On the grounds of an up-to-date report, the global herbicide market depicts a considerably consolidated competitive landscape, with a handful players owning maximum market shares, says Transparency Market Research. Rather, about 75% of the market shares are owned by seven prominent companies, which has caused the scenario to become highly organized. Most players are embracing mergers and alliances as prime strategies in order to expand regional growth as well as to increase their product portfolio. Bayer AG, Monsanto Company, Syngenta International AG, Israel Chemicals Limited, Agrium Inc., DowDuPont Inc., and Syngenta International AG, are the seven leading businesses in the global herbicide market with maximal shares.
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On the basis of product type, glyphosate holds the title of leading segment, and is expected to do the same in future. A prime reason for this involves the ability of glyphosate to be highly effective on most weeds that might hamper growth. Geography-wise, the global herbicide market shows maximum growth in Europe, owing to the high demand of herbicides in order to get rid of weeds and other unwanted growth in croplands.
Growing at a healthy CAGR of 6.1% during the forecast period extending from 2017 to 2025, the global herbicides market is foretold to reach a valuation figure of US$29.30 bn by 2025. This rise is expected to start off from an initial valuation of US$17.37 bn, which was registered in 2016.
Rising Demand of Higher Crop Yield Stokes Market Growth
The global population is rising at a rapid pace, leading towards more crop yield needed to feed people all over the globe. According to United Nations, the world population is expected to reach 9.8 billion by 2050, thus putting greater emphasis on higher crop yields. Increasing crop yield is possible by employing herbicides in certain proportions, thus being a prominent factor for the global herbicide market. Rapid urbanization has reduced the availability of cultivable land, thus causing an increase in weed growth. In this way, urbanization has been a chief driving factor for the global herbicides market, further causing a rise in in the uptake of herbicides.
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Decreasing weed growth around cultivable crops also leads towards improving the nutrition proportions found in the soil. The presence of weeds in crop lands might lead to a 50% yield loss as per expert studies. In this way, applying herbicides to kill weeds is highly beneficial for crops in order for them to register healthy growth. Hence, such benefits ensure that cultivated crop production remain unhampered by using herbicides, thus being a primary propelling agent for the market.
Strict Regulations to Negatively Affect Product Sales
Nevertheless, the global herbicides market is affected by a few notable restraints, thus having unwelcome effects on its growth and product sales. Rising health and environmental concerns, especially due to the use inorganic herbicides, have been a significant obstacle influencing the market. This is caused many governmental bodies to ban the use of herbicides. A prime example of this involves banning of glyphosate in Europe, which is an extensively used herbicide. Many other states in different regions have implemented restrictions on the use of certain herbicide products, for safeguarding health and environment.