Analysis of the Herbicides Market: Assessment of Market Size, Trends, Statistics, and Competitors
Global Herbicides Market by Type (Synthetic Herbicide and Bioherbicide), by Crop Type (Grains & Cereals, Pulses & Oilseeds, Vegetables & Fruits, Turf & Ornamentals, and Others), and by Region (North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa) – Market Size, Share, COVID-19 Impact, Regional Analysis & Forecast Till 2030
Category - Agriculture
Report Code - OMR-A-105
Format: PDF, PPT, and Excel
Herbicides Market Overview
Herbicides are chemical agents employed in the management or suppression of weeds. In order to optimize crop yield by eliminating other vegetation, herbicides are commonly used in row-crop farming, in which they are applied before to or at the time of planting. They can be used in the fall to enhance crop harvesting. In order to get logged areas ready for replanting, herbicides are utilized in forest management. In addition, GMOs have altered the way pesticides are utilized in farming. Genetically modified (GM) crops that are resistant to herbicides have increased the prevalence of herbicide use. One of the key macro drivers driving the need for herbicides is the rising demand for food due to the rising world population. The rising need for food has led to a rise in the total area planted around the globe, which in turn has increased the need for herbicides. Herbicides prevent weeds from stunting the development of crops. Herbicides have the potential to pollute waterways and injure wildlife, among other negative environmental effects. This has resulted in increased regulation of herbicides in many countries, making their use by producers more difficult and costly. As a result of supply chain interruptions caused by the pandemic, it is now more difficult for farmers to obtain the herbicides they require. The pandemic has also decreased food demand, which has lessened the pressure on farmers to use herbicides. Due to these factors, the demand for herbicides is predicted to fall.
Herbicides Market Growth Factors
Rising R&D Activities to Propel Market Growth
Manufacturers heavy investment in R&D to create novel herbicides is expected to give these companies a competitive edge in the market. Participants in the global herbicides market are focusing their efforts on developing bio-based herbicides in this area. The major players have been investing heavily to broaden their product offerings. These companies are devoting significant resources to the research and development of bio-based herbicides to meet the growing market demand for chemical-free and organically-grown food. The leading companies in the herbicides industry also use product differentiation as a growth strategy. Dow Chemical Company has recently released a new herbicide for maize and boasted to farmers about the improved outcomes of their product. In releasing this product, they were directly competing with herbicides made by Monsanto that were said to be ineffective against particular weeds found in crops.
Growing Population and Rising Food Demand to Augment Market Growth
By 2050, the world’s population is projected to reach 9.7 billion, at which point there will be a 50% rise in the demand for food. Herbicides are essential for farmers to boost crop yields, but their use places a pressure on agricultural resources. Weeds are killed using herbicides because they threaten crops by stealing their water, nutrients, and sunlight. Food security can be improved and crop yields can increase by as much as 20% thanks to the use of herbicides. Herbicide sales are primarily being pushed forward by two factors: population growth and rising food consumption. Herbicides are an essential tool for farmers to enhance crop yields in the face of rising demand for food, which is putting a pressure on agricultural resources. The UN's Food and Agriculture Organization estimates that by 2050, global food production will need to increase by 70% to meet the needs of a growing population. Farmers rely heavily on herbicides to boost crop yields and supply the growing demand. The rise of precision farming is also fueling the growth of the herbicide industry. Sensors and other technology are employed in precision agriculture to gather information about plants and pests. With this information, herbicides can be directed with greater precision, resulting in less waste. As farmers strive to lessen their negative effects on the environment, precision agriculture is gaining popularity.
Herbicides Industry Segment
Type
• Synthetic Herbicide
• Bioherbicide
Crop Type
• Grains and Cereals
• Pulses and Oilseeds
• Fruits and Vegetables
• Turf and Ornamental Grass
• 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
Type Insights
Bioherbicides are Dominant as they are Less Toxic
Based on type, the market can be differentiated between synthetic herbicides and bioherbicides.
The bioherbicide industry is expected to grow at the fastest rate during the anticipated time frame. Rising health and environmental concerns have contributed to a shift in focus toward less toxic, more environmentally friendly techniques of weed management, such as the use of bio-based insecticides. The current demand for the bioherbicide market is being driven by bio-based herbicides made from the phytotoxins of non-pathogenic soil bacteria.
In terms of market share, synthetic herbicides were second only to natural ones. The discovery of new herbicides, the growing popularity of precision agriculture, and the expanding need for food are all factors pushing the market forward. Herbicide resistance is a major problem, and there are growing concerns about the market's influence on the environment.
Regional Insights
Asia Pacific to Lead Global Market Owing to Increasing Agriculture Activities
Based on region, the market can be split between North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
During the projection period, the Asia-Pacific area is expected to grow into the world's largest market for herbicides. As a result of improved weed management and the widespread adoption of high-yielding dwarf rice plants, which are less competitive with weeds, herbicides have helped to increase agricultural output in China. In developing countries like India, Pakistan, Indonesia, and the Philippines, where workers have moved from rural to urban industrial areas and where labor is scarce because of farmers' fragmented land holdings, herbicides have helped farmers control weeds despite a significant drop in conventional hand laborers. Due to a lack of available labor, farmers have no choice but to resort to chemical means of weed management. The application of herbicides has skyrocketed in recent decades. More than 60 herbicides of varying mechanisms of action are approved for use in India. Roughly 700 different herbicide formulations can be found now. The market is expected to be driven by the rising popularity of combination formulations of two different herbicides, which are being used by farmers for broad-spectrum weed control.
During the forecast period, Latin America is anticipated to have the second-largest market share in the herbicide industry. Many different types of crops can be successfully cultivated on South America's vast agricultural land area. Because of this, the need for herbicides is high. The rising number of people living in South America is also driving up food prices. Herbicides are being used to combat this problem and boost harvests. Market expansion is being fueled by factors such as rising food consumption, widespread use of precision farming techniques, and the introduction of innovative herbicides.
The market for herbicides in Europe is expected to expand at an rapid pace over the projected period. The rising number of people living in Europe has resulted in a higher need for nourishment. Herbicides are being used to combat this problem and boost harvests. The rise of the herbicide market is also being fueled by government support for agriculture in many European countries. Additionally, scientists are continually creating new herbicides that are both more potent and less hazardous to the ecosystem. The introduction of these new herbicides is anticipated to boost the expansion of the European herbicide market during the next few years.
Herbicides Industry Analysis
Market participants in the herbicide sector have engaged in substantial research and development efforts to create new herbicides that may meet the desired standards of farmers, leading to a highly consolidated market. The market for herbicides has been propelled by the efforts of major corporations to expand its agrochemical divisions, with examples being BASF, Monsanto, and Dow Chemical Company. Herbicide manufacturers around the world face stiff competition for consumers' dollars.
The leading companies in the industry all use various techniques to stay ahead of the competition, including mergers, acquisitions, expansions, partnerships, developments, and the introduction of new products. For financial and flexibility reasons, some businesses want to secure joint license.
Herbicides Market Recent Developments
• February 2022: The United States Environmental Protection Agency (EPA) approved Syngenta's new preemergence soybean herbicide Tendovo, giving farmers a tool for controlling weeds in the early growing season.
• January 2022: Syngenta Canada introduced Erebus Xtreme, a herbicide that utilizes a pre-mixed liquid formulation that combines Group 2 and Group 4 active chemicals.
• June 2022: FMC India released their Austral herbicide. Pre-emergent Austral herbicide is applied to sugarcane fields to prevent weed growth. The broad-spectrum herbicide Austral is effective against both grassy and broadleaf weeds. The environmental impact of using Austral herbicide is very low.
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)
• Others
Frequently Asked Questions (FAQs)
At what rate will the Herbicides Market Expand?
The global Herbicides Market will expand at a CAGR of 3.9% during the forecast period, according to research from Objective Market Research.
What are the factors driving the global Herbicides market?
The global Herbicides market is expected to grow during the predicted period owing to growing investments, rising R&D activities, and increasing food demand worldwide.
Which segment accounted for the largest Herbicides market share by type?
Bioherbicides are expected to dominate the largest market share during the projected period as it offers a low cost and is a highly effective type of herbicide.
What region holds the major share in the global market scape?
Asia Pacific is anticipated to hold the largest share of the market owing to the rising number of players and growing need for food products.
Which are the dominating players in the market during the forecast period?
Some of the prominent players in the global Herbicides market are 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), and Others.
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Table of Content
1. Introduction
1.1 Market Definition
1.2 Objective of the Study
1.3 Market Scope
1.4 Years Considered in the Study
1.4.1 Historic Year: 2019-2021
1.4.2 Base Year: 2022
1.4.3 Forecast Period: 2023-2030
1.5 Currency Used in the Study
1.6 Boundaries for the Study
1.7 Collaborators/Stakeholders/Benefactors
2. Research Methodology
2.1 Research Outline
2.2 Data Collection Methods
2.3 Data Sources
2.3.1 Secondary Sources
2.3.1.1 Paid Sources
2.3.1.2 Unpaid Sources
2.3.2 Primary Sources
2.4 Market Estimation Methodology
2.4.1 Top-Down Approach
2.4.2 Bottom-Up Approach
2.5 Data Triangulation
2.6 Assumptions of the Study
2.7 Limitations of the Study
3. Executive Summary
3.1 Market Outlook
3.2 Analysts Perspective
4. Market Overview
4.1 Market Dynamics
4.1.1 Drivers
4.1.1.1. Growing Need for High Agricultural Productivity
4.1.1.2. Rising Population Base
4.1.1 Drivers
4.1.2.1. Stringent Government Regulations for Use of Herbicides
4.1.3. Opportunities
4.1.3.1. Rising Disposable Income
4.1.3.2. Increasing Awareness Regarding the Benefits of Use of Herbicides
4.1.4. Impact of Market Dynamics
4.2. Impact of COVID-19 pandemic
4.3. Value Chain Analysis
4.4. Porter’s Five Forces Analysis
4.4.1. Bargaining Power of Buyers
4.4.2. Bargaining Power of Suppliers
4.4.3. Threat of Substitution
4.4.4. Threat of New Entrants
4.4.5. Competitive Rivalry
5. Global Herbicides Market Analysis & Forecast, by Type from 2019-2030 (in USD million) (in million tons)
5.1. Synthetic Herbicide
5.2. Bioherbicide
6. Global Herbicides Market Analysis & Forecast, by Crop Type from 2019-2030 (in USD million) (in million tons)
6.1. Grains & Cereals
6.2. Pulses & Oilseeds
6.3. Vegetables & Fruits
6.4. Turf & Ornamentals
6.5. Others
7. Global Herbicides Market Analysis & Forecast, by Region from 2019-2030 (in USD million) (in million tons)
7.1. North America
7.1.1. North America Herbicides Market Analysis & Forecast, By Country
7.1.1.1. U.S.
7.1.1.2. Canada
7.1.1.3. Mexico
7.1.2. North America Herbicides Market Analysis & Forecast, By Product
7.1.3. North America Herbicides Market Analysis & Forecast, By Application
7.2. Europe
7.2.1. Europe Agrochemicals Market Analysis & Forecast, By Country
7.2.1.1. Germany
7.2.1.2. UK
7.2.1.3. France
7.2.1.4. Spain
7.2.1.5. Italy
7.2.1.6. Rest of Europe (RoE)
7.2.2. Europe Herbicides Market Analysis & Forecast, By Product
7.2.3. Europe Herbicides Market Analysis & Forecast, By Application
7.3. Asia-Pacific (APAC)
7.3.1. Asia-Pacific Herbicides Market Analysis & Forecast, By Country
7.3.1.1. Japan
7.3.1.2. China
7.3.1.3. India
7.3.1.4. South Korea
7.3.1.5. Rest of the APAC
7.3.2. Asia-Pacific Herbicides Market Analysis & Forecast, By Product
7.3.3. Asia-Pacific Herbicides Market Analysis & Forecast, By Application
7.4. Latin America
7.4.1. Latin America Herbicides Market Analysis & Forecast, By Country/Region
7.4.1.1. Argentina
7.4.1.2. Brazil
7.4.1.3. Rest of Latin America
7.4.2. Latin America Herbicides Market Analysis & Forecast, By Product
7.4.3. Latin America Herbicides Market Analysis & Forecast, By Application
7.5. Middle East & Africa
7.5.1. Middle East & Africa Herbicides Market Analysis & Forecast, By Country/Region
7.5.1.1. South Africa
7.5.1.2. UAE
7.5.1.3. Saudi Arabia
7.5.1.4. Rest of Middle East & Africa
7.5.2. Middle East & Africa Herbicides Market Analysis & Forecast, By Product
7.5.3. Middle East & Africa Herbicides Market Analysis & Forecast, By Application
8. Competitive Landscape
8.1. Market Share Analysis (2022)
8.2. Market Positioning of Top Players (2022)
8.3. Key Developments & Growth Strategies (2020-2022)
8.3.1. Product Launches
8.3.2. Merges, Collaborations & Agreements
8.3.3. Expansion
8.4. SWOT Analysis
9. Company Profiles (Business Overview, Products Offered, Financial Details*, Recent Developments)
9.1. BASF (Germany)
9.1.1. Company Snapshot
9.1.2. Business Overview
9.1.3. Financial Data
9.1.4. Key Products Offered
9.1.5. Recent Developments
9.2. Corteva (U.S.)
9.3. Bayer (Germany)
9.4. DuPont de Nemours Inc. (U.S.)
9.5. FMC Corporation (U.S.)
9.6. UPL (India)
9.7. Nufarm (Australia)
9.8. Syngenta (Switzerland)
9.9. ADAMA (India)
9.10. Jhaver Group (India)
9.11. Zhejiang Heben Pesticide & Chemicals Co., Ltd. (China)
9.12. Others
10. Appendix
10.1. Currency Exchange Rate to USD
10.2. Abbreviations
* Financial details captured might be subjected to information available and not be given for privately-held companies or for companies that do not report it in the public domain