In a recent published report, Kenneth Research has updated the market report for Herbicides Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Herbicides Market products.
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Moreover, amongst all the continents that used pesticides, Asia registered as the largest user of pesticides by attaining a share of 52.4% in the year 2018. It was followed by the Americas, Europe, Africa and Oceania with 32.3%, 11.6%, 2% and 1.7% respectively. The statistics also stated that China was the largest user of pesticides amongst all the nations worldwide, utilizing 1,763,000 tonnes of pesticides for agricultural use.
The Herbicides Market is predicted to grow with a robust CAGR during the forecast period. Some of the significant factors that are anticipated to drive the market are the growing investments from the multinational companies in several nations worldwide to develop production facilities that can promote the production growth, backed by the rising need for chemicals from several end-user industries for different end-use purposes. According to the statistical report titled “Global Chemicals Outlook II”, published by the United Nations Environment Programme, the global chemical industry’s production capacity almost doubled to reach 2.3 billion tonnes in the year 2017 from 1.2 billion tonnes in the year 2000. Moreover, increasing spending on research and innovation (R&I) for the development of advanced chemicals is also anticipated to drive the growth of the market over the forecast period.
Product Overview
Herbicides are pesticides that are used to kill undesired plants without harming plantation. Herbicides eliminates weed and also reduce the physical labor. Herbicide enhances the growth of crop by eliminating the growth of unwanted weed. Herbicides are toxic in nature and it may cause numerous health diseases with direct contact. Health effects ranging from skin rashes to death can result from intentional or unintentional direct consumption of herbicides. Herbicides prevent water loss and soil erosion. Herbicides are categorized on basis of various characteristics such as molecular structure, time of application, formulation, chemical nature etc. Herbicides are used to protect distinct variety of grains, oilseeds, cereals, vegetable crops from infestation of weeds.
Market Size and Forecast
The global herbicides market is anticipated to expand at a CAGR around 7.0% during 2017-2027. The global herbicides market is anticipated to value at USD 30.0 Billion by 2027. Herbicides protect crops from attack of weeds and in turn support their growth. The development of new herbicides and development of technology has augmented the global herbicides market.
The global herbicide market can be segmented on the basis of type, crop type and mode of selection. The type segment is further sub-segmented into glyphosate, atrazine, acetochlor, paraquat, bio-Herbicide and 2, 4-D. Glyphosate herbicide is anticipated to lead the global herbicides market on the account of increasing application of glyphosate herbicide for controlling numerous type of weeds. The growing need for improving produce from the limited arable land accessible across the globe is increasing demand for controlling weed. This in turn increases the demand for herbicides across the globe.
By region, the global herbicides market is segmented into North America, Asia-Pacific, Latin America, Europe, Middle East and Africa. North America is the leading region for herbicides, followed by Europe and Asia Pacific. Asia Pacific is anticipated to observe high growth in the forthcoming years. In Asia Pacific, China and India are anticipated to contribute maximum market share on the account of high application of various herbicides. This is attributed to the changes in farming practices, robust development in agriculture sector, growing acceptance of modern farming in the region.
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Market Segmentation
Our in-depth analysis segmented the global herbicides market in the following segments:
By Type:
Glyphosate
Atrazine
Acetochlor
Paraquat
Bio-Herbicide
2,4-D
By Mode of Selection:
Selective herbicide
Non-Selective herbicide
By Crop Type:
Cereals & Grains
Oilseeds & Pulses
Fruits & Vegetables
Cotton
By Region
The global herbicides market is further classified on the basis of region as follows:
North America (United States, Canada), Market size, Y-O-Y growth Market size, Y-O-Y growth & Opportunity Analysis, Future forecast & Opportunity Analysis
Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX (Belgium, Netherlands, Luxembourg), NORDIC (Norway, Denmark, Sweden, Finland), Poland, Russia, Rest of Europe), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis.
Growth Drivers and Challenges
Major factors contributing the overall market growth of herbicides include limited availability of cultivable land, change in farming practices and increasing acceptance of advanced farming. Additionally increasing demand for food coupled with growing population is anticipated to boost the global herbicides market. The low cost and high efficiency of synthetically produced herbicide is expected to further augment the demand for herbicides globally. There is increasing demand for herbicides on the account of rapid infrastructural expansions which reduces the area of arable land available across the globe.
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The increasing concern towards genetically modified crops is the major restraint for herbicides market. Additionally, stringent regulations are anticipated to hinder the market growth of herbicides.
Key Players
Chemtura Corporation
Dow Chemical Company
Cheminova A/S
BASF
Monsanto Company
Nissan Chemical Industries Ltd
Syngenta AG
Drexel Chemical Company
E.I. Dupont De Nemours & Company
Nufarm Limited
FMC Corporation
Marrone Bio Innovations Inc.
Valent Biosciences Corp
Wilbur-Ellis Company
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