ALBANY, New York, April 23, 2019 /PRNewswire/ -- The global herbicides market displays a highly consolidated vendor landscape with a small number of players accounting for a mammoth share in the market, reports Transparency Market Research. Prominent companies in the market comprise DowDuPont Inc., Israel Chemicals Limited, Bayer AG, Agrium Inc., Syngenta International AG, and Monsanto Company. These companies account for more than 75 percent of the herbicides market's share. The competition between these players is driven by strategic alliances for consolidation of shares and enhancement of product portfolio.
As per expert analysts, the global herbicides market is expected to register a steady growth burgeoning at 6.1% CAGR during the forecast period which is 2017-2025. Progressing at this pace, the market is expected to reach a value of US$29.30 billion by the end of the forecast period.
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Based on products, the herbicides market can be categorized into glyphosate, atrazine, acetochlor, and 2, 4-D. Of these, the glyphosate segment is anticipated to lead the market as it is useful in controlling numerous varieties of weed.
Geographically, the global herbicides market spreads across Europe, North America, Asia Pacific, Latin America, and Middle East and Africa. Among these, Asia Pacific is perceived to rise at a promising CAGR during the forecast period to reach a value of US$4.0 billion in 2025. This is owing to a large-scale expansion in the agricultural industry and rising population.
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Rise in Agricultural Production to Steer Growth
The global population has risen tremendously in recent times cropping the need for increased crop production to meet the demand. This is one of the major driving factors in the growth of the global herbicides market. Producers are emphasizing on amplifying the crop yield, thereby surging the need for quality herbicides leading to a rise in production.
Additionally, new technological advancements leading to the development of new herbicides have highly contributed to the growth of the global herbicides market. Although commercial herbicides are highly popular, bio herbicides are gradually gaining traction owing to the rising environmental concerns. Moreover, increasing adoption of non-selective herbicides since they offer protection from both broad leaf and grass weed has strengthened the growth ground of the global herbicides market.
In addition to the aforementioned drivers, rising labor costs have contributed to the high preference of herbicides for farming. This has impacted the herbicides market favorably, thus augmenting growth. Along with this, increasing research and development activities and rise in disposable income have contributed to the global herbicides market's expansion.
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However, along with the drivers, there are a few restraints that may constrict the expansion of the global herbicides market. Factors such as stringent regulations imposed on the use of herbicides owing to rising environmental concerns may curtail the market's growth. Nonetheless, splendid economic growth in the emerging countries and expanding agricultural industry will create new growth prospects for the global herbicides market. Moreover, a rising prevalence of herbicides manufacturing companies may subside the effects of the restraints.
Combination of Genomics and Data Science to Enhance Growth Prospects
Engineers in UCLA used the resistance gene directed genome mining technique to develop a new class of herbicides that are highly effective in killing weed. They combined genomics and data science to come up with this new approach. The herbicide works by constraining the function of the enzyme necessary for plants growth. This discovery has presented several growth opportunities for the global herbicides market.
The study presented here is based on a report by Transparency Market Research (TMR) 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."
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Global Herbicides Market Is Segmented Based On:
- Oilseeds & pulses
- Cereals & grains
- Fruits & vegetables
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa (MEA)
- South Africa
- Rest of Middle East & Africa
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SOURCE Transparency Market Research