Global Herbicides Market will Continue to Expand despite Growing Demand for Organic Farming.

The use of pesticides has come under much speculation in the past few years. As a result, the global herbicides market’s growth has been constrained. Herbicides are a type of pesticide. They have come under federal and state pesticide legislation in the U.S. and many other countries around the world. Stringent regulations on the use of herbicides for lawn-care or in agriculture are hampering the overall herbicides market.

Global Herbicides Market Constrained by Expanding Organic Farming Sector
 

Herbicides are considered harmful to the environment as well as human health. Furthermore, with the rising awareness of consumers, many consumers are preferring food that is free from the use of herbicides. This growing awareness of consumers is driving the global organic farming market. This will further inhibit the demand for herbicides globally.

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According to Transparency Market Research, the global herbicides market will expand at a moderate CAGR of 6.20% during the forecast period from 2015 to 2023. In 2014, the global herbicides market was estimated at US$22.3 billion and by 2023, the market is projected to be worth US$38.3 bn.

Rising Use of Genetically Modified Foods to Drive Global Herbicides Market
 

The use of genetically modified organisms (GMOs) is garnering a lot of negative attention in the media right now. According to several sources, GMOs are projected to be harmful to human health. However, several studies from government organizations have declared that genetically modified food present in the market is suitable for human consumption. Thus, the demand for genetically modified foods is expected to grow in spite of the resistance of some consumers to these foods. Herbicides are used to grow genetically modified crops, which will drive the global herbicides market significantly.

Another major key driver of the global herbicides market is the rapidly growing demand for grains due to the ever-expanding global population. The growing demand for grains, particularly in developing nations, will fuel the demand for herbicides.

Cereals and Grains Segment to Dominate Global Herbicides Market
 

By crop, the global herbicides market is segmented into fruits and vegetables, oilseeds and pulses, cereals and grains, and others. As mentioned above, the global herbicides market is driven by the rising demand for grains. Hence, the cereals and grains segment dominates the global herbicides market in terms of volume. In 2014, this segment held a share of over 35% in the global herbicides market.

Product-wise, the global herbicides market is divided into atrazine, glyphosate, 2,4-D, and acetochlor. Volume-wise, the glyphosate segment dominated the global herbicides market in 2014. Asia Pacific is leading the global herbicides market in terms of volume. Volume-wise, the Asia Pacific sector led the global herbicides market with a share of more than 25% in 2014. On the other hand, the demand for herbicides is expected to be the lowest in the Middle East and Africa region during the forecast period.

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The global herbicides market is moderately fragmented in nature. In 2014, the top 5 firms in the global herbicides market accounted for more than 51% of the global herbicides market. Some of the key players in the global herbicides market are BASF SE, Dow AgroSciences LLC, FMC Corporation, Bayer CropScience AG, and Monsanto Company.

 
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