Herbicides Market Overview

Market Research Future (MRFR) Herbicides Market Size was prized at USD 31.5 billion in 2022. The herbicides market industry is projected to grow from USD 33.39 Billion in 2023 to USD 53.21 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 6.00% during the forecast period (2023 - 2032). Increasing desire for higher crop yields, rapid adoption of better farming techniques, new agricultural technologies, and a lack of fertile land are the key market drivers enhancing the market growth. The industry is also expanding due to many advantages of herbicides over tillage, including decreased erosion, greenhouse gas emissions, fuel use, and nutrient runoff.

Top Drivers and Barriers

Lack of arable land worldwide Herbicides Market has created a significant demand for effective farming practices and the need for better utilization of all the sections of the farming plot. These factors are propelling the demand for herbicides to a large extent. Herbicides are also finding extensive applications in industries like forestry, landscaping and more. Fast progression in the consumption of organic herbicides for different crops such as buckwheat, oilseed radish and rye has led to higher use of herbicides in the agriculture industry.

Over the years, there has been an exponential rise in the demand from the F&B industry, considering the rapid expansion of the global population. Conventional farming techniques are no longer preferred as they are less economical and are time consuming, while the rapid decline in farming lands is adding to the dilemma. Therefore, to deal with these issues, the use of advanced farming tools and commodities like herbicides has risen exponentially and is expected to observe better growth in the near future.

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Segmental Outlook

The herbicides industry has been dissected in terms of active ingredient, category, mode of action, and crop type.

The active ingredients listed in the market study include glyphosate 2, 4-D, atrazine, diquat, and more.

The global market, with respect to category, comprises synthetic herbicides as well as bioherbicides.

Depending on the mode of action, the market has been considered selective and non-selective.

The crop types discussed in the report are fruits & vegetables, cereals & grains, pulses & oilseeds, and others.

Regional Overview

Herbicides market can be regionally considered for Europe, Asia Pacific/APAC, North America, and RoW/rest of the world.

The APAC market is expected to take the lead during the review period, thanks to the escalating awareness with regard to the toxic impact of weeds on crops and the subsequent surge in the preference for herbicides. The growing availability and sales of cheaper herbicides that have generic formulations also seem to be boosting the market growth in the region. The rapid expansion of the regional population along with the rising disposable income of people in emerging countries like Japan, India and China has resulted in a strong demand for herbicides.

South America is another prominent market that is set to procure the fastest CAGR in the years to come, as a result of the lenient regulations present in the region and the rising marketing efforts being given by the reputed players. Genetically modified/GM organisms are emerging as the latest trend in the region, while herbicides like pasture & hay, orchards & grapes, vegetables, rice and fruits have been gaining massive traction owing to the rising demand for stronger plants, better farm profits and higher crop yields.

Leading Companies

Some of the leading companies in the global industry are The Dow Chemical Company (US), Monsanto Company (US), FMC Corporation (US), Bayer AG (Germany), Kenvos Bio (China), PI Industries (India), Syngenta AG (Switzerland), BASF SE (Germany), ADAMA Ltd. (Israel), Agrium Inc (Canada), Element Solutions Inc (US), UPL (India), Drexel Chemical Company (US), Nissan Chemical Industries Ltd. (Japan), Nufarm Limited (Australia), and more.

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