Herbicides Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Herbicides Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Market Overview:

The global herbicides market size reached US$ 31.7 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 40.8 Billion by 2028, exhibiting a growth rate (CAGR) of 4.06% during 2023-2028.

Herbicides are substances utilized for destroying unwanted vegetation that may interfere with the growth and yield of desired crops. They are highly effective on perennial and parasitic weeds and closely planted crops compared to manual and mechanical weeding. They are safe on erodible and sloppy lands where tillage may promote soil and water erosions. Apart from this, they offer several benefits, such as high efficiency, easy application, cost-effectiveness, early and timely planting of crops, and lesser loss of nutrients and moisture from the soil.

Herbicides Market Trends:
At present, there is a rise in the utilization of herbicides for improving agricultural productivity by killing unwanted weeds and herbs during the plantation to meet food requirements across the globe. This represents one of the key factors driving the market. Moreover, there is an increase in the employment of non-selective herbicides to clear industrial and construction sites and railway ridges worldwide. This, coupled with the escalating demand for bio-based herbicides, which control the glyphosate-tolerant crops by using the existing spraying technology, is propelling the growth of the market. In addition, key market players are extensively investing in research and development (R&D) activities to develop new herbicides. Besides this, farmers are adopting unconventional farming practices to increase the crop yield in less crop cultivable land due to a shortage of labor. In line with this, the expanding agrochemical industry around the world is offering lucrative growth opportunities to industry investors. Apart from this, governments of several countries are undertaking initiatives to educate farmers about the concentration of herbicides used in the soil. This is projected to bolster the growth of the market in the forecasted period.

Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global herbicides market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on type, mode of action and application.

Breakup by Type:

Synthetic
Glyphosate
Atrazine
2,4-Dichlorophenoxyacetic Acid
Acetochlor
Paraquat
Others
Bio-Herbicides

Breakup by Mode of Action:

Selective Herbicides
Non-Selective Herbicides

Breakup by Application:

Grains and Cereals
Pulses and Oilseeds
Commercial Crops
Fruits and Vegetables
Turf and Ornamentals

Breakup by Region:

North America
United States
Canada
Asia-Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa

Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being BASF SE, Bayer AG, Corteva Inc., Drexel Chemical Company, FMC Corporation, Heranba Industries Ltd., Nissan Chemical Corporation, Nufarm, Sumitomo Chemical Co. Ltd., Syngenta Group (China National Chemical Corporation), UPL Limited and Wilbur-Ellis Company LLC.

Key Questions Answered in This Report

1. What was the size of the global herbicides market in 2022?
2. What is the expected growth rate of the global herbicides market during 2023-2028?
3. What has been the impact of COVID-19 on the global herbicides market?
4. What are the key factors driving the global herbicides market?
5. What is the breakup of the global herbicides market based on the type?
6. What is the breakup of the global herbicides market based on the mode of action?
7. What is the breakup of the global herbicides market based on application?
8. What are the key regions in the global herbicides market?
9. Who are the key players/companies in the global herbicides market?