Herbicides Market Size, Share, Growth Analysis, By Type (Glyphosate, Diquat), By Crop Type (Cereals & grains, Oilseeds & pulses), By Region - Industry Forecast 2024-2031

Global Herbicides Market size was valued at USD 38.2 billion in 2022 and is poised to grow from USD 40.4 billion in 2023 to USD 64.5 billion by 2031, growing at a CAGR of 6.0% during the forecast period (2024-2031).

The herbicides market is experiencing significant growth driven by the increasing demand for high agricultural productivity to meet the global food supply challenges. As a vital category of pesticides, herbicides are essential for weed suppression during cultivation, categorized into selective types, which target specific weed species while preserving desired crops, and non-selective types, effective for clearing extensive areas such as industrial sites and railways. The rising population and higher disposable incomes, particularly in the Asia-Pacific region, further amplify the demand for herbicides in agriculture. As farmers and growers seek to optimize yields and combat the challenges posed by unwanted plant species, the herbicides industry is poised for expansion. However, the market faces challenges due to stringent regulations concerning synthetic herbicides, stemming from health and environmental concerns associated with their use. These regulations can hinder growth by limiting available products and introducing compliance costs. Nevertheless, companies that innovate in the development of safer, more effective herbicides or shift towards sustainable practices may find new opportunities within this evolving landscape. Overall, the herbicides market reflects a dynamic interplay between agricultural advancement and regulatory frameworks, influencing investment and strategic decisions within the industry.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Herbicides market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Herbicides Market Segmental Analysis

Global Herbicides Market is segmented by Type, Crop Type and region. Based on Type, the market is segmented into, Glyphosate, Diquat, 2, 4-D. Based on Crop Type, the market is segmented into Cereals & grains, Oilseeds & pulses, Fruits & vegetables, Others. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.

Driver of the Global Herbicides Market

The global herbicides market is primarily driven by the increasing population and rising disposable incomes across various regions, leading to higher demand for effective agricultural solutions. Synthetic herbicides have gained prominence due to their cost-effectiveness and superior efficacy, making them the preferred choice for many farmers. Additionally, there is a growing interest in bio-based herbicides, which are sourced from renewable materials and are anticipated to be the fastest-growing segment within the herbicide category in the coming years. Notable chemicals utilized in the production of herbicides include amides, sodium chlorate, and sulfuric acid, among others, which play a crucial role in formulation.

Restraints in the Global Herbicides Market

A significant challenge anticipated to hinder the growth of the global herbicides market is the rising health and environmental apprehensions associated with the chemicals used in these products. Such concerns have led to the establishment of stringent regulations aimed at mitigating their impact. In response to these regulatory pressures, leading companies in the industry are shifting their focus toward research and development initiatives aimed at creating bio-based herbicides. This transition highlights the industry's effort to balance agricultural needs with ecological sustainability while addressing consumer demands for safer and more environmentally friendly alternatives.

Market Trends of the Global Herbicides Market

The Global Herbicides market is witnessing significant growth driven by the urgent need to address food security amid shrinking arable land and increasing global food demand. As projected by the Food and Agriculture Organization (FAO), the world population is expected to swell by over 2.3 billion by 2050, resulting in a potential 50% to 90% rise in food demand in key regions like the United States. Compounded by challenges such as climate change, pest outbreaks, and insufficient investment in agricultural innovation, the diminishing arable land-decreasing from 1,507,196.3 thousand hectares to 1,502,820.5 thousand hectares between 2017 and 2019-highlights the critical role of herbicides in enhancing crop yields and maximizing productivity to meet this escalating demand.