Growing Need to Increase Crop Yield and Quality- Herbicides Market Will Reach USD 36,204.6 Million by 2022
The global herbicides market will grow at a CAGR of 6.0% from 2017 to 2022 to reach
USD 36,204.6 million by 2022, according to this latest publication from
Meticulous Research®. The global herbicides market is primarily
driven by growing need to increase crop yield and quality, reduction of arable
land, advanced agricultural practices and technologies, and increasing crop
yield losses due to weeds. However, various environmental and human hazards
with the use of chemical herbicides, growing organic farming and demand for
organic food, and stringent government regulations expected to hamper the
growth of this market to some extent.
The global herbicides market is mainly segmented by type,
by mode of action, by formulation, and by mode of application. On the basis of
type, the market is segmented as chemical and biological, wherein chemical
herbicides segment is further divided into glyphosate, Diquat, 2,4-D, atrazine,
and others; on the basis of mode of action, the market is divided into
selective and non-selective herbicides; on the basis of formulation, the market
is divided into the liquid form and solid form; and on the basis of mode of
application, the market is segmented into spraying, dusting, soil treatment,
and others.
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Based on the type, the chemical segment dominated the
overall global herbicides market in 2016 and is also estimated to continue its
dominance over the forecast period, owing to its increasing usage in developing
countries, easy availability, higher efficiency, and lesser costs compared to
bioherbicides. Moreover, in global chemical herbicide market, the glyphosate
accounted for the major share in 2016, as it is a generic herbicide, easily
available, and offers a wide range of benefits.
Based on mode of application, spraying application held
the largest share in the global herbicides market in 2016, owing to factors
such as ease of application and its higher efficiency as compared to other
modes of applications. Based on crop type, the cereals & grains commanded
the largest share in the global herbicides market in 2016, owing to the large
production of row crops across the globe and increasing adoption by farmers to
control the yield loss due to weeds.
Geographically, the global herbicides market is segmented
into North America, Europe, Asia-Pacific, Latin America, and Middle East &
Africa. The regions are further segmented and analyzed at a country level.
Latin America accounted for the largest share in the global herbicides market
in 2016, followed by Asia Pacific and Europe region. The major share of the
Latin American region is mainly attributed to the large arable land, increasing
demand for crop yield & efficiency, adoption of new farming practices and
GM technology, and increasing crop yield losses due to weeds. However, Asian
countries are slated to register the fastest growth during the forecast period,
primarily due to the large area under agriculture cultivation and growing
population in the region which increases the use of various pesticides for
enhancing crop yield.
The leading companies have employed various strategies to
expand their product and application offerings, global footprint, and augment
their market shares. The key strategies followed by most companies in the
global herbicides market were agreements, partnerships & collaborations,
new product launches, mergers & acquisitions, and expansions. The key
players in the global herbicides market are Bayer CropScience AG, BASF SE,
Syngenta (Subsidiary of ChemChina), FMC Corporation, Monsanto Company (Part of
Bayer), E.I. du Pont de Nemours & Company, Nufarm Limited, Drexel Chemical
Company, Arysta LifeScience Corporation (Part of Platform Specialty Products),
ADAMA Agricultural Solutions Ltd, Sumitomo Chemical Co., Ltd, UPL Limited, and
Heranba Industries Ltd.
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