Tuesday, 23 February 2016

Herbicides Market is Expected to Reach US$ 38.30 Bn in 2023: Transparency Market Research

Transparency Market Research has published a new report titled “Herbicides (Acetochlor, 2,4-D, Glyphosate, Atrazine, and Others) Market for Cereals & Grains, Oilseeds & Pulses, Fruits & Vegetables, and Other Crops - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2015–2023. According to the report, the global herbicides market was valued at US$ 22.31 Bn in 2014 and is anticipated to reach US$ 38.30 Bn in 2023, expanding at a CAGR of 6.2% between 2015 and 2023.

Herbicides form a key component of crop protection system to control the onset of unwanted weeds and plants. Herbicides are manufactured from synthetic chemicals that affect the growth of weeds by disturbing their metabolism. Glyphosate, acetochlor, 2,4-D, and atrazine are some of the key herbicides used prominently in agricultural practices for crop protection. Herbicides are employed to control the growth of weeds on various types of crops such as cereals & grains, oilseeds & pulses, and fruits & vegetables.

Companies operating in the herbicides market are highly dependent on research and development activities. These activities are carried out in-house as well as in government and private institutes. Manufacturers of herbicides also signs supply agreement with distributors and other firms to leverage their distribution networks. Large players such as Monsanto Company, BASF SE, Bayer CropScience AG, and The Dow Chemical Company have their own distribution networks in Europe, Asia Pacific, and North America.

The global herbicides market is a convergence of varying market dynamics across regions. Each region demonstrates difference in adoption, environmental protection agency’s approval, growth rate, and demand for herbicides in various crop segments. In terms of demand, Asia Pacific accounted for over 25% share of the global herbicides market in 2014. China is a major consumer of herbicides in Asia Pacific. In terms of volume, Latin America followed Asia Pacific, while North America constituted the third-largest share of the global herbicides market in 2014. Demand for herbicides in Asia Pacific is estimated to increase at the second-fastest rate vis-à-vis other regions during the forecast period. On the other hand, the market in Europe is estimated to exhibit moderate growth rate in the next few years in terms of demand for herbicides. France and Germany accounted for significant share of the herbicides market in Europe in 2014. The herbicides market in France is anticipated to expand at the fastest rate in the next few years in Europe. Europe has banned atrazine and acetochlor herbicides due to their toxicity and adverse effects on the environment.


Latin America is projected to maintain strong growth rate during the forecast period owing to high demand for herbicides based on changing agricultural methods and increased governmental support. Demand for herbicides in North America and the Middle East & Africa (MEA) is likely to increase during the forecast period. North America held significant share of the global herbicides market in 2014. The U.S. constituted the largest share of the market in North America in 2014. In terms of volume, South Africa held the largest share of the herbicides market in the Middle East & Africa (MEA) in 2014.

Major players in the global herbicides market include Bayer CropScience AG, BASF SE, FMC Corporation, The Dow Chemical Company, Monsanto Company, Sumitomo Chemical Co., Ltd., and Syngenta AG.

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