According to Stratistics MRC, the Global Herbicides Market is accounted for $27.45 billion in 2016 and is expected to reach $44.56 billion by 2023 growing at a CAGR of 7.1% during the forecast period. Factors such as selection of better farming practices globally and increase in production of cereals and grains in Asian Countries are propelling the market growth. However, cancer causing nature of certain active ingredients and herbicide residue issues are hindering the market. Growing agricultural industry in developing economies is providing the significant growth opportunities for the market.
By basis of type, glyphosate segment is anticipated to grow at the highest CAGR due to extensive maintenance in gels and powders, which are more available for usage. By geography, Asia-Pacific is anticipated to be the fastest growing market owing to progressions in crop protection techniques against weeds and requirements for low-priced generic herbicide formulations.
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