ALBANY, New York, November 21, 2018
ALBANY, New York, November 21, 2018 /PRNewswire/ --
The global herbicides market is estimated to witness an intense competitive environment and is likely to be highly consolidated owing to large share owned by the small number of key players in the global market. The top firms leading the market collectively own around 75% of share globally. These firms are namely, DowDuPont Inc., Syngenta International AG, Agrium Inc., Monsanto Company, Israel Chemicals Limited, and Bayer AG.
According to a recent report by Transparency Market Research (TMR), the leading players are indulging extensively in research and development activities, along with increase in collaborations, mergers and acquisitions and other such strategies to increase their share, improve global reach, and sustain their market position, along with the intention to strengthen their product portfolio. The global herbicides market is expected to experience a steady CAGR of 6.1% within the forecast period from 2017 to 2025. The global herbicides market is valued to be around worth of US$29.30 billion by the end of 2025. This figure was valued around worth US$17.37 bn, back in 2016.
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On the basis of product, the global herbicides market is segmented into 2,4-D, acetochlor, atrazine, glyphosate, and so on. Of Among these, glyphosate led the overall market as far as volume and value is concerned in 2016. Geographically, the market is dominated by Europe, in terms of revenue, in 2016. The region is trailed by North America, and is likely to continue to lead the global market in coming years as well.
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Rising Need for Improved Cultivation to Fuel Demand
The increasing popularity of herbicides has impacted positively in the pesticide sector, which is due to their potential applications for destroying and controlling a wide range of weeds and lift dynamic development of the plants being cultivated. The consistently rising need of enhancing cultivation from the restricted arable land accessible all over the globe is progressively strengthening the demand for powerful weed-control phytotoxic chemicals. This is an unmistakable factor boosting the demand for herbicides in the overall farming industry. The demand regarding weed control chemicals is particularly complemented by the quick pace of infrastructural improvements lessening the zone of cultivable land accessible over the globe.
The surged demand for herbicides for the particular activity on undesirable plants and nonstop endeavors in ongoing decades to enhance their specificity are factors fueling the development of the market. The decrease of manual and mechanical weeding in developing economies is additionally reinforcing the take-up of herbicides among agriculturists.
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The market is complemented by the rising demand for herbicides to be connected on oats and grains with the goal to amplify crop cultivation. The part played by herbicides in enhancing the nourishment of plants and controlling soil disintegration is additionally boosting the demand.
Usage of Inorganic Herbicides to Hamper Market Demand
Nevertheless, the development of the herbicides market is plagued with a few factors. The utilization of inorganic herbicides is distressed with the high risk they may have on nature. For example, the unfavorable effect a few herbicides have on the oceanic life and their undue exposure to laborers may cause medical issues.
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All things considered, the coming of bio-based items has opened generous rewarding roads in the market. Besides, the constant research on understanding the biochemical activity of herbicides on plants has prompted chemicals with improved toxicity profile.
The review is based on the findings of a report by Transparency Market Research, 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 has been segmented as follows:
Herbicides Market: By product
Herbicides Market: By application
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