Herbicides are crop protection Chemicals used for killing undesired plants without harming the plantation.
The potential applications of herbicides for controlling or destroying a wide spectrum of weeds and boost the active growth of the desired plants helps to gain considerable popularity in the pesticide industry.
The ever-rising need for agricultural productivity to meet global food demands due to a surge in population and the limited availability of cultivable land across the globe is intensifying the demand for effective weed-control phytotoxic chemicals. This is a major factor driving the demand for herbicides in the agriculture industry.
“Global Herbicides Market was Valued at US$ 25.9 Bn in 2018 and it is Expected to Reach More than US$ 44.5 Bn by 2027, Likely to Grow with the CAGR of 6.2% During the Forecast Period”
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Glyphosate was the largest product segment, accounting for over xx % of global revenue share in 2018 and this trend is expected to continue over the forecast period. Glyphosate is the highest consumed herbicide. Glyphosate is largely used in various applications, glyphosate-based products in various forms, such as gel and powder across countries, glyphosate is projected to remain a leading segment. Furthermore, growers use it for weed management and for plant growth as well. The factors are likely to drive the demand for glyphosate in the next years.
On the basis of mode of action, Non-selective constituted the largest market share with their application for both grass weeds and broadleaf in the Herbicides market in 2018 and it is projected to grow at a significant CAGR of above 5.4 % during the forecast period As non-selective herbicide finds application in most of the vegetation types and is a preferred alternative to selective herbicides.
The Asia Pacific is anticipated to hold above 30 % over the forecast period. It is expected to grow at CAGR of above 6 % due to advancements in crop protection techniques against weeds and increasing demand for low-priced generic herbicides formulations. China and India are the leading countries in terms of population in the Asia Pacific region and it also shows rapid growth owing to the developing agriculture sector, protected agriculture practices, increasing acceptance of modern farming, and changes in farming practices. The emerging economies in terms of GDP growth coupled with the increasing disposable income fuel the growth of the market in the region.
North America is the second largest consumer for herbicides. However, stringent environmental regulations in the developed economies of North America and Europe are expected to restraint market growth in these regions. Bio based herbicides are expected to offer huge growth opportunity in North America and Europe.
Some of the key players in the global Herbicides market are BASF, DowDuPont, Monsanto, Syngenta, FMC Corporation, Arysta, Nufarm Ltd., Nissan Chemical Industries, Drexel Chemical, Valent Biosciences Corp, Chemtura Corporation, Cheminova A/S, and Wilbur-Ellis Company.
Impact of COVID-19 on Economy, Industry and Company
The emergence of novel coronavirus has affected the global economy, industry dynamics and company’s top line. The entire ecosystem has to suffer the impact of this pandemic disease which would result in demand & supply gap, production delay and weak consumer demand of end products across industries.
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