Global Herbicides Market Size to Reach USD 62.92 Billion in 2030 | Emergen Research

Rising development of advanced agricultural technologies is a key factor driving herbicides market revenue growth

Vancouver, Aug. 17, 2023 (GLOBE NEWSWIRE) — The worldwide market for herbicides recorded a value of USD 36.93 Billion in 2021, and as indicated by the latest analysis by Emergen Research, it is projected to exhibit a Compound Annual Growth Rate (CAGR) of 6.09% in terms of revenue throughout the forecast period. This growth is attributed to the swift embrace of enhanced agricultural methods on a global scale, the decrease in arable land availability for agricultural use, and the increasing advancement of sophisticated agricultural technologies.

The demand for herbicides has been on the rise in several emerging countries like China, India, and Bangladesh due to a shortage of manual labor for hand weeding in crop fields. This scarcity is primarily a result of rapid urbanization, with a significant portion of the population relocating to urban areas. As a consequence, the need for effective weed management solutions has intensified.

Herbicides offer several advantages over traditional tillage methods. These advantages include a reduction in soil erosion, greenhouse gas emissions, fuel consumption, and nutrient runoff. These benefits have played a pivotal role in driving the expansion of the herbicide market.

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The adoption of herbicides in lieu of traditional tillage and flooding techniques for weed management brings about a conservation of vital natural resources like soil, energy, and water. This pivotal shift is a significant driver behind the rapid expansion of the market. Furthermore, the combination of a growing global population and diminishing arable land is intensifying the demand for herbicides. This demand not only facilitates increased food production and its quality but also fosters a heightened commitment to environmental sustainability.

The upsurge in herbicide demand can be attributed to their cost-effectiveness and the streamlined efficiency of their application methods. This straightforward approach adds to their appeal. However, it’s worth noting that concerns regarding health and environmental risks linked to the chemicals within herbicides, along with the enforcement of stringent regulations, are poised to impede the market’s growth trajectory.

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Scope of Research

Major Companies and Competitive Landscape

The global herbicides market is fairly consolidated with a few large and medium-sized players accounting for majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective herbicides solutions. Some major players included in the global herbicides market report are:

• UPL
• BASF SE
• Bayer AG
• DuPont
• ADAMA
• Syngenta
• FMC Corporation
• Drexel Corporation
• Sumitomo Chemical Co., Ltd.
• Nufarm

Strategic Development

• On 9 May, 2022, ADAMA Ltd., which is one of the major leading crop protection companies, launched Cheval, a premium pre-seed and post emergent herbicide in Brazil for soybean and other crops. Cheval is expected to provide valuable benefits to the farmer owing to longer residual effect and unique formulation. Cheval is developed by T.O.V Formulation Technology, which improves efficacy of active ingredients. Two modes of Cheval, glufosinate and S-metolachlor, combines to prevent carryover weeds after burn down, as well as increasing residual effect. Cheval with same formulation is expected to launch in areas of Africa, Latin & Central America, Asia Pacific, and North America.
• On 18 May 2022, Sipcam, Albaugh and Australian Grain Technologies (AGT) entered into a strategic three-way partnership to bring CoAXium Production System to Australian barley producers. This partnership is expected to combine key elements of CoAXium Production System, non-GMO herbicide tolerance trait, aggressor brand herbicides, elite barley germplasm, and industry stewardship. This partnership represents Albaugh’s Innovation Platform, which focuses on strategic partnerships to deliver novel and unique technologies.

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Some Key Highlights From the Report

• The bio-based segment accounted for largest revenue share in 2021. Weed control is critical in agriculture, thus herbicides are used often. Growing health concerns and environmental effect has increased awareness of bio-based herbicides, which is one of the factors driving growth of the market. However, long-term use of herbicides creates resistance, ecological imbalance, residue in crops, and environmental degradation, which is a major factor driving demand for bio-based herbicides. Growing desire for ‘green’ products has resulted in creation of bio-herbicides derived from plant extracts, microbial phytotoxins, or phytopathogenic bacteria that do not stay in environment for lengthy periods, causing less water and soil pollution.
• The grains & cereals segment accounted for a significant revenue share in 2021. High consumption of grains and cereals owing to being the most important source of food all over the world is a major driving growth of this segment. Global wheat production as per UN’s Food and Agriculture Organization (FAO) 2019 amounts to an annual average of around 750 million tons. Moreover, according to FAO estimation, the world population will reach to over 10 billion by 2050, implying that global demand for food and agricultural products would surge.
• The non-selective segment accounted for a significant revenue share in 2021. Some of the key factors expected to drive segment’s revenue growth include cost-effective and efficient clearing of lands with unwanted plants and weeds. Non-selective herbicides contribute to sustainable agriculture by minimizing soil erosion and reducing need for mechanical tillage and manual weeding.
• The Asia Pacific market is expected to register a significant growth rate over the forecast period. Countries, such as China and India, are among the major food grain producers in this region as well as has largest population. Reduction of food grain wastage coupled with efficient farm productivity is a major factor driving growth of market. In addition, increasing R&D initiatives to increase production of grain, such as TEKFARM Global by Grains Research & Development Corporation (GRDC), which is a scouting program for bringing best ag-tech solutions in Australia. Moreover, utilization of herbicides for better crop yields in reduced fertile lands to supplement increasing consumption of food is contributing to growth of the market in region.

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Emergen Research has segmented the global herbicides market based on type, application, mode of action, and region:

• Type Outlook (Revenue, USD Billion; 2019-2030)

• • Synthetic
  • Bio-based

• Application Outlook (Revenue, USD Billion; 2019-2030)

• • Pulses & Oilseeds
  • Grains & Cereals
  • Commercial Crops
  • Fruits & Vegetables
  • Turf & Ornamentals
  • Others

• Mode of Action Outlook (Revenue, USD Billion; 2019-2030)

• • Selective
  • Non-selective

• Regional Outlook (Revenue, USD Billion; 2019-2030)
  • North America
    1. U.S.
    2. Canada
    3. Mexico
  • Europe
    1. Germany
    2. France
    3. UK
    4. Italy
    5. Spain
    6. Benelux
    7. Rest of Europe
  • Asia Pacific
    1. China
    2. India
    3. Japan
    4. South Korea
    5. Rest of APAC
  • Latin America
    1. Brazil
    2. Rest of LATAM
  • Middle East & Africa
    1. Saudi Arabia
    2. UAE
    3. South Africa
    4. Turkey
    5. Rest of Middle East & Africa

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