Increasing Adoption Of Herbicides For Agricultural Applications
The 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.
SWOT Analysis:
- Strengths: The weed control market has a large presence of established key players with strong R&D capabilities. These companies invest heavily in developing advanced weed control solutions. The rising agricultural production globally has increased the demand for weed control solutions.
- Weaknesses: Strict regulations regarding the use of chemical herbicides in many countries is a challenge. Further, development of resistant weeds poses risks to the effectiveness of existing weed control products.
- Opportunities: Advancements in bio-based and organic weed control solutions provide growth opportunities. Adoption of modern precision farming technologies allow for more efficient application of weed control products.
- Threats: Changing climatic conditions may support the growth of new invasive weed variants. Substitutes such as hand weeding require more labor but are preferred by organic farmers.
Key Takeaways:
The Global Weed Control Market Demand is expected to witness high growth, exhibiting CAGR of 5.8% over the forecast period, due to increasing pressure on global food supply amid rising population. Advancements in precision agriculture technologies are enabling more efficient spraying of herbicides, thereby optimizing crop protection.
Regional analysis: North America dominates the global weed control market, accounting for over 30% share. Large agricultural lands and growing adoption of modern farming practices in the US and Canada support market growth. Asia Pacific exhibits the fastest growth led by countries such as India and China. Increasing crop cultivation in the region to cater to the large population is driving greater spending on weed control.
Key players: 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., Isagro S.p.A., Marrone Bio Innovations, Albaugh LLC, and Drexel Chemical Company. These companies invest heavily in developing advanced chemical and bio-based weed control solutions to strengthen their market position.
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https://www.articledistrict.com/weed-control-market-is-estimated-to-witness-high-growth-3/
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