Albany, NY -- (SBWire) -- 11/08/2017 --TMR estimates the global market for herbicides, which was worth US$22.3 bn in 2014, will rise at a CAGR of 6.20% during the period from 2015 to 2023 and attain a value of US$38.3 bn by the end of the forecast period.

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Currently, Asia Pacific leads the demand for herbicides among all the regions and is projected to remain the key consumer over the next few years. In 2014, it held a share of 27.9% in the overall demand for herbicides across the world. Latin America, which closely follows Asia Pacific in terms of volume, is expected to witness the fastest rise in the demand for herbicides between 2015 and 2023 at a CAGR of 5.80%

Asia Pacific, Latin America, North America, Europe, and the Rest of the World are the main regional markets for herbicides. Among these, Asia Pacific has emerged as the leading herbicide consumer. It accounted for a share of nearly 28% in the overall demand for herbicides in 2014. Latin America closely followed Asia Pacific in 2014 and is expected to report the fastest increase in the demand for herbicides over the next few year.

The huge population base, especially in India and China, has created a massive need for food in Asia Pacific. Apart from this, most of the countries in this region are agrarian economies, which primarily rely on cultivation. As the crop yields in this region have been declining since the last few years, farmers in Asia Pacific are compelled to spray herbicides on their crops to increase productivity as well as quality.

The global market for herbicides demonstrates a moderately fragmented landscape. Syngenta AG, Bayer CropScience AG, BASF SE, Dow AgroSciences LLC, and ADAMA Agricultural Solutions Ltd. are the leading herbicides producers across the world. In 2014, these players accounted for a share of nearly 53% in this market. Some of the other prominent market participants are Sumitomo Chemical Co. Ltd., Monsanto Co., DuPont, Nufarm Ltd., and FMC Corp.

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