Market Research Future (MRFR) expects the herbicides market 2020 to touch USD 43 billion by 2024. It can accrue an approximate CAGR of 6% from 2019 to 2024 (evaluation period). We will provide COVID-19 impact analysis with the report, along with all the extensive key developments in the market post the coronavirus disease outbreak.
Top Drivers and Barriers
Lack of arable land worldwide has created a significant demand for effective farming practices and the need for better utilization of all the sections of the farming plot. These factors are propelling the demand for herbicides to a large extent. Herbicides are also finding extensive applications in industries like forestry, landscaping and more. Fast progression in the consumption of organic herbicides for different crops such as buckwheat, oilseed radish and rye has led to higher use of herbicides in the agriculture industry.
Over the years, there has been an exponential rise in the demand from the F&B industry, considering the rapid expansion of the global population. The conventional farming techniques are no longer preferred as they are less economical and are time consuming, while the rapid decline in farming lands is adding to the dilemma. Therefore, to deal with these issues, the use of advanced farming tools and commodities like herbicides has risen exponentially and is expected to observe better growth soon.
Another factor acting in favor of the global market can be the emerging tourism trend, which has fashioned a rampant demand for aesthetically pleasing and well ornamented landscape. This has led to a higher need for herbicides as these are being used to maintain the grass lands and conserve farms and park. Golf courses are other applications, where the need to get rid of undesired plants and grass is quite high. Moreover, new types of herbicides with better characteristics and advanced features are increasingly being introduced in the market by significant firms to gain higher position.
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For instance, in September 2020, NUFARM Americas Inc. launched Panther MTZ herbicide that enables growers to achieve weed management efficiency, extended residual control and resistance management that boosts flexibility.
Some of the leading companies in the Global Herbicides Market are The Dow Chemical Company (US), Monsanto Company (US), FMC Corporation (US), Bayer AG (Germany), KENVOS Bio (China), PI Industries (India), Syngenta AG (Switzerland), BASF SE (Germany), ADAMA Ltd. (Israel), Agrium Inc (Canada), Element Solutions Inc (US), UPL (India), Drexel Chemical Company (US), Nissan Chemical Industries Ltd. (Japan), NUFARM Limited (Australia) and more.
Global Herbicides Market has been dissected in terms of active ingredient, category, mode of action, and crop type. The active ingredients listed in the market study include glyphosate 2, 4-D, atrazine, diquat, and more.
The global market, with respect to category, comprises synthetic herbicides as well as bioherbicides.
Depending on the mode of action, the market has been considered for selective and non-selective.
The crop types discussed in the report are fruits & vegetables, cereals & grains, pulses & oilseeds, and others.
Global Herbicides market can be regionally considered for Europe, Asia Pacific/APAC, North America, and RoW/rest of the world.
The APAC market is expected to take the lead during the review period, thanks to the escalating awareness about the toxic impact of weeds on crops and the subsequent surge in the preference for herbicides. The growing availability and sales of cheaper herbicides that have generic formulations also seem to be boosting the market growth in the region. The rapid expansion of the regional population along with the rising disposable income of people in emerging countries like Japan, India and China has resulted in a strong demand for herbicides.
South America is another prominent market that is set to procure the fastest CAGR in the years to come, as a result of the lenient regulations present in the region and the rising marketing efforts being given by the reputed players. Genetically modified/GM organisms are emerging as the latest trend in the region, while herbicides like pasture & hay, orchards & grapes, vegetables, rice and fruits have been gaining massive traction owing to the rising demand for stronger plants, better farm profits and higher crop yields.
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NOTE: Our Team of Researchers are Studying Covid19 and its Impact on Various Industry Verticals and wherever required we will be considering Covid19 Footprints for Better Analysis of Market and Industries. Cordially get in Touch for More Details.