HERBICIDES MARKET SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS (2023 - 2028)


Herbicides Market Analysis:

The estimated size of the Herbicides Market is USD 30.32 billion in 2023, with an expected growth to USD 40.84 billion by 2028, exhibiting a Compound Annual Growth Rate (CAGR) of 6.14% during the forecast period (2023–2028).

Herbicides are the most significant segment in crop protection chemicals across all regions and countries, owing to their cost-effective weed control capabilities. Additionally, genetically modified organisms (GMOs) have revolutionized the use of pesticides in agriculture, with herbicide-tolerant GM crops leading to an increase in herbicide usage.

The Asia-Pacific region is the largest geographical segment of the market, accounting for the majority of the overall market. China has the most extensive herbicide market in the Asia-Pacific region, with most of the produced herbicides exported to developing countries in South Asia, such as Pakistan and Bangladesh. India is the fastest-growing market for herbicides in the Asia-Pacific region.

The global herbicide market is driven by two primary factors: changing climatic conditions, diminishing arable land, and increasing food demand. Despite various government policies to regulate herbicide usage, integrated pest management is paving the way for pest control without causing harm to the environment. This presents an excellent opportunity for herbicide manufacturers to tap into the market potential for manufacturing green herbicides, which are growing at a faster rate and driving the market during the forecast period.

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