The global herbicides market is anticipated to create a positive growth outlook for the market by registering a stable CAGR of 6% during the forecast period from 2022 to 2032. Some of the significant variables are expected to drive the growth of the global herbicides market incorporating the increased knowledge about the advantages of spraying herbicides pre- and post-cultivation of crops, as well as rising demand for food throughout the world.
Herbicides are known as crop protection materials utilized for the killing of undesired plants without causing any harm to the plantation and thus increasing agricultural productivity. In addition to that, herbicides are often modified for a particular plantation based on plant hormones to ensure the safety of the desired plantation. Herbicides are also employed for clearing the land of plants and herbs where they kill all plants in a region.
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Key Takeaways
- The formulation of strict laws prohibiting the use of some herbicides in industrialized countries which are stifling the expansion of the herbicide market over the assessment years. In addition to that, the increasing population and growing disposable income of a particular region are attributed among the key drivers for the demand for herbicides.
- Synthetically produced herbicides are dominating the global herbicides market primarily owing to low cost and higher efficiency. Furthermore, bio-based herbicides are known to have been made of renewable resources and are predicted to be one of the fastest-growing herbicide product classes in the near future. Among the chemicals utilized in herbicide, manufacture includes amide, sodium chlorate, and sulfuric acid, to name a few.
- In order to make the goods, herbicide producers are expected to follow diligent clearance processes. Herbicides aid in improving agricultural productivity by killing unwanted herbs and weeds within the plantation. Therefore, surging demand for high agricultural productivity to meet the global food demands has been the foremost driver for herbicides market growth.
- Furthermore, several synthetic herbicides are predicted to pose severe threats to the ecosystem and cause numerous environmental and health hazards. These hazards are associated with synthetic herbicides that have led to numerous stringent regulations on the use of herbicides which has been a major factor restraining herbicides market growth.
- Such regulations have led to an increase in the demand for bio-based herbicides. To meet the stringent regulations and also to improve the efficiency of herbicides, major players invest in research and development activities to develop new herbicides. Hence intellectual properties and patents are among the critical success factors for growth in the herbicides market.
Competitive Landscape
The key market players in the global herbicides market are concentrating on research and development activities for new innovations within the market. The dominant companies in the market are actively incorporating advanced technologies in their products in order to get an edge over the market, resulting in a widening customer base globally.
Key Players
- Kenvos Biotech Co., Ltd.
- Amvac Chemical Corporation
- United Phosphorus Limited (UPL)
- Bayer CropScience AG
- Shadong Tianfeng Biotechnology Co.
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More Insights into the Herbicides Market
North America is anticipated to create impressive growth over the forecast period. Being the second-largest consumer of herbicides, the North American market is propelling at a fast pace over the forecast period. However, stringent environmental regulations in the developed economies of North America and Europe are expected to restrain market growth in these regions.
The Asia Pacific dominated the global herbicides market on the basis of both production and consumption and the trend is expected to bolster in the near future. The Asia Pacific comprises two of the largest countries in terms of population namely India and China.
These regions are also among the major emerging economies in terms of GDP growth rate and increasing disposable income. A large population coupled with high economic growth in these emerging economies is expected to drive demand for herbicides in the Asia Pacific. Moreover, Bio-based herbicides are expected to offer huge growth opportunities in North America and Europe.
Demand for herbicides within the RoW region is expected to be dominated by South America majorly attributed to a growing demand for several crops in the region including corn, beans, and cashews among several others. RoW region is expected to be among the fastest-growing regions for herbicides market growth.
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