The competitive landscape of the global herbicides market is
characterized by its fragmented structure. In 2014, the top five
players, namely, Syngenta AG, BASF SE, Bayer CropScience AG, Dow
AgroSciences LLC, and ADAMA Agricultural Solutions Ltd. held just
about 53% of the overall market, finds a report by Transparency
Market Research (TMR).
The leading herbicide producers demonstrate a high degree of
integration, which has strengthened their position in this market.
However, the shifting focus of players towards increasing their reach
through mergers and acquisitions is likely to alter the current
scenario in the years to come. Besides, the dynamics of this market
are also expected to be affected in the near future due accelerating
competition, fueled by the increase in research and development
activities.
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Need
for Enhanced Crop Yields to Create Demand for Herbicides
“The continual rise in the global population base has created a
massive need for food, specifically in highly dense economies such as
India, China, and several countries in Africa. The low crop yield,
caused by limited availability of arable land, rapid depletion of
soil water, fluctuating climatic conditions, and frequent pest
attacks, has worsened the situation across the world,” states an
analyst.
Farmers and agriculturists are increasingly utilizing herbicides to
enhance the productivity as well as the quality of crops. As a
result, the demand for herbicides has soared significantly across the
world. Apart from this, the rising demand for genetically modified
crops, due to their nutritional value and good quality, has also
increased the application of herbicides in the recent time, leading
to growth in their demand.
Increasing
Trend of Organic Agriculture to Curb Application of Herbicides
The trend of organic agriculture has slowed down the demand for
herbicides, as, this form of agriculture relies on biological pest
control, compost, crop rotation for the enhancement in crop yields. A
number of countries, which have plenty of agricultural land, have
started following organic agriculture standards in order to improve
the global sustainability and enhance the profit margin through
cultivation, which, in turn, is limiting the application of
herbicides to some extent.
In the near future, the adoption of organic agriculture and,
consequently, biopesticides is anticipated to witness a healthy rise,
which is likely to further impede the demand for herbicides. However,
the increase in research and development activities, triggered by the
growing awareness about the toxicity of herbicides and the ban on
their usage by various environmental protection agencies, is expected
to create opportunities for product innovation in this market over
the next few years.
Demand
for Herbicides to Remain Strongest in Asia Pacific
TMR estimates the global market for herbicides, which was worth
US$22.3 bn in 2014, will rise at a CAGR of 6.20% during the period
from 2015 to 2023 and attain a value of US$38.3 bn by the end of the
forecast period.
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Currently, Asia Pacific leads the demand for herbicides among all the
regions and is projected to remain the key consumer over the next few
years. In 2014, it held a share of 27.9% in the overall demand for
herbicides across the world. Latin America, which closely follows
Asia Pacific in terms of volume, is expected to witness the fastest
rise in the demand for herbicides between 2015 and 2023 at a CAGR of
5.80%.
The demand for herbicides will continue to be the strongest in the
cereals and grains sector throughout the forecast period. Glyphosate
is likely to remain the most preferred herbicide across the world in
the coming years, states the report.
The study presented here is based on a report by Transparency Market
Research (TMR) titled “Herbicides Market: Global Industry
Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023.”
Key
Takeaways
- The top five players held just about 53% of the overall market in 2014
- Asia Pacific led the demand for herbicides in 2014 with a share of nearly 28%
- The opportunity in the global herbicides market is likely to reach US$38.3 bn by 2023
The
report segments the global herbicides market as follows:
By
Product
- Acetochlor
- 2,4-D
- Glyphosate
- Atrazine
- Others (Including isoxaflutole, dicamba, glufosinate, imazapyr, metolachlor, etc.)
By
Crop
- Cereals & grains
- Oilseeds & pulses
- Fruits & vegetables
- Others (ornamental plants, grass, turf, floriculture, etc.)
About
Us
Transparency Market Research (TMR) is a global market intelligence
company providing business information reports and services. The
company’s exclusive blend of quantitative forecasting and trend
analysis provides forward-looking insight for thousands of decision
makers. TMR’s experienced team of analysts, researchers, and
consultants use proprietary data sources and various tools and
techniques to gather and analyze information.
TMR’s data repository is continuously updated and revised by a team
of research experts so that it always reflects the latest trends and
information. With extensive research and analysis capabilities,
Transparency Market Research employs rigorous primary and secondary
research techniques to develop distinctive data sets and research
material for business reports.
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Tel: +1-518-618-1030
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