Herbicides Market

• Rising food demand is driving the market growth

Market CAGR for herbicides is being driven by the rising demand for food. The Food and Agriculture Organisation (FAO) projects that between 2009 and 2050, the  population will increase by almost a third, or 2.3 billion people. The  per capita income is also anticipated to rise in the same period.  food demand is anticipated to increase along with rising per capita income and population. For instance, the FAO projects that by 2050, food demand in the United States will have increased by 50% to 90%.

It is difficult to produce enough to guarantee food security because of various problems, including climate change, pest outbreaks, a lack of capital, and a shortage of agricultural land. Therefore, herbicides and other crop protection chemicals are necessary to increase production and satisfy worldwide demand. Due to labor scarcity and the need to replace tillage with herbicides to improve environmental conditions, herbicides are being used more and more frequently worldwide. Numerous businesses are expanding their product portfolios to increase land productivity through product innovation in response to the rising need for herbicides, increasing demand for the herbicides market.

Over the past five years, the herbicide market has seen a considerable rise in mergers and acquisitions. These partnerships aim to broaden the product line or distribution systems. Low food commodity prices, which impact producers and distributors of pesticides and cause industry consolidation, are another possible explanation. For instance, in May 2021, the Swiss agrichemical giant Syngenta Crop Protection sold its Envoke brand herbicide to US-based AMVAC Chemical Corporation for an unknown fee. With the addition of the new portfolio, AMVAC can now provide customers with cutting-edge weed management options.

An herbicide called Envoke is used to manage weeds in cotton, sugarcane, and transplanted tomatoes. Thus, driving the herbicides market revenue.

The Global Herbicides Market Industry experiences a notable increase in demand driven by the necessity for enhanced food security. As the global population continues to grow, projected to reach approximately 9.7 billion by 2050, the agricultural sector must adapt to meet food production challenges. Herbicides play a crucial role in maximizing crop yields by effectively controlling weeds that compete for nutrients and water. This trend is reflected in the market's projected value of 35.4 USD Billion in 2024, indicating a robust growth trajectory as farmers increasingly rely on herbicides to ensure sustainable agricultural practices.

The Global Herbicides Market Industry benefits from expanding international trade and export opportunities. As countries seek to enhance their agricultural productivity, the demand for herbicides increases, particularly in developing regions where agriculture is a primary economic driver. Trade agreements and partnerships facilitate the exchange of agricultural inputs, including herbicides, thereby boosting market access for manufacturers. This dynamic not only supports local economies but also contributes to the overall growth of the herbicide market. As global trade continues to evolve, the herbicides sector is likely to experience increased demand and innovation.

Innovations in herbicide formulations significantly influence the Global Herbicides Market Industry. The development of more effective and environmentally friendly herbicides, such as those utilizing precision agriculture techniques, enhances weed control while minimizing ecological impact. These advancements not only improve crop productivity but also align with global sustainability goals. As a result, the market is expected to grow at a compound annual growth rate of 5.23% from 2025 to 2035, reaching an estimated value of 62.0 USD Billion by 2035. This growth underscores the importance of research and development in creating herbicides that meet modern agricultural demands.

The diversification of crop varieties and the introduction of advanced cultivation techniques significantly impact the Global Herbicides Market Industry. As farmers explore new crops and methods to optimize yields, the need for effective weed management solutions becomes paramount. Herbicides tailored to specific crops and growth conditions enable farmers to maximize productivity while minimizing competition from weeds. This trend is particularly relevant in regions experiencing agricultural modernization, where the adoption of herbicides is essential for maintaining competitive yields. Consequently, the market is poised for growth as these practices become more widespread.

The Global Herbicides Market Industry is witnessing a shift towards sustainable agriculture practices, driven by consumer preferences for organic and environmentally friendly products. Farmers are increasingly adopting integrated pest management strategies that incorporate herbicides as part of a broader approach to crop protection. This trend not only addresses environmental concerns but also enhances the market's appeal to a growing segment of eco-conscious consumers. As sustainability becomes a priority, the demand for herbicides that align with these practices is likely to rise, further propelling market growth and innovation in formulation.

By region, the report provides market insights into North America, Europe, Asia-Pacific and Rest of the World. The North American herbicides area will dominate this market. The market is expanding rapidly due to the quick development of technology and rising merger and acquisition activity by key organizations in this area. On May 17, 2022, Syngenta Seedcare introduced VICTRATO, a new seed treatment designed to boost the quality and productivity of many crops, including soybeans, cotton, cereals, maize and rice, as well as to target harmful nematodes and soil-borne fungal diseases.

TYMIRIUM technology, a high-performing and low-dose active ingredient innovation, is a component of VICTRATO.

Further, the major countries studied in the market report are U.S., Canada, France, German, Italy, UK, Spain, Japan, China, Australia, India, South Korea, and Brazil.

Figure 2: HERBICIDES MARKET SHARE BY REGION 2022 (%)

Source: Primary Research, Secondary Research, Market Research Future Database and Analyst Review

Asia-Pacific herbicides market accounts for the second-largest market share. Initiating more R&D projects to boost grain production, like TEKFARM  by the Grains Research & Development Corporation (GRDC), is a program for finding the finest ag-tech solutions and bringing them to Australia. The region's market is expanding due to the use of herbicides to increase agricultural yields on less productive land and supplement rising food consumption. Moreover, China’s herbicides market held the largest market share, and the Indian herbicides market was the fastest-growing market in the Asia-Pacific region.

The Europe Herbicides Market is expected to grow at the fastest CAGR from 2023 to 2032. Supportive government regulations and ongoing expenditures in creating new, efficient, and environmentally friendly herbicide products are a few of the key elements anticipated to propel market expansion. The market is expanding due to the quick uptake of contemporary and integrated farming techniques. Further, the German herbicides market held the largest market share, and the UK herbicides market was the fastest-growing market in the European region.

Recent Development

On July 27, 2023, UPL Ltd., a leading global provider of sustainable agricultural solutions, announced a collaboration with the University of Arkansas System's Division of Agriculture (UADA) to gain exclusive access to patents for Fenclorim Seed Treatment. UADA's filed patents cover the novel use of Fenclorim as a seed treatment with micro-encapsulated herbicides to protect crops against weeds. UPL plans to utilize these patents to develop and launch new herbicides for Fenclorim-treated seeds.

On June 27, 2023, Canadian startup Precision AI announced the development of the world's first AI drones for plant-level herbicide application. The new autonomous, AI-powered agricultural drone can effectively apply herbicides at the plant level, at scale. Precision AI aims to create healthier, more sustainable, and profitable farms.

Precision AI's drones could provide farmers with the labor they need and real-time insights required to make future predictions and combine & collect data to better understand a farm's crops down to the individual plant. The technology could help farmers drastically reduce water use & costs, eliminate excess chemicals, and promote soil health.

On June 07, 2023, Crystal Crop Protection Ltd. launched a next-generation herbicide, Sikosa, to protect paddy crops from weeds while enhancing yields. Sikosa is developed in collaboration with Battelle, UK, and Mitsui AgriScience International SA/NV (MASI). The company claims that Sikosa effectively controls narrow-leaf weeds, broad-leaf weeds, and sedges in paddy.

On May 08, 2023, Godrej Agrovet Limited (GAVL), a crop protection business, launched its umbrella brand, PYNA, for its selective cotton herbicide. GAVL is the sole manufacturer of selective cotton herbicide, pyrithiobac sodium, and it aims to extend PYNA with other agrochemical firms marketing products based on pyrithiobac sodium. The company offers three weed management products for cotton, including Hitweed, Hitweed Maxx, and Maxxcott, which will be sold under the PYNA brand.

On May 17, 2023, Agri-input firm Syngenta and FMC Corporation announced a strategic partnership to commercialize new herbicide technology for rice crops in Asia. FMC and Syngenta have developed a new active ingredient, Tetflupyrolimet, which can be applied in traditional transplanted and direct-seeded rice to control grass weeds.

Leading market players are investing heavily in research and development to expand their product lines, which will help the herbicides market, grow even more. Market participants are also undertaking various strategic activities to expand their  footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the herbicides industry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics manufacturers use in the  herbicides industry to benefit clients and increase the market sector. In recent years, the herbicides industry has offered some of the most significant medical advantages. Major players in the herbicides market, including Element Solutions Inc (US), Kenvos Bio (China), Bayer AG (Germany), FMC Corporation (US), and others, are attempting to increase market demand by investing in research and development operations.

Adama Ltd manufactures crop protection chemicals. It has two business segments: crop protection and intermediates and ingredients. Crop Protection encompasses conventional agrochemical product manufacturing, marketing, and seed activities. The intermediates & ingredients segment contains many sub-fields, such as Lycopan (an oxidation retardant), aromatic compounds, and other chemicals. In May 2022, ADAMA Ltd. introduced Cheval, a premium pre-seed and post-emergence herbicide for soybeans and other crops, in Brazil. Cheval is projected to benefit farmers significantly due to its prolonged residual effect and unique formulation. T.O.V Formulation Technology created Cheval, which increases the efficacy of active compounds.

Bayer is a German conglomerate involved in healthcare and agriculture.  The company's crop science division comprises seeds, insecticides, herbicides, and fungicides, which it expanded after acquiring Monsanto. Bayer primarily sells its healthcare and crop protection products to wholesalers, pharmacies, hospitals, and retailers. It has subsidiaries in Asia-Pacific, Europe, North America, Latin America, Africa, and the Middle East. In July 2022, Bayer introduced Mateno Plus in Uruguay, a new herbicide for managing broadleaf weeds and grasses that harm wheat and barley crops.

Flufenacet, which inhibits cell division; Diflufenican, which inhibits carotenoid synthesis; and Aclonifen, which inhibits carotenoid synthesis and chlorophyll production, suppressing a wide range of weeds.