Latin America Herbicides Market value of USD 10.60 billion in 2021 and is forecasted to exhibit a CAGR of 7% and reach USD 14.07 billion by 2026. 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 Stringent regulations on the use of Herbicides. These regulations are one of the major factors restraining the market.
Herbicides Market is segmented on the basis of
On the basis of Type, market is segmented into Synthetic and Bioherbicides. Further on the basis of Synthetic Herbicides, market is further segmented into Glyphosate, 2, 4-D, Diquat, Others. On the basis of Crop Type, market is segmented into Cereals & Grains, Oilseeds & Pulses, Fruits & Vegetables, Others. On the basis of Mode of Action, market is further segmented into Selective, Non-Selective. Cereals and Grains segment accounted for highest share in the market owing to the increased consumption in diets. Geographically, 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.
Major Key Players:
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., and Drexel Chemical Co.
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