The Latin America herbicides market size is expected to reach USD 12.99 billion in 2024 and reach USD 18.22 billion by 2029, growing at a CAGR of 7% from 2024 to 2029.
Herbicides, also known as weed killers, are chemical Formulations used to kill selected plants while leaving the desired crop unharmed. Herbicides are produced either from synthetic chemicals or Organic substances. Synthetic herbicides cause various environmental hazards and are even harmful to humans. To overcome this use of bioherbicides is preferred which are made from organic substances.
Rising Demand for high agricultural productivity, increasing Populace and rising disposable income are some of the factors driving the market. However, Synthetic Herbicides cause so many environmental hazards, which resulted in Strict regulations on the use of Herbicides. These regulations are one of the major factors restraining the market.
On the basis of Type, the market is segmented into Synthetic and Bioherbicides. Further, on the basis of Synthetic Herbicides, the market is further segmented into Glyphosate, 2, 4-D, Diquat, and Others. On the basis of Crop Type, the market is segmented into Cereals & Grains, Oilseeds & Pulses, Fruits & Vegetables, and Others. On the basis of Mode of Action, market is further segmented into Selective, Non-Selective. The cereals and Grains segment accounted for the highest share of the market owing to the increased consumption of diets. Geographically, the market is segmented into Brazil, Argentina, and Mexico. Latin America dominates the market completely. It is still increasing at the highest CAGR because of developing economies and growing demand for healthy food.
The Major Players in this market are E.I. du Pont de Nemours & Company, BASF SE, The Dow Chemical Company, Syngenta AG, Monsanto Company, Platform Specialty Products Corporation, FMC Corporation, Nufarm Ltd., Nissan Chemical Industries Ltd., Drexel Chemical Co.
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