Herbicides Market Forecast (2017- 2022)
The global herbicides market will grow at a CAGR of 6.0% from 2017 to 2022 to reach USD 36,204.6 million by 2022, according to the latest publication from Meticulous Research™. The global herbicides market is primarily driven by growing need to increase crop yield and quality, reduction of arable land, advanced agricultural practices and technologies, and increasing crop yield losses due to weeds. However, various environmental and human hazards with the use of chemical herbicides, growing organic farming and demand for organic food, and stringent government regulations expected to hamper the growth of this market to some extent.
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The global herbicides market is mainly segmented by type, by mode of action, by formulation, and by mode of application. On the basis of type, the market is segmented as chemical and biological, wherein chemical herbicides segment is further divided into glyphosate, Diquat, 2,4-D, atrazine, and others; on the basis of mode of action, the market is divided into selective and non-selective herbicides; on the basis of formulation, the market is divided into the liquid form and solid form; and on the basis of mode of application, the market is segmented into spraying, dusting, soil treatment, and others.
Based on the type, the chemical segment dominated the overall global herbicides market in 2016 and is also estimated to continue its dominance over the forecast period, owing to its increasing usage in developing countries, easy availability, higher efficiency, and lesser costs compared to bioherbicides. Moreover, in global chemical herbicide market, the glyphosate accounted for the major share in 2016, as it is a generic herbicide, easily available, and offers a wide range of benefits.
On the basis of mode of application, spraying application held the largest share in the global herbicides market in 2016, owing to factors such as ease of application and its higher efficiency as compared to other modes of applications. Based on crop type, the cereals & grains commanded the largest share in the global herbicides market in 2016, owing to the large production of row crops across the globe and increasing adoption by farmers to control the yield loss due to weeds.
Geographically, the global herbicides market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. The regions are further segmented and analyzed at a country level. Latin America accounted for the largest share in the global herbicides market in 2016, followed by Asia Pacific and Europe region. The major share of the Latin American region is mainly attributed to the large arable land, increasing demand for crop yield & efficiency, adoption of new farming practices and GM technology, and increasing crop yield losses due to weeds. However, Asian countries are slated to register the fastest growth during the forecast period, primarily due to the large area under agriculture cultivation and growing population in the region which increases the use of various pesticides for enhancing crop yield.
The leading companies have employed various strategies to expand their product and application offerings, global footprint, and augment their market shares. The key strategies followed by most companies in the global herbicides market were agreements, partnerships & collaborations, new product launches, mergers & acquisitions, and expansions. The key players in the global herbicides market are Bayer CropScience AG, BASF SE, Syngenta (Subsidiary of ChemChina), FMC Corporation, Monsanto Company (Part of Bayer), E.I. du Pont de Nemours & Company, Nufarm Limited, Drexel Chemical Company, Arysta LifeScience Corporation (Part of Platform Specialty Products), ADAMA Agricultural Solutions Ltd, Sumitomo Chemical Co., Ltd, UPL Limited, and Heranba Industries Ltd.
Key questions answered in the report-
Which are the high growth market segments in terms of type, mode of action, formulation, application, crop type, and regions/countries?
What is the historical market for herbicides across the globe?
What are the market forecasts and estimates from the period 2015-2022?
What are the major drivers, restraints, opportunities, and trends in the global herbicides market?
Who are the major players in the global herbicides market and what share of the market do they hold?
Who are the major players in various countries and what share of the market do they hold?
What are the competitive landscapes and who are the market leaders by sub-region in the global herbicides market?
What are the recent developments in the global herbicides market?
What are the different strategies adopted by the major players in the global herbicides market?
What are the geographical trends and high growth regions/ countries?
Who are the local emerging players in the global herbicides market and how do they compete with the global players?