The need to up agricultural produce to feed the growing global population is chiefly driving the global herbicides market. Driven by this and various other factors, the global herbicides market is likely to display a CAGR of 6.1% between 2017 and 2025
Albany, NY -- (SBWIRE) -- 12/12/2017 -- The concentration of a few large players that hold close to 75% market share renders the global herbicides market to be highly consolidated and an organized one, as stated in a new report by Transparency Market Research (TMR). Competition among these players, however, is stiff as they are contend to garner a larger market share. In this scenario, leading players are resorting to strategic alliances and mergers and collaborations to introduce novel and economical products.
Syngenta International AG, BASF SE, Bayer AG, DowDuPont Inc., Monsanto Company, Agrium Inc., and Israel Chemicals Limited are to name some of the leading companies in the global herbicides market.
The need to up agricultural produce to feed the growing global population is chiefly driving the global herbicides market. Driven by this and various other factors, the global herbicides market is likely to display a CAGR of 6.1% between 2017 and 2025, for the market to attract a revenue of US$29.30 bn by 2025 end. The global herbicides market stood at US$17.37 bn in 2016.
Product-wise, glyphosate led the global herbicides market in terms of value and volume in 2016. The segment is likely to hold on to its dominant position over the forecast period. Cereals and grains, among the key application types dominated the market vis-à-vis revenue in 2016. The segment is likely to display the leading CAGR over the forecast period. Geography-wise, Europe stood as the leading regional segment in 2016; going forward the region is likely to display a slightly declined market share during the forecast period.
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Need to Clear Unwanted Vegetation Affecting Agricultural Crop Production Boosts Uptake
Majorly fuelling the global herbicides market is the need to increase crop yield to feed the rising global population. The decreasing cultivable land has necessitated the use of herbicides to clear weeds that that grow around planted crops and consume major portion of nutrition for crops. Herbicides are synthetic crop protection products that are used to kill unwanted vegetation such as weeds that affect crop production. Weeds affect as much as 50% crop yield, as weeds thrive on the nutrition meant for planted crops and thus results in reduced crop yield. This is necessitating the use of herbicides to decrease the gap between demand and production of food.
As per the statistics of United Nations, the world population has increased significantly in the past two decades and is anticipated to rise at a rapid pace in the near future. The world population is estimated to be 9.8 billion by 2050, from a population of 7.6 billion in 2017. Increasing crop yield is of utmost importance, from the point of view of production of sufficient food to cater to the rising population.
Health and Environmental Concerns lead to Declined Use
However, health and environmental concerns have imposed ban on a number of herbicides. For instance, glyphosate, which is one of the most widely used herbicide is anticipated to be banned in Europe by the end of 2017. Also, 2,4-D has been banned for use in Europe. California has put restrictions on the use of glyphosate due to the presence of herbicide active ingredients that are strictly monitored for health and environmental considerations.
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In addition, the increasing awareness of health hazards associated with synthetic agrochemical products is leading to a shift towards bio-based products, especially in developed economies of Europe and North America.
The data and information presented here is based on the findings of a TMR report, titled "Herbicides Market (Product - Acetohlor, 2,4-D, Glyphosate, Atrazine; Application - Oilseeds & Pulses, Cereals & grains, Fruits & vegetables) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2017–2025."
The global herbicides market is segmented as follows:
Herbicides Market: By product
Herbicides Market: By application
Oilseeds & pulses
Cereals & grains
Fruits & vegetables
Others (Nurseries, Turf etc.)