U.S (New York)– The “Herbicides Market ” 2023 research report appears to cover various aspects of the market, including the strategies of top players, market segments, competitive landscape, manufacturing, and pricing structures. In this report, we will provide an in-depth analysis of the current state of the global Herbicides Market , its key drivers and challenges, and its future prospects. This study contains research on market dynamics, such as SWOT, PESTLE, and Porter’s Five Forces analysis, as well as details about drivers, constraints, trends, and opportunities. These studies may assist in providing a thorough overview of the worldwide industry. Additionally, the key segments of the industry are evaluated according to their performance.
According to a new report published by Report Ocean, titled, “Herbicides market by type, mode of action, and crop type: Global Opportunity Analysis and Industry Forecast, 2018 – 2025,”the global herbicide market size is expected to reach an overall market revenue of $7,998.9 million by 2025, by growing at a CAGR of 4.8% during the forecast period. Herbicides are a specific category of pesticides used to control unwanted plants during cultivation. They are used in agricultural production and turf management.
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According to data from the U.S. Bureau of Economic Analysis and the U.S. Census Bureau, the goods and services deficit increased by $1.9 billion from $68.7 billion in January 2023 to $70.5 billion in February. The increase in the goods and services deficit in February was due to a $2.7 billion increase in the goods deficit to $93.0 billion and a $0.8 billion increase in the services surplus to $22.4 billion. Compared to the same period in 2022, the goods and services deficit has dropped this year by $35.5 billion, or 20.3%. $49.5 billion or 10.8% more was exported. 2.2% or $14.0 billion more was spent on imports.
Rise in interest of consumers toward advanced farming practices primarily drives the growth of the global herbicide market. The farmers in India and China use herbicides to increase crop yield with minimum cost, as hiring labor is very expensive and fertile land is scarce in these countries. However, adverse health and environmental concern associated with synthetic herbicides restrains the market growth. Therefore, European Union imposed a ban on usage of various types of synthetic herbicides including glyphosate and 2,4-D. To overcome from such issues, manufacturers focus on the production of bio-based herbicides, which are composed of microorganisms such as fungi, bacteria, and insects, which target only specific weeds and do not harm actual crops. Considering the potential of bioherbicides, companies such as Bioherbicides Australia focus on R&D and commercializing bioherbicides. Myco-Tech paste and Sarritorware, two Canadian bioherbicides brands, are now commercially available.
The herbicides market is segmented based on type, mode of action, crop type, and region. By type, the market is bifurcated into synthetic herbicides and bioherbicides. Based on mode of action, it is classified into selective herbicides and non-selective herbicides. Based on crop type, it is divided into corn, cotton, soybean, wheat, and others. Based on region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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Glyphosate is the highest consumed herbicide in the prevailing market condition and also expected to retain its lead during the forecast period. The global market of glyphosate is expected to grow at a CAGR of 4.2%. Being an effective and low-cost solution, glyphosate is largely used in various applications in all geographies. Growers not only use it for weed management, but also use it for plant growth. Based on mode of action, the market is segmented into selective and non-selective herbicides. The applications segment of non-selective herbicide is more diverse than selective herbicide. In addition to weed management, the non-selective herbicides are also used for sustainable agricultural development.
Based on the crop type, the global herbicides market is segmented into corn, cotton, soybean, wheat, and others. The various advanced weed management techniques used are primarily responsible for increasing herbicide consumption in these crops.
Geographical analysis of the market revealed that North America is and will continue to be the leading consumer of herbicides till 2025 due to the trend of early adoption of technology in the developed countries of the region. In this region, the application of herbicide is not limited to the agricultural field; it is also used for the weed management in lawns and forests. In addition, North America and Asia-Pacific are expected to be the fastest growing markets at a CAGR of 3.9% and 6.5% respectively during the forecast period.
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The report has profiled some of the key players of the marketsuch as BASF, Bayer AG, DowDupont, Syngenta AG, FMC Corporation, Adama Agricultural Solutions Ltd, and Nufarm Ltd.
Key Findings forHerbicides market:
The Asia-Pacific herbicides market is projected to grow at a highest CAGR of nearly 6.5%, in terms of revenue during the forecast period.
The Europe herbicides market is anticipated to account for the highest revenue of $11,121.6 million during the forecast period.
Based on type, the synthetic herbicides segment dominated the herbicides market with a volume share of over 91% in 2017.
Table of Content:
- Report Overview
- Global Growth Trends
- Competition Landscape by Key Players
- Data Segments
- North America Market Analysis
- Europe Market Analysis
- Asia-Pacific Market Analysis
- Latin America Market Analysis
- Middle East & Africa Market Analysis
- Key Players Profiles Market Analysis
- Analysts Viewpoints/Conclusions
- Appendix
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