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

VANCOUVER, BC, CANADA, July 18, 2022 /EINPresswire.com/ -- The global herbicides market size was USD 36.93 Billion in 2021 and is expected to register a revenue CAGR of 6.09% during the forecast period, according to latest analysis by Emergen Research. Rapid adoption of better farming practices globally, reduction in fertile land for farming purposes, and rising development of advanced agricultural technologies are some of the key factors driving market revenue growth. Shortage of workers for hand weeding crop fields in various emerging countries, such as China, India, and Bangladesh, owing to rapid urbanization where majority of individuals are migrating to urban areas, is another factor increasing demand for herbicides. Various benefits of herbicides compared to tillage, such as reduced erosion, greenhouse gas emissions, fuel usage as well as nutrient runoff, are contributing to growth of the market.  Use of herbicides instead of tillage and flooding methods for weed management enables conservation of natural resources, such as soil, energy, and water, which is one of the key factors leading to rapid growth of market. In addition, growing population and shrinking arable land are driving demand for herbicides, allowing for increased food production and quality while also enhancing environmental sustainability.    

The herbicides market with details about each market player including company profile, financial standing, global position, revenue contribution, production and manufacturing capacity, business expansion plans, and new product launches The report, additionally, offers a comprehensive SWOT analysis and Porter’s Five Forces analysis to offer a better understanding of the competitive landscape of the industry. It also covers strategies adopted by prominent players such as mergers and acquisitions, collaborations, joint ventures, product launches, and brand promotions, among others. The report aims to offer the readers a holistic understanding of the relevant features of the industry.

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Major Players/Manufacturers profiled in the report are:

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

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.

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 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 the residual effect. Cheval with same formulation is expected to launch in areas of Africa, Latin & Central America, Asia Pacific, and North America.

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For better understanding, the report further divides the market into key segments such as product types and application spectrum. The report also offers estimates about the segment and sub-segment expected to grow at a rapid pace and the key factors expected to drive revenue growth of the segments during the forecast timeline of 2022-2030.

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

The regional analysis states the global market is bifurcated into North America, Europe, Latin America, Asia-Pacific, and Middle East & Africa. The report also covers import export consumption, supply and demand ratio, cost, pricing analysis, gross margin, and revenue estimation of each player in each region. The report also offers a country-wise analysis of the key regions to offer a better understanding of the global market.

Regional Segmentation Covers:

North America (U.S., Canada, Mexico)

Europe (U.K., Italy, Germany, France, Rest of Europe)

Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)

Latin America (Chile, Brazil, Argentina, Rest of Latin America)

Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)

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The report further sheds light on the strength, weaknesses, opportunities, and threats faced by the companies in the global Herbicides market and additionally measures the feasibility and investment return analysis in the report. Furthermore, the report is furnished with the latest impact of the COVID-19 pandemic on the market and covers the initial and future assessment of the COVID-19 impact on the market. The report is a qualitative and quantitative assessment of the global Herbicides market that has been formulated by extensive primary and secondary research with the data further validated from industry experts and professionals.

Key Reasons to Buy This Report:

The report presents a thorough examination of the Herbicides market, elaborating on its core segments. The report conducts historical and future assessments of the market dynamics and offers precise data in a well-organized order.

The report evaluates the most prominent market growth potentials, dynamic market trends, driving factors, restraints, investment opportunities, and threats.

The report is inclusive of an in-depth study of the industry variables, manufacturers’ value chain, sales volume, market share, competitive landscape, and effective business tactics.

The report further identifies the key regions and segments dominating the market. These regions are foreseen to register fast-paced growth over the forecast duration.

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Herbicides Market Size Worth USD 62.92 Billion in 2030

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