(EMAILWIRE.COM, September 13, 2024 ) Herbicides Market to reach over USD 71.15 billion by the year 2031 – Exclusive Report by InsightAce Analytic
InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the “Global Herbicides Market Size, Share & Trends Analysis Report by Type (Synthetic And Bio-Based), Application (Pulses & Oilseeds, Grains & Cereals, Commercial Crops, Fruits & Vegetables, Turf & Ornamentals And Others), And Mode Of Action (Selective And No-Selective)- Market Outlook And Industry Analysis 2031”
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Herbicides are pesticides that are crop protection compounds that aid in the growth of crops by eradicating or limiting the proliferation of weeds in the field. Agricultural production, yield quality, and yield quantity all benefit from effective herbicide usage in the field. The essential elements propelling the growth of the global herbicides market are the rising food demand worldwide and growing public awareness of the advantages of using herbicides before and after crops.
Additionally, the growing use of integrated pest management technology and better farming practices fuel market expansion. However, the introduction of strict laws prohibiting the use of several herbicides in industrialized countries is impeding the growth of the herbicide business. The need for food increases as the population grows. Farming practices, agriculture endeavors, and trade volumes will need to rise to accommodate the expanding population. Farmers and industrial agriculture businesses will also buy more arable land to raise crop production, which is predicted to increase herbicide requirements and spur market expansion.
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List of Prominent Players in the Herbicides Market:
UPL
BASF SF
Bayer AG
DUPont
ADAMA
Syngenta
FMC Corporation
Drexel Corporation
Sumitomo Chemical Co., Ltd
Nufarm
Market Dynamics:
Drivers-
The need for herbicides worldwide is rising due to the changing monsoon and rising demand for crop varieties. The herbicide market is seeing increased demand, expected to drive the growth of agricultural products like grains and cereals on a global scale. Some factors influencing the requirement for herbicides in the worldwide market include the decrease in arable land due to climatic changes. Inhibiting the market’s expansion are difficulties with herbicide residue and the carcinogenic nature of some active components. However, the development of the agriculture sector in emerging markets and the creation of novel formulations present promising growth prospects.
Challenges:
The market is predicted that over the projected period, growth will be slow due to factors like the use of herbicides that contaminate our drinking water and the air we inhale. Silencing the market’s expansion is difficult with herbicide residue and the carcinogenic nature of some active components. Additionally, strict regulatory processes and a lack of protocols and guidelines could be obstacles to the overall expansion of the worldwide herbicides market.
Regional Trends:
The North America herbicides market is expected to record a significant market share in revenue and is projected to grow at a high CAGR soon. The global market is benefiting from the rising demand for high agricultural production to meet the population’s rising demand. Getting rid of undesired weeds and herbs increases agricultural productivity. The two main factors influencing the growth of the global herbicide market in North America are the rapid population boom and additional financial stability. Besides, Asia Pacific had a noteworthy share of the market. Regarding the total population, the APAC area is dominated by China and India. The APAC industry will increase due to the emerging economies’ GDP growth, rising discretionary money, robust progress in this direction, and current projects.
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Recent Developments:
In May 2021-For an undisclosed fee, US-based AMVAC Chemical Corporation purchased the Envoke brand herbicide from Swiss agrichemical company Syngenta Crop Protection. With the addition of the new portfolio, AMVAC can now provide customers with cutting-edge weed management options. Envoke’s herbicide manages weeds in cotton, sugarcane, and transplanted tomatoes.
Segmentation of Herbicides Market-
By Type
Synthetic
Bio-Based
By Application Outlook
Pulses & Oilseeds
Grains & Cereals
Commercial Crops
Fruits & Vegetables
Turf & Ornamentals
Others
By Mode of Action Outlook
Selective
Non-selective
By Region-
North America-
The US
Canada
Mexico
Europe-
Germany
The UK
France
Italy
Spain
Rest of Europe
Asia-Pacific-
China
Japan
India
South Korea
South East Asia
Rest of Asia Pacific
Latin America-
Brazil
Argentina
Rest of Latin America
Middle East & Africa-
GCC Countries
South Africa
Rest of Middle East and Africa
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InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.
