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Gradual transformation in usage from selective herbicide to non-selective herbicide will be a key trend during the period. The glyphosate segment is expected to grow at a CAGR of 5.72 percent during the period, second in terms of volume. Within types of herbicides, bio-herbicide would grow at the fastest rate, reflecting 27.84 percent CAGR during the forecast period.
Latin America and Asia-Pacific are the top two consumers of herbicides, accounting together, for 51 percent of the share. 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.
Added to this, agriculture growing rapidly in Asia-Pacific and Latin America will increase demand for such herbicides. Countries like the U.S., China, Japan and Taiwan have the lead in terms of per capita usage of the pesticide market in comparison to low-consumption countries like India, Greece and others. However, food security needs and good reforms will drive the market in these countries.
Factors like high ecological and health concerns, along with the latest scientific developments, drive the global herbicide industry's growth towards new, safe and effective products. Demand for food grain products and shrinking arable land are driving the market as well. Companies are investing in R&D to bring in innovative products that adhere to government norms, producing better results.
Source: Research and Markets
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