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Global herbicides market is to reach $39.15 Billion by 2022

Classify: News    Date: 2017-12-16

The global herbicides market is estimated at USD 27.21 Billion in 2016 and is projected to reach USD 39.15 Billion by 2022, at a CAGR of 6.25% during the forecast period. The primary factors that drive the herbicides market are adoption of better farming practices and rise in production of cereals & grains, especially in the Asia-Pacific region.

The herbicides market is segmented on the basis of type, mode of action, crop type, and region. On the basis of type, the herbicides market was led by glyphosate , followed by diquat and 2-4-D in 2015. . Glyphosate is the leading segment by type and is used for perennial weed control purposes. Moreover, being a generic herbicide and due to its easy affordability and wide usage, it is preferred over other herbicide types. Diquat is a non-selective herbicide and has wider application; demand for it has increased especially in China and other Asian countries due to the declaration of paraquat as a restricted use pesticide (RUP) by environmental protection agencies in more than 30 countries. Diquat has been considered as a substitute for paraquat as both are non-selective contact herbicides and have almost similar chemical properties.

The herbicides market based on mode of action is segmented into non-selective and selective. Non-selective herbicides are broad spectrum in usage and are effective on almost all crop types. They are also used to control both broadleaf as well as grass weeds. Majority of herbicides available in the market are non-selective and are preferred over selective herbicides.

The herbicides market based on crop type is segmented into cereals & grains, oilseeds & pulses, fruits & vegetables. The cereals & grains accounted for largest market share in 2015. Herbicides are used on almost all vegetation types to kill weeds. Cereals & grains are cultivated in majority of the countries around the globe to cater to food grain requirements. . Farmers are also focusing on reducing yield losses by maximizing the usage of herbicides on cereal & grain crops to control wastage of crops due to weeds.

The demand for herbicides is increasing especially India and China due to the development of better farming and crop protection methods. The rising labor-wage component in the total cost of cultivation is also driving this trend. The growing research & development facilities supported by governments in the Asia-Pacific region are also contributing to the growth of the herbicides market here.

South America has the largest share in the herbicides market followed by Asia-Pacific region in 2015. The Asia-Pacific region is also projected to grow fastest during the forecast period. This is due to advancements in crop protection techniques against weeds and demand for low-priced generic herbicide formulations.

The major factor restraining the growth of the herbicides market is that some herbicides are carcinogenic to humans. Although various regulatory agencies have recommended dosage and certain herbicides are already termed as restricted usage pesticides (RUP) in many countries, they are still widely used.

The global herbicides market is highly concentrated, with a few multinational companies accounting for a majority share. The herbicides market in developed countries has become saturated and most of the demand is accounted for by developing countries. The key players identified have a strong presence in the global herbicides market. These include BASF SE (Germany), The Dow Chemical Company (U.S.), E.I. du Pont de Nemours & Company (U.S.), Monsanto Company (U.S.), and Syngenta AG (Switzerland), FMC Corporation (U.S.), Platform Specialty Products Corporation (U.S.), Nufarm Ltd. (Australia), Nissan Chemical Industries Ltd. (Japan), and Drexel Chemical Co. (U.S.).