PORTLAND, Oregon, October 21, 2014 /PRNewswire/ --
A new market research report by Allied Market Research titled, "Global Herbicides Market -(Type, Mode of Action, Crop Type, Geography) Size, Industry Analysis, Trends, Opportunities, Growth and Forecast, 2013 - 2020", indicates that the global herbicide market would reach $31.5 billion by 2020, registering CAGR of 5.4% from 2014 to 2020. Asia-Pacific is the dominant market in terms of consumption of herbicides (around two fifth of market share). On the other hand, due to relatively higher price of herbicides in the North American region, the revenue generated equates to almost one third of global herbicide market. France leads the European herbicides market, as the country produces large volume of wheat where herbicide is used. In the recent era, economic development in rural China caused farmers of the country to showcase interest in chemical herbicide usage. Currently, China consumes more than 50% of herbicide in Asia-Pacific region. The synthetic herbicide dominates the global herbicide market due to its abundant commercial availability, cost efficiency, and limited commercialization of Bio herbicides.
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Glyphosate, a glycine derivative broad-spectrum & non-selective herbicide holds the largest market share among other herbicides, globally. Furthermore, it kills weeds more effectively without affecting crops compared to other commercially available herbicides. Renowned chemical manufacturers such as DuPont and BASF are manufacturing glyphosate under brand names Abundit Extra, KIXOR, respectively. However, usage of 2,4-D, is banned in countries such as Canada, Denmark and Norway due to the high level of dioxin contamination and risk of spreading cancer. Currently, the usage of organic herbicide, as a replacement of 2,4-D, is being considered worldwide; although, the effectiveness of organic herbicides to control weed is still under research.
Currently, bio herbicide is a niche segment of the global herbicides market. These are composed of microorganisms such as fungi, bacteria and insects that can target only specific weeds without harming actual crops. Currently, commercial production of such herbicide is very low. However, due to lack of chemical toxicity & milder effect on environment, popularity of bio herbicide as compared to synthetic herbicide is growing. Considering the potential of bio herbicides, companies such as Bioherbicides Australia, are focusing on R&D and commercializing bio herbicides. Myco-Techpaste and Sarritorare, two Canadian brands of bio herbicides, which are currently commercially available.
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Among different crop types, herbicide usage is highest in cereals & grains (namely maize, rice, wheat and others). Asia-Pacific region (Mainly China, India and Japan) being the major production hub of cereals & grains, consumes nearly three fourth of total herbicide consumption in this category.
Key findings of the study:
- Gradual transformation in usage from selective herbicide to non-selective herbicide will be one of the key trends during the forecast period (2014 - 2020)
- Glyphosate segment is expected to grow at a CAGR of 5.7% during the forecast period, second highest among all, in terms of volume
- Asia-Pacific would be one of the dominating markets, both in terms of size and growth. Asia-Pacific would reach $8.3 billion by 2020, with fastest CAGR of 6.7%
- Within types of herbicides, bio-herbicide would grow at the fastest rate reflecting 27.8% CAGR during forecast period
- US will hold largest market share in North America and would generate about 85% of the North America market revenue in 2020
The key companies profiled in the report are BASF, Bayer AG, DOW Agriscience LLC, Syngenta AG, Cheminova A/S, FMC Corporation, Adama Agricultural Solutions Ltd, Nufarm Ltd, E.I Du Pont de Numerous and Company and Monsanto Company. BASF has announced to invest $270 million in the USA market to expand its production capacity of company's key herbicides, such as dicamba and DMTA. Dow AgroSciences has started the registration process for its Enlist Duo herbicides, widely used for weed control. Syngeta AG developed corn herbicides named Acuron as a weed resistance solution.
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SOURCE Allied Market Research