GlobalHerbicides Market: Overview
The globalcompetitive landscape is increasingly consolidated as a whopping share of the globalherbicides market is concentrated in the hands of a smallnumber of players, notes Transparency Market Research (TMR). An upward of 75.0%share is owned by just seven companies, which include Syngenta InternationalAG, DowDuPont Inc., Agrium Inc., Israel Chemicals Limited, Monsanto Company,and Bayer AG. Some other prominent players operating in the market are PLIndustries, FMC Corporation, Nfarm Ltd., and Israel Chemicals.
TMR findsthat a large number of players are capitalizing on the synergies of mergers andalliances to consolidate their shares and bolster their product portfolio.
The globalherbicides market is anticipated to rise at a CAGR of 6.1% during 2017–2025 andtouch a valuation of US$29.30 billion by 2025 end. The global valuation of themarket in 2016 was pegged at US$17.37 billion.
The variousproduct types of herbicides comprise acetochlor, 2,4-D, glyphosate, andatrazine. Among the other segments, glyphosate led, vis-à-vis value as well asvolume, in 2016. This is attributed to the vast demand for glyphosate-basedherbicides as a type of non-selective herbicide useful in controlling a varietyof weeds.
The variousregional markets for herbicides are North America, Europe, Latin America, theMiddle East and Africa, and Asia Pacific. Of these, Europe led the globalmarket in 2016 and is anticipated to retain its lead throughout the assessmenttimeline. However, Asia Pacific is forecast to rise at the most attractive CAGRover 2017–2025. Providing ample opportunities to local as well as globalplayers, the region is expected to generate a revenue worth of US$4.0 billionby 2025 end.
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Herbicides Gaining Popularity amongAgriculturists for Effective Control of VariousWeeds
Theconsiderable popularity that herbicides has garnered in the pesticide industryis on the account of their potential applications for controlling or destroyinga wide spectrum of weeds and boost active growth of the desired plants. Theever-rising need of improving yield from the limited arable land availableacross the globe is increasingly intensifying the demand for effectiveweed-control phytotoxic chemicals. This is a prominent factor driving thedemand for herbicides in the worldwide agriculture industry. The demand forweed control chemicals is especially accentuated by the rapid pace ofinfrastructural developments reducing the area of cultivable land availableacross the globe.
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Thesubstantial demand for herbicide chemicals for the specific action on unwantedplants and continuous efforts in recent decades to improve their specificityare factors propelling the growth of the herbicides market. The reduction ofmanual and mechanical weeding in developing economies is also bolstering theuptake of herbicides among farmers.
Theherbicides market is accentuated by the rising demand for herbicides to beapplied on cereals and grains with the aim to maximize crop yield. The roleplayed by herbicides in improving the nutrition of plants and controlling soil erosionis also boosting their demand.
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Regulatory Curbs on some Herbicidesin Several Regions hamper Growth
However,the growth of the herbicides market is beset with several factors. The use ofinorganic herbicides is plagued with the considerable risk they may have onenvironment. For instance, the adverse impact some herbicides have on theaquatic life and their undue exposure to workers may cause health problems.This has led to numerous regional regulations curbing the use of certainherbicides. The largely ban of glyphosate in parts of Europe is a case inpoint.
Nevertheless,the advent of bio-based products has opened substantial lucrative avenues inthe herbicides market. Furthermore, the relentless research on understandingthe biochemical action of herbicides on plants has led to chemicals with bettertoxicity profile.
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