Global Herbicides Market will be worth of US$ 38.30 Bn in 2023, expanding at a CAGR of 6.2% by 2023
The study presented here is based on a report by Transparency Market Research (TMR) titled “Herbicides Market: Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2023.” TMR estimates the global market for herbicides, which was worth US$22.3 bn in 2014, will rise at a CAGR of 6.20% during the period from 2015 to 2023 and attain a value of US$38.3 bn by the end of the forecast period.
Currently, Asia Pacific leads the demand for herbicides among all the regions and is projected to remain the key consumer over the next few years. In 2014, it held a share of 27.9% in the overall demand for herbicides across the world. Latin America, which closely follows Asia Pacific in terms of volume, is expected to witness the fastest rise in the demand for herbicides between 2015 and 2023 at a CAGR of 5.80%.
The demand for herbicides will continue to be the strongest in the cereals and grains sector throughout the forecast period. Glyphosate is likely to remain the most preferred herbicide across the world in the coming years, states the report.
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Need for Enhanced Crop Yields to Create Demand for Herbicides
“The continual rise in the global population base has created a massive need for food, specifically in highly dense economies such as India, China, and several countries in Africa. The low crop yield, caused by limited availability of arable land, rapid depletion of soil water, fluctuating climatic conditions, and frequent pest attacks, has worsened the situation across the world,” states an analyst.
Farmers and agriculturists are increasingly utilizing herbicides to enhance the productivity as well as the quality of crops. As a result, the demand for herbicides has soared significantly across the world. Apart from this, the rising demand for genetically modified crops, due to their nutritional value and good quality, has also increased the application of herbicides in the recent time, leading to growth in their demand.
Increasing Trend of Organic Agriculture to Curb Application of Herbicides
The trend of organic agriculture has slowed down the demand for herbicides, as, this form of agriculture relies on biological pest control, compost, crop rotation for the enhancement in crop yields. A number of countries, which have plenty of agricultural land, have started following organic agriculture standards in order to improve the global sustainability and enhance the profit margin through cultivation, which, in turn, is limiting the application of herbicides to some extent.
In the near future, the adoption of organic agriculture and, consequently, biopesticides is anticipated to witness a healthy rise, which is likely to further impede the demand for herbicides. However, the increase in research and development activities, triggered by the growing awareness about the toxicity of herbicides and the ban on their usage by various environmental protection agencies, is expected to create opportunities for product innovation in this market over the next few years.
Demand for Herbicides to Remain Strongest in Asia Pacific
The competitive landscape of the global herbicides market is characterized by its fragmented structure. In 2014, the top five players, namely, Syngenta AG, BASF SE, Bayer CropScience AG, Dow AgroSciences LLC, and ADAMA Agricultural Solutions Ltd. held just about 53% of the overall market, finds a report by Transparency Market Research (TMR).
The leading herbicide producers demonstrate a high degree of integration, which has strengthened their position in this market. However, the shifting focus of players towards increasing their reach through mergers and acquisitions is likely to alter the current scenario in the years to come. Besides, the dynamics of this market are also expected to be affected in the near future due accelerating competition, fueled by the increase in research and development activities.
The top five players held just about 53% of the overall market in 2014
Asia Pacific led the demand for herbicides in 2014 with a share of nearly 28%
The opportunity in the global herbicides market is likely to reach US$38.3 bn by 2023
The report segments the global herbicides market as follows:
Others (Including isoxaflutole, dicamba, glufosinate, imazapyr, metolachlor, etc.)
Cereals & grains
Oilseeds & pulses
Fruits & vegetables
Others (ornamental plants, grass, turf, floriculture, etc.)
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