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Herbicides Market size was valued at USD 30.32 billion in 2019 and is poised to grow from USD 31.59 billion in 2023 to USD 45.75 billion by 2031, growing at a CAGR of 4.2% in the forecast period (2024-2031).

The market is fragmented in nature. The prominent players operating in the Herbicides market are constantly adopting various growth strategies in order to stay afloat in the market. Product launches, innovations, mergers, and acquisitions, collaborations and partnerships, and intensive R&D are some of the growth strategies that are adopted by these key players to thrive in the competitive market. The key market players are also constantly focused on R&D in order to supply industries with the most efficient and cost-effective solutions. 'Syngenta AG', 'Bayer AG', 'BASF SE', 'Dow Chemical Company', 'Monsanto Company', 'FMC Corporation', 'Nufarm Limited', 'Adama Agricultural Solutions Ltd.', 'UPL Limited', 'Sumitomo Chemical Co., Ltd.', 'Arysta LifeScience Corporation', 'Valent Biosciences Corporation', 'Drexel Chemical Company', 'DOW AgroSciences LLC', 'American Vanguard Corporation', 'DuPont de Nemours, Inc.', 'Nantong Jiangshan Agrochemical & Chemical Co., Ltd.', 'Gowan Company LLC', 'Rotam CropSciences Ltd.', 'Wilbur-Ellis Company LLC'

The key factors driving herbicides use include a region's growing population and disposable income. Synthetic herbicides dominate the worldwide herbicides market, owing to their low cost and great efficiency. Bio-based herbicides are derived from renewable resources and are expected to become the fastest-growing herbicide product class in the near future. Among the chemicals used in herbicide production include amide, sodium chlorate, and sulfuric acid, just to name a few.

The expansion of the Herbicides market was aided by the insufficient arable land and rising food demand. Insufficient arable land and rising food demand. The Food and Agriculture Organization (FAO) predicts that the population will increase by more than a third, or 2.3 billion, between 2009 and 2050. At the same time, per capita income is expected to rise globally. With rising per capita income and a growing population, food demand is expected to rise. According to the FAO, food demand in the United States is anticipated to rise by 50% to 90% by 2050. Many issues, including climate change, pest outbreaks, a lack of investment, and restricted agricultural area, make it difficult to produce enough food to maintain food security. FAOSTATS reports that the arable land area has fallen from 1,507,196.3 thousand hectares in 2017 to 1,502,820.5 thousand hectares in 2019. This suggests that food demand is increasing while agricultural land is shrinking significantly. Thus, crop protection agents such as herbicides are critical for increasing production and meeting demand.

In 2021, Asia-Pacific is expected to have the biggest share of the market. North America is the world's second-largest herbicide consumer. Environmental laws in the developed economies of North America and Europe, on the other hand, are likely to limit market growth in these regions. The Asia Pacific region dominated the herbicides market in terms of both production and consumption, and this trend is projected to continue in the near future. The Asia Pacific region is home to two of the world's most populous countries, India and China. In terms of GDP growth rate and rising disposable income, these regions are also among the key growing economies. Herbicide demand in Asia Pacific is predicted to be driven by the region's large population and rapid economic growth.

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Global Herbicides Market

Product ID: SQMIG15A2110

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