Albany, NY , Feb. 03, 2016 (GLOBE NEWSWIRE) -- According to the report, the global herbicides market was valued at US$ 22.31 Billion in 2014 and is likely to reach US$ 38.30 Billion in 2023, expanding at a CAGR of 6.2% between 2015 and 2023.
Usage of herbicides is a crop protection method to control the onset of unwanted weeds. Herbicides are manufactured from synthetic chemicals that affect growth of weeds by disturbing their metabolism. Glyphosate, acetochlor, 2,4-D, and atrazine are key herbicides used prominently across several regions. Herbicides are used to control growth of weeds on various crop types including cereals & grains, oilseeds & pulses, fruits & vegetables, and other crop types.
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The global herbicides market is a convergence of varying market dynamics across regions. Each region demonstrates difference in adoption, environmental protection agency’s approval, growth rate, and demand for herbicides in various crop segments.
In terms of demand, Asia Pacific accounted for approximately 25% share of the global herbicides market volume in 2014. China is a major consumer of herbicides in Asia Pacific and is the fastest-growing country. In terms of volume, Latin America followed Asia Pacific, while North America constituted the third-largest share of the global herbicides market in 2014. Demand for herbicides in Asia Pacific is anticipated to increase at the second-fastest rate as compared to other regions during the forecast period. On the other hand, the market in Europe is estimated to exhibit moderate growth rate in the next few years in terms of demand for herbicides. France and Germany accounted for the significant share of the herbicides market in Europe in 2014. France is anticipated to expand at the fastest rate in the next few years in Europe. Europe banned atrazine and acetochlor herbicides due to their toxicity and adverse effects on the environment.
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Latin America is projected to maintain strong growth during the forecast period due to high demand for herbicides based on changing agricultural methods and increased governmental support. Demand for herbicides in North America and the Middle East & Africa (MEA) is likely to increase during the forecast period. North America held significant share of the global herbicides market in 2014. The U.S. held the largest share of the market in North America and is projected to boost demand for herbicides in the region. In terms of volume, South Africa held the largest share of the herbicides market in 2014.
Some of the major players in the global herbicides market include Bayer CropScience AG, BASF SE, FMC Corporation, Dow AgroSciences LLC, Monsanto Company, Sumitomo Chemical Co., Ltd. and Syngenta AG.
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The report Segments the Global herbicides Market as follows:
Herbicides Market – Product Segment Analysis
- Others (Including isoxaflutole, dicamba, glufosinate, imazapyr, metolachlor, etc.)
Herbicides Market - Crop Analysis
- Cereals & grains
- Oilseeds & pulses
- Fruits & vegetables
- Others (ornamental plants, grass, turf, floriculture, etc.)
Herbicides Market - Regional Analysis
- Rest of North America
- Rest of Europe
- Rest of APAC
- Rest of LATAM
Middle East & Africa
- South Africa
- Rest of MEA
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Source:Transparency Market Research