Herbicides Market Will Be Worth US$29.30 Bn by 2025 | TMR

Global Herbicides Market: Snapshot

The global herbicides market is experiencing growth due to the need to increase agricultural crop production to feed the rising global population. As per statistics provided by the United Nations, the global population is estimated to be 9.8 billion by 2050 from a population of 7.6 billion in 2017. Increasing global population would necessitate increased crop production for sufficient food to minimize demand and production gaps.

Herbicides are synthetic crop protection products that are used to kill unwanted vegetation such as weeds that grow around planted crop. The unwanted plants thrive on nutrition provided to the main crop and thus leads to reduced crop production. Further, infrastructural development in several parts of the world leading to decline in cultivable land is also necessitating measures to maximize crop yield. This is boosting the uptake of herbicides to prevent unwanted vegetation to grow around main crops. However, ban on several herbicide products due to health and environmental hazards of herbicides and increasing preference for bio-based products are providing headwinds to the market’s growth.

As per a report by Transparency Market Research (TMR), the global herbicides market stood at a value of US$17.37 bn in 2016. The market is anticipated to expand at a CAGR of 6.1% between 2017 and 2025 to be valued at US$29.30 bn by the end of 2025.

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Glyphosate to Continue to Remain Attractive through 2025

The report studies the global herbicides market on the basis of a few parameters, viz. product, application, and geography. On the basis of product, the segments into which the global herbicides market is divided are acetochlor, 2,4-D, glyphosate, atrazine, and others. Of them, glyphosate stood as the leading product segment in terms of value and volume in 2016; going forward the segment is likely to account for the leading contribution to the overall market over the forecast period. For instance, RoundUp, which is the most used herbicide globally contains active ingredient glyphosate. Glyphosate is one of the cheapest non-selective herbicides and is effective on a wide range of weeds that makes it highly preferred among several herbicide products. Glyphosate accounted for more than 60% herbicide sales in China and India in 2016. This, along with substantial demand for glyphosate-based herbicides globally translates into substantial growth of glyphosate product segment of the market. Glyphosate is anticipated to rise at a CAGR of 5% during the forecast period from 2017 to 2025.

Application-wise, the global herbicides market is segmented into oilseeds and pulses, cereals and grains, fruits and vegetables, and others. Amongst them, cereals and grains accounted for the leading contribution to the herbicides market in 2016, and is anticipated to continue to hold leading revenue share over the forecast period. This is because fields that cultivate cereals and grains provide the optimum conditions for the emergence of weeds that affects crop production. This necessitates use of herbicides for cereals and grains to maximize crop production. Fruits and vegetables account for the second-leading share in the global herbicides market. The segment is likely to expand at a significant CAGR over the forecast period.

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Leading players in the global herbicides market include Syngenta International AG, Bayer AG, BASF SE, DowDuPont Inc., ICL, Agrium Inc., Monsanto Company, FMC Corporation, Nfarm Ltd., and PL Industries among others.

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