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.
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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