The Herbicides market proficiently consists of sales of herbicides. The Herbicides are commonly well-known as weed killers and are chemical substances utilized to control the unwanted plants.
According to the report analysis, ‘Herbicides Global Market Report 2020’ states that in the herbicides market there are several companies which presently operating more effectively for leading the highest market growth and dominating the handsome value of market share around the globe during the upcoming duration while spreading the awareness related to the herbicides, implementing the profitable strategies, studying and analyzing the strategies an policies of the government and competitors, decreasing the linked prices, delivering the better consumer satisfaction, advancing the applications of such and employing the young work force includes Adama Agricultural Solutions Ltd, Basf Se, Bayer Ag, Dowdupont, FMC Corporation, Nufarm Limited, Syngenta, The Dow Chemical Company, E.I. Du Pont De Nemours And Company, Monsanto Company and several others.
In addition, the worldwide herbicides market was worth USD 32.64 billion in 2019. It is predicted to increase at a compound annual growth rate (CAGR) of 13% and reach USD 51.47 billion by 2023. The herbicides market has been geographically divided into North America, Western Europe, Asia-Pacific, Eastern Europe, South America and Middle East & Africa. The Asia Pacific registers for approximately 42% of the market.
The World population is augmenting and is projected to reach 10 billion by 2050, this is expected to proficiently boost the herbicides market. Augment in population generates more requirement for food. Crop production, farming activities and trade measurements will have to augment in order to meet augmented population. Additionally, the farmers and commercial farming corporates will augment the acquisitions in arable land to augment crop production, this is projected to increase the requirement for herbicides.
The herbicides market has recorded a significant augment in mergers and acquisitions over the last 5 years. Such associations are mainly focused at expanding the product range or distribution networks. This can also be accredited to low food commodity costs which affect pesticides producers and distributors leading to the industry consolidation. For example, during February 2017, Chem China assimilated Syngenta AG for a total of USD 43 billion. Following this, the Chinese herbicides market is projected to augment in productivity and obtain a dominance in worldwide prices. Furthermore, during September 2017, California-based American Vanguard Corporation, obtained Pennsylvania-based OHP, Inc., a leader in herbicide solutions, specifically for greenhouse and nursery applications, with a broad network of distributors around the USA and South America. Lastly, in 2018, Bayer assimilated Monsanto for USD 63 billion. Therefore, it is predicted that the market of herbicides will increase around the globe more effectively over the upcoming years.
In June 2018, Bayer AG, a German-based pharmaceutical and life sciences company that produces and markets healthcare and agricultural products such as crop protection products and polyurethanes acquired Monsanto for USD 63 billion. The acquisition helped Bayer AG in becoming a global leader in agriculture with diversified portfolio of product offerings and tailor-made solutions to farmers in all geographies. Monsanto is a US-based agricultural biotechnology company that specializes in developing herbicides and offers products such as corn, soybean, cotton, wheat, and vegetable seeds.
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Ankur Gupta, Head Marketing & Communications