Global Herbicides Market is expected to exhibit a strong 6% CAGR over the forecast period from 2019 to 2024, according to the latest research report from Market Research Future (MRFR). The global herbicides market is a major part of the agriculture sector and is likely to play a key role in the development of the agriculture sector in the coming years. Developments in the herbicides sector are likely to have a long-lasting impact on the agriculture sector, making the herbicides sector crucial. According to MRFR, the global herbicide market is expected to reach a revenue valuation of USD 43 billion by 2024.
Growing demand for food across the world has been the primary driver for the agriculture sector in recent years. As the population has grown around the world, it has resulted in a growing demand from the agriculture sector. As more people have become urbanized, they have come under the coverage provided by government systems designed to distribute agricultural products, leading to more demand from the agriculture sector. The growing infant population around the world is likely to ensure a steady growth in demand from the agriculture sector in the coming years. This is likely to reflect well on the global herbicides market in the coming years. The global herbicide market is highly dependent on the agriculture sector and is likely to be closely associated with the growth prospects of the agriculture sector in the coming years.
Leading players in the Global COVID-19 Impact on Herbicides Market include Kenvos Bio, ADAMA Ltd., Drexel Chemical Company, Nissan Chemical Industries Ltd., Nufarm Limited, Element Solutions Inc., Syngenta AG, PI Industries, Agrium Inc., Bayer AG, FMC Corporation, Monsanto Company, The Dow Chemical Company and BASF SE.
In September 2019, Germany announced plans to phase out the use of glyphosate in herbicides starting from 2020. The country intends to be completely free from glyphosate herbicides by 2024. The strong presence of the herbicide market in Germany and Europe could result in many companies having to undertake significant product innovation in order to fit the regulations. Companies such as Bayer could also challenge these measures in court, leading to long legal cases.
The global herbicide market is segmented on the basis of active ingredient, category, mode of action, crop type, and region.
By active ingredient, the global herbicide market is segmented into glyphosate, 2,4-D, atrazine, diquat, and others.
By category, the global herbicide market is segmented into synthetic and bioherbicides.
By mode of action, the global herbicides market is segmented into selective and non-selective.
By crop type, the global herbicide market is segmented into pulses and oilseeds, cereals and grains, fruits and vegetables, and others.
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Asia Pacific is likely to dominate the global herbicide market in the coming years due to the growing industrialization and mechanization being brought about in the agriculture sector in the region. The growing demand for food in Asia Pacific has put a strain on traditional agricultural centers such as Punjab in India and Pakistan, Bangladesh, and China. This has resulted in an increasing demand for herbicides.
North America and Europe are also major markets in the global herbicide market.
South America is expected to exhibit the fastest growth in the herbicide market over the forecast period due to the growing agriculture sector in South America and the resultant increase in the use of herbicides in the region.
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