The significant rise in demand for food, propelled by the rapid rise in the global population, has impelled farmers and agriculturists to utilize herbicides in increased quantities on crops. Owing to this, the demand for herbicides has been witnessing a remarkable surge in the recent times.
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Analysts at TMR expect this trend to increase substantially over the next few years. The opportunity in the global market for herbicides, which stood at US$22.3 bn in 2014, is likely to expand at a CAGR of 6.20% from 2015 to 2023 and reach US$38.3 bn by the end of 2023.
Increasing Demand for Grains Fuels Application of Herbicides in Cereals and Grains Segment
Herbicides find widespread application in cereals and grains, fruits and vegetables, oilseeds and pulses, and other crops. The demand for herbicides was the strongest in the cereals and grains segment in 2014 with a share of 37.1%. The significant rise in the demand for grains is the key driving factor behind this growth.
Analysts expect the cereal and grains segment to remain leading during the period from 2015 to 2023. The Fruits and vegetables segment, however, is likely to record the fastest growth in the demand for herbicides in the coming years. The shifting preference of consumers from traditional food to fruits and green and leafy vegetables, propelled by the increasing awareness regarding fitness and healthcare, is anticipated to fuel the application of herbicides in this segment.
Latin America to Report Fastest Growth in Demand for Herbicides
Asia Pacific, Latin America, North America, Europe, and the Rest of the World are the main regional markets for herbicides. Among these, Asia Pacific has emerged as the leading herbicide consumer. It accounted for a share of nearly 28% in the overall demand for herbicides in 2014. Latin America closely followed Asia Pacific in 2014 and is expected to report the fastest increase in the demand for herbicides over the next few year.
The huge population base, especially in India and China, has created a massive need for food in Asia Pacific. Apart from this, most of the countries in this region are agrarian economies, which primarily rely on cultivation. As the crop yields in this region have been declining since the last few years, farmers in Asia Pacific are compelled to spray herbicides on their crops to increase productivity as well as quality.
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As a result, the demand of herbicides in Asia Pacific has soared remarkably in the recent time and is expected to remain so over the next few years. Driven by this increased consumption, Asia Pacific is likely to retain its leadership in the coming years.
Europe, which held a share of nearly 20% in the global market in 2014, is anticipated register moderate growth and lose some market share in the near future. Similarly, the Middle East and Africa is likely to witness sluggish growth over the next few years due to the lack of arable land, which in turn, will limit the demand for herbicides in this region.
Competitive Landscape of Global Herbicides Market – Snapshot
The global market for herbicides demonstrates a moderately fragmented landscape. Syngenta AG, Bayer CropScience AG, BASF SE, Dow AgroSciences LLC, and ADAMA Agricultural Solutions Ltd. are the leading herbicides producers across the world. In 2014, these players accounted for a share of nearly 53% in this market. Some of the other prominent market participants are Sumitomo Chemical Co. Ltd., Monsanto Co., DuPont, Nufarm Ltd., and FMC Corp.
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