Albany - NY, Nov. 15, 2017 (GLOBE NEWSWIRE) -- Transparency Market Research has released a new market report titled “Herbicides Market by product (Acetohlor, 2,4-D, Glyphosate, Atrazine), by application (Oilseeds & Pulses, Cereals & grains, Fruits & vegetables) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2017–2025” According to the report, herbicides market was valued at US$ 17.37 Bn in 2016 and is projected to reach US$ 29.30 Bn by 2025 at a CAGR of 6.1% from 2017 to 2025.
Herbicides are synthetic pesticides that act as protein synthesis inhibitors in plants. Lack of protein synthesis in plants eventually leads to death of the plants. Herbicides are usually employed to get rid of unwanted plants such as weeds that thrive on the nutrition for plants. Weeds compete with the planted crops for nutrition and consume more than half of their nutrition. The productivity as a result of this gets affected. Thus, there exists a need for efficient & effective ways to counter the problem of unwanted vegetation. Thus, the demand for herbicides is likely to increase, during the forecast period.
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In terms of revenue, Europe held the largest share of more than 25% of the global herbicides market in 2016. Need to increase the total agricultural productivity, to cope up with the growing population is the prime factors driving the demand for herbicides. However, Europe is anticipated to witness a decline in its market share, during the forecast period, as a lot of people in the region have started using bio-based agro-solutions. Also, the government is encouraging the use of bio-based products in the region by providing various incentives on its use & manufacture.
Asia Pacific is anticipated to grow at highest CAGR compared to other regions during the forecast period. It is estimated to expand at CAGR of more than 5.0% in terms of revenue during the forecast period. China contributed the largest share in Asia Pacific, in 2016 and is likely to remain a dominant market in next eight years. Latin America and Middle East & Africa are expected to grow at a significant rate during the forecast period.
The global herbicides market is an organized market. Some of the major players include Syngenta International Ag, Bayer AG, BASF SE, DowDuPont Inc., ICL, Agrium Inc., Monsanto Company, FMC Corporation, Nufarm Ltd., PI Industries etc.
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Herbicides Market: By product
- Acetochlor
- 2,4-D
- Glyphosate
- Atrazine
- Others
Herbicides Market: By application
- Oilseeds & pulses
- Cereals & grains
- Fruits & vegetables
- Others (Nurseries, Turf etc.)
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