The herbicides market is segmented on the basis of type, mode of action, crop type, and region. The herbicide types studied include glyphosate, diquat, 2, 4-D, and others. In terms of mode of action, it is segmented into non-selective and selective. The market is also segmented on the basis of crop type, into cereals & grains, oilseeds & pulses, fruits & vegetables, and others. On the basis of region, the herbicides market is segmented into North America, Europe, Asia-Pacific, South America, and Rest of the World (RoW).
The global herbicides market is estimated at USD 27.21 Billion in 2016 and is projected to reach USD 39.15 Billion by 2022, at a CAGR of 6.25% during the forecast period. The market is driven by factors such as adoption of better farming practices and rise in production of cereals & grains, especially in the Asia-Pacific region.
The global herbicides market is driven by factors such as adoption of better farming practices and rise in production of cereals & grains, especially in Asia-Pacific region. The emergence of stronger agricultural growth in the Asia-Pacific and South American regions has resulted in increased usage of herbicides to control weeds.
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On the basis of type, the glyphosate segment is projected to have the highest CAGR from 2016 to 2022. Glyphosate-based products are being increasingly adopted in various forms such as gels and powders, which are more convenient for application and more cost-effective.
The non-selective segment, by mode of action, is projected to have the highest CAGR from 2016 to 2022. Non-selective herbicides are formulated for both, broadleaf and grass weeds; they find application on almost all vegetation types and are preferred over selective herbicides.
Oilseeds & pulses, by crop type, is projected to be the fastest-growing segment from 2016 to 2022. This is due to increasing usage of herbicides on soybean and pea crops, as these crops do not naturally compete well for soil nutrients and sunlight necessary for growth against weeds and are more prone to damage.
The Asia-Pacific market is projected to have the highest CAGR from 2016 to 2022. Demand is relatively high in the Asia-Pacific region due to advancements in crop protection techniques against weeds, demand for low-priced generic herbicide formulations, agricultural policies & trade reforms, and research initiated by governments of different countries in this region.
South American countries such as Brazil and Argentina see major agricultural growth due to the high availability of arable land for cultivation and climatic conditions suitable for farming. The key players in the herbicides market are BASF SE (Germany), The Dow Chemical Company (U.S.), E.I. Du Pont De Nemours and Company (U.S.), Monsanto Company (U.S.), and Syngenta AG (Switzerland).
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