Global Herbicide Market 2016-2022: Market was $23.97 Billion in 2016 and is Estimated to Reach $34.10 Billion by 2022

Dublin, May 11, 2017 -- Research and Markets has announced the addition of the "Global Herbicide Market - By Product Type,Mode of Action, Crop Type, Regions and Vendors - Market Size, Demand Forecasts, Industry Trends and Updates, Supplier Market Shares (2016-2022)" report to their offering.

The global herbicide market was $23.97 billion in 2016 and is estimated to reach $34.10 billion by 2022, at a CAGR of 6.05% for the forecasted period.

Gradual transformation in usage from selective herbicide to non-selective herbicide will be a key trend during the period. Glyphosate segment is expected to grow at a CAGR of 5.69% during the period, second in terms of volume. Within types of herbicides, bio-herbicide would grow at the fastest rate reflecting 23.5% CAGR during forecast period

Latin America and Asia-Pacific are the top two consumers of herbicides, together accounted for more than half of the market share in 2016. North America has become a saturated market and as a result, the growth is slow, while APAC is prone to be the fastest growing market. Increasing demand from end applications will drive demand for Glyphosate-based herbicides. Added to this, agriculture growing rapidly in Asia-Pacific and Latin America will increase demand for such herbicides.

Countries like US, China, Japan and Taiwan are having the lead in terms of per capita usage of pesticide market in comparison to low consumption countries like India, Greece and others. However, food security need and good reforms will drive the market in these countries.

Factors like high ecological and concerns over health along with the latest scientific developments drive the global herbicides industry's growth towards new, safe, and effective products. Demand for food grain products and shrinking arable land are as well driving the market. Companies are investing in R&D to bring in innovative products that adhere to government norms producing better results.

On the other hand, regulatory authorities such as EPA have stringent laws related to curbing pesticide use for damaging environment and increasing consumer awareness about pesticide consumption, is hindering the market demand. Constraints include low per capita usage in several countries, shrinking farm lands, and rapidly increasing research and development costs are limiting the market. Added to this, several highly toxic pesticides are either banned or in process of being phased out, or are under constant scrutiny by the regulatory agencies.

Bio based herbicide has potential as it is less hazardous to crop. On the other hand, high manufacturing costs is limiting for commercialization due to the availability of substitute - low cost synthetic herbicide. Companies focus on new product developments to increase their market penetration. Syngeta AG developed corn herbicides named Acuron as a weed resistance solution. DuPont introduced Abundit Extra, a herbicide for glyphosate tolerant crop protection. Partnerships, M&As, and collaborations are the general strategies followed by these companies, which are predicted to give a new dimension to this market for the coming years. Nufarm, has entered in to profit zone with a profit of $20 million during the first half of 2016-17 and is expected to perform well in Australia, North America during the second half.

Key Topics Covered:

1. Research Methodology

2. Market Overview

3. Market Dynamics

4. Herbicide Market Segmentation, Forecasts and Trends - by Revenue

5. By Product type

6. By Crop Type

7. By Region

8. Global Vendor Market Share Analysis

9. Competitive Intelligence - Company Profiles

• BASF
• Bayer Ag
• DOW Agriscience LLC
• Syngenta
• Cheminova A/S
• Adama Agricultural Solutions Ltd
• FMC Corporation
• Nufarm Ltd
• Dupont
• Monsanto
• Ag Chemical
• Drexel Chemical Co.

For more information about this report visit http://www.researchandmarkets.com/research/xgv3cb/global_herbicide

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