February 29, 2024
Weed Control Market

Projected Increase In Crop Prices To Boost The Growth Of The Weed Control Market

The global Weed Control Market is estimated to be valued at US$ 30.33 Bn in 2023 and is expected to exhibit a CAGR of 5.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Weed control refers to the practice of preventing unwanted plants from establishing or growing in crop fields and non-crop areas. Weeds compete with crops for water, sunlight and nutrients from the soil. They can harbor crop pests and diseases and reduce crop yield and quality if left uncontrolled. Weed control products including herbicides provide effective and economical solutions for controlling weeds in agricultural farms. The growing global population and rising crop prices are encouraging farmers to boost crop yields through the effective use of weed management practices and products.

Market key trends:

One of the major trends in the weed control market is the rising adoption of precision agriculture and digital farming techniques. Farmers are increasingly utilizing precision agriculture technologies such as GPS systems, sensors and software to map weeds and selectively spray herbicides only in weed-infested areas. This targeted application of herbicides is reducing chemical usage and boosting cost savings for farmers. It also helps minimize the impact of herbicides on soil, water and environment. The integration of modern technologies with traditional weed control methods is expected to drive sustainable market growth over the forecast period.

Porter’s Analysis

Threat of new entrants: The weed control market size requires high R&D investments and regulatory approvals. This poses high entry barriers for new players.
Bargaining power of buyers: The market has a large number of buyers including farmers, distributors and retailers. This increases their bargaining power against existing players.
Bargaining power of suppliers: A few major players supply key raw materials like active ingredients used in herbicides. This gives them control over prices.
Threat of new substitutes: Alternatives like bioherbicides and manual weeding pose a potential threat, though their uptake is currently low due to effectiveness issues.
Competitive rivalry: The market is highly consolidated with top players accounting for majority share. Intense competition keeps pricing pressure on players.

Key Takeaways

The global weed control market is expected to witness high growth, exhibiting CAGR of 5.8% over the forecast period, due to increasing pressure on farmers to boost agricultural yield without compromising on quality.

Regional analysis: North America dominates currently due to large agricultural fields and widespread adoption of herbicides. Asia Pacific is expected to witness fastest growth owing to rising food demand from countries like China and India coupled with support for farm mechanization.

Key players operating in the weed control market are Bayer AG, BASF SE, Syngenta AG, Corteva Agriscience, FMC Corporation, Nufarm Limited, Dow AgroSciences, UPL Limited, Adama Agricultural Solutions, AMVAC Chemical Corporation, Valent U.S.A., and Isagro S.p.A. Players are focusing on new product launches and M&A activities to gain shares in major markets.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it