow diligent clearance processes. Herbicides aid in improving agricultural productivity by killing unwanted herbs and weeds within the plantation. Therefore, surging demand for high agricultural productivity to meet the global food demands has been the foremost driver for herbicides market growth.
- Furthermore, several synthetic herbicides are predicted to pose severe threats to the ecosystem and cause numerous environmental and health hazards. These hazards are associated with synthetic herbicides that have led to numerous stringent regulations on the use of herbicides which has been a major factor restraining herbicides market growth.
- Such regulations have led to an increase in the demand for bio-based herbicides. To meet the stringent regulations and also to improve the efficiency of herbicides, major players invest in research and development activities to develop new herbicides. Hence intellectual properties and patents are among the critical success factors for growth in the herbicides market.
Competitive Landscape in the Herbicides Market
The key market players in the global herbicides market (Kenvos Biotech Co. Ltd., Amvac Chemical Corporation, United Phosphorus Limited (UPL), Bayer CropScience AG, Shandong Tianfeng Biotechnology Co.) are concentrating on research and development activities for new innovations within the market. The dominant companies in the market are actively incorporating advanced technologies in their products in order to get an edge over the market, resulting in a global customer base globally.
Herbicides Market Key Segments
By Type
- Glyphosate
- Diquat
- 2
- 4-D
By Crop Type
- Cereals & grains
- Oilseeds & pulses
- Fruits & vegetables
- Others
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
