The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

The global herbicides market is poised for substantial growth, projected to increase from $34.37 billion in 2022 to $38.04 billion in 2023, with an impressive compound annual growth rate (CAGR) of 10.7%. Looking further ahead, the market size is anticipated to reach $57.39 billion in 2027, maintaining a robust CAGR of 10.8%. Let’s explore the key drivers behind this growth, particularly the influence of the expanding world population and the strategies employed by major players in the industry.

Growing World Population

Fueling Demand for Increased Crop Production

As the world population continues to grow, expected to reach 10 billion by 2050, the herbicides market is set to experience a significant boost. The surge in population inherently translates into higher food demand. To meet this increased demand, various aspects of agriculture, including crop production, farming activities, and trade volumes, will need to escalate. Farmers and commercial farming companies are likely to expand their agricultural footprint, acquiring more arable land to enhance crop production. This surge in agricultural activities is expected to drive the demand for herbicides, contributing to the overall growth of the herbicides market.

Industry Consolidation through Mergers and Acquisitions

Strategic Collaborations for Market Expansion

The herbicides market is witnessing a notable increase in mergers and acquisitions among major players. This trend is predominantly driven by the pursuit of expanding product ranges and distribution networks. The challenging landscape of low food commodity prices is influencing pesticide manufacturers and distributors, leading to industry consolidation. A prime example of this trend is the acquisition of the Envoke brand herbicide by AMVAC Chemical Corporation. In May 2021, this US-based crop protection products firm acquired Envoke from Swiss agrichemical company Syngenta Crop Protection. This strategic move not only expanded AMVAC’s portfolio but also positioned the company to offer unique solutions for weed control. Envoke, known for its efficacy in controlling various weeds in cotton, sugarcane, and transplanted tomatoes, adds significant value to AMVAC’s offerings.

Segmentation for Precision

Diverse Market Categories Meeting Varied Needs

The herbicides market is segmented based on:

1. Type: Synthetic, Bio-Based
2. Mode of Action: Selective, Non-Selective
3. Application: Grains & Cereals, Pulses & Oilseeds, Commercial Crops, Fruits & Vegetables, Turf & Ornamentals

Understanding these segments is vital for stakeholders, providing insights into the diverse offerings within the herbicides market and catering to varied agricultural needs.

Regional Dominance

Asia-Pacific Taking the Lead

In 2022, Asia-Pacific emerged as the largest region in the herbicides market. The region’s dominance can be attributed to factors such as economic growth, increased agricultural activities, and the demand for herbicides to support extensive farming practices. As the market evolves, Asia-Pacific is expected to maintain its lead, steering the global herbicides market.

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The Herbicides Global Market Report 2023 provides an overviewof the herbicides market for the time series: historic years (2010 -2021) and ten years forecast (2023 – 2032).The herbicides market forecast analyzes herbicidesmarket size, herbicides market share,leading competitor and their market positions.

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