Global Herbicides Market - 2023-2030

Market Overview

The Global Herbicides Market reached US$ 32.5 billion in 2022 and is projected to witness lucrative growth by reaching up to US$ 52.1 billion by 2030. The market is growing at a CAGR of 6.1% during the forecast period 2023-2030. The rising demand for food and the need to improve agricultural productivity is expected to drive the growth of the herbicides market.

The global population continuously grows, driving the need for increased food production. Farmers are adopting technologies and practices that enhance agricultural productivity to meet this demand. Herbicides play a crucial role in weed management, enabling efficient crop production by reducing weed competition and yield losses. Hence, the rising global food demand and the requirement to increase agricultural output are driving the market growth of herbicides.

Herbicide-resistant crops, also known as genetically modified or biotech crops, have gained significant adoption worldwide. These crops are engineered to tolerate specific herbicides, allowing farmers to control weeds while minimizing damage to the crop effectively. The increased adoption of herbicide-resistant crops, such as glyphosate-tolerant varieties, is expected to drive the demand for corresponding herbicides.

Market Dynamics

Increasing Global Population and Food Demand is Driving the Market Growth of Herbicides

The global demand for food has been rising due to population growth, urbanization, and changing dietary patterns. According to the FAO, feeding a world population of 9.1 billion people in 2050 would require raising overall food production by some 70 percent between 2005/07 and 2050. With a larger population to feed, there is a greater need for increased agricultural production. Herbicides play a crucial role in weed control, allowing farmers to protect their crops from competing weeds and maximize yields.

Modern agriculture practices, such as monocropping and high-density planting, require effective weed control to prevent crop losses. Herbicides provide an efficient and cost-effective means of weed management, allowing farmers to optimize production and increase yields. Hence, the increasing global population and food demand are driving the market growth of herbicides.

The Development of Herbicide-Tolerant Crops is Driving the Market Growth of Herbicides

Herbicide-tolerant crops are genetically modified to withstand the application of specific herbicides, allowing farmers to control weeds while sparing the cultivated crops selectively. This targeted approach provides a more efficient and effective weed management strategy, reducing crop losses due to weed competition. As a result, farmers have increasingly adopted herbicide-tolerant crops, leading to a higher demand for herbicides. For instance, In the United States, 94 percent of the soybean crops in 2020 had undergone genetic modification to become herbicide-tolerant.

Herbicide-tolerant crops simplify weed management practices for farmers. Since these crops can withstand the application of specific herbicides, farmers can use herbicides at optimal timings and doses, resulting in more effective weed control. This simplification of weed management processes encourages farmers to adopt herbicide-tolerant crops, driving the demand for herbicides.

Growing Demand for Organic and Sustainable Alternatives is restraining the Herbicides Market Growth.

There is rising consumer awareness and preference for organic food and agricultural products. For instance, according to Statista, India has a total organic area of about 9.12 million hectares for the fiscal year 2022. Consumers are increasingly concerned about synthetic chemicals' potential health and environmental impacts, including herbicides. This has led to an increased demand for organic produce, which requires adopting organic farming practices that minimize or eliminate synthetic herbicides.

The use of herbicides has raised environmental concerns, particularly regarding water pollution and the impact on non-target organisms. Herbicides can leach into groundwater or runoff into water bodies, affecting aquatic ecosystems and potentially harming non-target plants and animals. Increasing awareness of these environmental concerns has led to a demand for more sustainable and eco-friendly alternatives to herbicides.

COVID-19 Impact Analysis

The COVID-19 Analysis includes Pre-COVID Scenario, COVID Scenario, and Post-COVID Scenario along with Pricing Dynamics (Including pricing change during and post-pandemic comparing it to pre-COVID scenarios), Demand-Supply Spectrum (Shift in demand and supply owing to trading restrictions, lockdown, and subsequent issues), Government Initiatives (Initiatives to revive market, sector or Industry by Government Bodies) and Manufacturers Strategic Initiatives (What manufacturers did to mitigate the COVID issues will be covered here).

COVID-19 Impact

Restrictions on transportation and movement of goods during the pandemic could have caused disruptions in the supply chain of herbicides. This could have led to delays in the manufacturing, distribution, and availability of herbicide products.

The pandemic has had diverse effects on the agriculture and horticulture sectors. While some sub-sectors experienced increased demand due to changing consumption patterns and food security concerns, others faced challenges due to labor shortages, reduced farming activities, or disrupted markets. This variability in demand could have influenced the herbicides market differently depending on the region and crop types.

Segment Analysis

The Global Herbicides Market is segmented based on product type, selectivity, time of application, crop type, and region.

Broad-Spectrum Weed Control of Glyphosate

Based on the product type, the herbicides market is segmented into various glyphosate, 2,4-D, atrazine, dicamba, paraquat, diquat, others.

Glyphosate is known for its effectiveness in controlling a broad range of weeds. It has been particularly successful in managing both grasses and broadleaf weeds in various crops and non-crop areas. Its versatility and broad-spectrum control have made it a popular choice among farmers and landscapers. For instance, Glyphosate, an organophosphorus compound, is the world's most extensively used non-selective herbicide and by 2024, it is anticipated that glyphosate's market worth would be close to 11 billion dollars.

The introduction of genetically modified glyphosate-tolerant crops, such as Roundup Ready varieties, has increased the demand for glyphosate. These crops are engineered to withstand glyphosate application, allowing farmers to use glyphosate as a weed control method without harming their crops. The widespread adoption of glyphosate-tolerant crops, such as soybeans, corn, cotton, and canola, has boosted the demand for glyphosate-based herbicides.

Geographical Analysis

The Favorable Regulatory Environment in North America Region

North America has historically held a significant share in global herbicides. North America has a substantial and highly productive agricultural sector, particularly the United States and Canada. The region is known for its vast farmlands, diverse crop production, and advanced farming practices.

The high agricultural activity in North America contributes to the significant demand for herbicides to control weeds and ensure crop productivity. n 2020, the North American country imported nearly 157 thousand metric tons of the products, with a value of 836.4 million U.S. dollars.

North America generally has a favorable regulatory environment for herbicides compared to some other regions. Regulatory agencies, such as the U.S. Environmental Protection Agency (EPA) and Health Canada's Pest Management Regulatory Agency (PMRA), have established guidelines and processes for registering and using herbicides. This streamlined regulatory framework provides clarity and stability for herbicide manufacturers and supports herbicide availability and market presence in North America.

Competitive Landscape

The major global players in the market include: Syngenta AG, BASF SE, Bayer AG, Dow AgroSciences, Atanor SCA, FMC Corporation, Nufarm, Arysta Lifesciences, Sumitomo Chemical, Nissan Chemical Corporation

Why Purchase the Report?

• To visualize Global Herbicides Market segmentation based on product type, selectivity, time of application, crop type, and region and understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of herbicides market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as Excel consisting of key products of all the major players.

The Global Herbicides Market Report Would Provide Approximately 69 Tables, 73 Figures, and 200 Pages.

Target Audience 2023

• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies