The primary factors that drive the herbicides market are the adoption of better farming practices and rise in production of cereals & grains particularly in the Asia Pacific region.
Northrook, IL -- (SBWIRE) -- 11/05/2019 -- The global herbicides market is estimated at USD 27.21 billion in 2016, and is projected at 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 major restraints in the herbicides market are the carcinogenic effect of certain active ingredients used in herbicides. Herbicide residue is also one of the major restraints and can cause serious damage to crops if not carefully monitored and controlled.
The glyphosate segment, by type, accounted for the largest market share in 2015, owing to its usage on almost all crop types. Glyphosate is a non-selective herbicide used primarily for perennial weed control and in zero tillage grain production systems. It is also crucial to the production of genetically modified herbicide-resistant crops.
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Oilseeds & pulses segment, by crop type, is projected to have the highest CAGR during the forecast period
The oilseeds & pulses segment, by crop type, is projected to have the highest CAGR during the forecast period. This is due to the growing demand for soybean which is a major edible oil. Moreover, there has been a rise in the usage of herbicides in the cultivation of pulses especially in Asian countries in recent years.
Asia-Pacific, by region is projected to grow at the highest CAGR during the forecast period
The Asia-Pacific market is projected to have the highest CAGR during the forecast period considered for the study. The demand for herbicides is growing in the Asia-Pacific region due to the rise in awareness about better crop protection methods and less stringent regulation policies adopted by regulatory bodies. There is also a high demand for generic herbicides adopted by a majority of farmers in different countries in the Asia-Pacific region.
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Key players include the following:
- BASF SE (Germany)
- The Dow Chemical Company (U.S.)
- E.I. du Pont de Nemours and Company (U.S.)
- Monsanto Company (U.S.)
- Syngenta AG (Switzerland)
The companies mentioned above collectively accounted for the largest portion of the herbicides market in 2015. The key players in the nematicides market adopted new product launches, product approvals, and mergers & acquisitions & strategic alliances as their key growth strategies to increase their market share and profits. New product launches and product approvals accounted for the highest percentage of the total developments, followed by mergers & acquisitions and strategic alliances.
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