Herbicides Market Insights: The Key to Unlocking Market Dynamics and Opportunities
Category - Agriculture
Report Code - OMR-A-105
Format: PDF, PPT, and Excel
Herbicides Market to Grow with a CAGR of 3.9% During 2023-2030; Market to Grow Due to Growing Population Base and Rising Demand for Food Products
Herbicide is a typical chemical substance used to kill or inhibit the development of undesirable plants, such as weeds in homes or farms and invasive species. Chemical herbicides offer a significant advantage over mechanical vegetation control due to their simple application, which frequently reduces labor costs. The majority of herbicides are deemed nontoxic but when administered aerially, they can cause considerable mortality of nontarget crops and the insects that rely on them.
The market for herbicides has been significantly impacted by the COVID-19 outbreak. Herbicide prices have soared as a result of the epidemic, which has also caused supply chain disruptions and a manpower shortage. Herbicide demand has consequently fallen. Additionally, the pandemic has raised people's awareness of the dangers that herbicides pose to the environment and their health.
Key Takeaways of the Herbicides Market
By Type
The bioherbicide industry is anticipated to experience the highest rate of growth during the forecast period. Increasing concerns about health and the environment have contributed to a shift in emphasis toward less toxic, more sustainable forms of vegetation management, such as the use of insecticides derived from biomaterials.
By Region
During the forecast period, the Asia-Pacific region is anticipated to become the largest market for herbicides worldwide. Herbicides have contributed to the increase in agricultural output in China as a result of enhanced weed management and the widespread use of high-yielding dwarfed rice plants that are less competitive with weeds.
Heavy R&D Investments Will Fuel Market Expansion
Heavy investments in R&D to develop novel herbicides are anticipated to provide these companies with a competitive edge in the marketplace. Companies in the global herbicides market are concentrating their efforts on the development of bio-based herbicides. The major actors have made substantial investments to expand their product offerings. To meet the increasing demand from consumers for chemical-free and organically-grown produce, these companies have devoted significant resources to the study and development of bio-based herbicides.
Growing Population Worldwide is Driving Market Growth
In 2050, when the global population is expected to reach 9.7 billion, food demand will increase by 50 percent. Herbicides are required by producers to increase crop yields, but their use strains agricultural resources. Herbicides are used to eliminate weeds because they pose a threat to crops by robbing them of nutrients, water, and sunlight. With the use of herbicides, food security can be enhanced and crop yields may rise by as much as 20 percent. Two factors predominantly drive the growth of herbicide sales: population growth and increasing food consumption.
Global Herbicides Market Prominent Players
• BASF (Germany)
• Corteva (U.S.)
• Bayer (Germany)
• DuPont de Nemours Inc. (U.S.)
• FMC Corporation (U.S.)
• UPL (India)
• Nufarm (Australia)
• Syngenta (Switzerland)
• ADAMA (India)
• Jhaver Group (India)
• Zhejiang Heben Pesticide & Chemicals Co., Ltd. (China)
Report Scope for Herbicides Market
Type
• Synthetic Herbicide
• Bioherbicide
Crop Type
• Grains & Cereals
• Pulses & Oilseeds
• Vegetables & Fruits
• Turf & Ornamentals
• Others
Herbicides Market Regional Segmentation
North America
o U.S.
o Canada
o Mexico
Europe
o Germany
o U.K.
o France
o Spain
o Italy
o Rest of Europe (RoE)
Asia Pacific (APAC)
o Japan
o China
o India
o South Korea
o Rest of APAC
Latin America
o Argentina
o Brazil
o Rest of Latin America
Middle East & Africa
o South Africa
o UAE
o Saudi Arabia
o Rest of MEA
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