Global herbicide market to grow by 6% to $29,976.1 million by 2019

 

The glyphosate market is the largest among all types. Geographically, Latin America and Asia-Pacific are the top two consumers of herbicides, accounting together, for 51.2% of the market share. Latin America is the fastest growing region, in terms of revenue.

 

The herbicides market is mainly driven by the limited availability of arable land, high profitability margin, acceptance of modern farming and protected agriculture, and changes in farming practices and technology. To capitalize on the growth trend in the global herbicides market, several leading companies are investing in the development and manufacturing of herbicides. The growing demand for herbicides is compelling global players to add herbicides to their product offerings.

 

The global market for herbicides is dominated by a few large multinational corporations such as Syngenta (Switzerland), BASF (Germany), Monsanto Company (U.S.), DuPont (U.S.), and Dow AgroSciences (U.S.). These participants together accounted for the major share of herbicides market in 2013. Agreements, partnerships, and collaborations are the most common strategies followed by these companies, which are predicted to give a new dimension to this market from 2014 to 2019.