The global herbicide market is expected to register a growth of 2.16 percent between 2019 and 2024 according to a new report by Research and Markets.
In 2018, Asia-Pacific was the largest geographical segment of the market studied and accounted for a share of around 27.7% of the overall market.
The changing climatic condition and the diminishing arable land and increasing food demand are the major two driving factors for the global herbicide market.
Despite the various government policies to control the usage of the pesticide, integrated pest management is paving a way for pest management without causing damage to our environment.
This gives the pesticide manufacturers a great opportunity to tap the market potential.
The global population is increasing exponentially, according to the US Population Division, the world’s human population has increased nearly fourfold in the past 100 years and is projected to reach 9.2 billion by 2050. Although the new plant technologies are continuously being developed to fight pest attacks, they are also leading to the development of new strains of pests developing resistance to the technology. Supplying food to this growing population has become a global threat due to decreasing Per capita farmland, various crop pests including weeds.
According to the UN Population Division, the largest population increase is projected to occur in Asia (particularly in India, China, and Southeast Asia), accounting for 60% or more of the global population, by 2050. Large quantities of crop protection chemical including herbicide are expected to be required in this region, in order to increase food production for the growing population.
South America is projected to become the largest market for herbicide during the forecast period 2019-2024. Initially, herbicides are used in agriculture to suppress the weed growth, but research conducted by the University of Montana has revealed that the herbicides are now used in the wildlands and other natural areas to suppress the growth of the plant breeds other than the native breeds in South America. This makes the South American market the fastest growing market during the forecast period.
The herbicide market is a concentrated market with few major players like BASE SE, Bayer CropScience, Dow Dupont, American Vanguard Corporation, and Bayer AG. Mergers, acquisitions, partnership, expansions, innovation, and new products are the few strategies adopted by the major players in the market.
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