Herbicides Market: Shares and Strategies For Key Industry Players By 2023
As a consequence of the growing population worldwide, the demand for food and cereals has increased. However, agricultural production has not increased at a similar pace in response to the increasing population. Hence, it has become rather necessary to improve the crop yield worldwide. The market for herbicides, therefore, has been exhibiting steady growth over the past few years. Herbicides are chemicals used to prevent the growth of unwanted vegetation and weed that compete with crops for water and nutrients. The use of these chemicals is intended to help farmers maximize their crop yield.
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For the purpose of the study, the global herbicides market has been segmented in terms of product type, crop, and region. Based on product, the market is segmented into acetochlor, glyphosate, atrazine, 2,4-D, and others (including dicamba, isoxaflutole, glufosinate, metolachlor, and imazapyr. In terms of crop, the report segments the market into cereal and grain, fruits and vegetables, oilseeds and pulses, and others (including grass, ornamental plant, floriculture, and turf). Furthermore, Asia Pacific, Europe, Latin America, the Middle East and Africa, and North America constitute the key regional markets for herbicides.
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The report provides holistic insights into the prevailing dynamics of the global herbicides market. It includes exhaustive data obtained from trusted industrial sources to forecast how the future of the market looks like. Using industry-standard tools such as SWOT analysis and feasibility study, it weighs out the strengths and weaknesses of the major companies operating in the market. The report also studies the impact of Porter’s five forces on the global herbicides market.
Overview of the Global Herbicides Market
The global herbicides market, which in 2014 stood at US$22.3 bn, is anticipated to reach US$38.3 bn by 2023. The market will therefore rise at a positive CAGR of 6.20% between 2015 and 2023. The market will be primarily driven by the rapidly increasing demand for grains spurred by the growing population.
While food scarcity continues to be a major problem around the world, due to significant developments in agricultural techniques and irrigation facilities in the past, the agricultural sector has been successful in steadying its impact. According to the latest surveys, the global population will cross 9 bn by 2050. Considering the future scenario of food demand, significant improvements are necessary to boost efficient use of resources. Herbicides present an optimum pest and land management solution that is essential to improve the resource efficiency.
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Regionally, Asia Pacific dominates the global herbicides market in terms of volume. It held over 25% of the global herbicides market in 2014. The region is likely to retain its dominance in the near future, followed by North America and Latin America. However, the Asia Pacific herbicides market will exhibit growth at a moderate pace.
Companies mentioned in the research report
To study the vendor landscape of the global herbicides market, the report profiles companies such as Monsanto Company, E. I. du Pont de Nemours and Company, Bayer CropScience AG, Nufarm Limited, FMC Corporation, Dow AgroSciences LLC, Sumitomo Chemical Co., Ltd., BASF SE, ADAMA Agricultural Solutions Ltd., and Syngenta AG.