July 16, 2024
Weed Control Market
Ict

Rising Adoption of Smart Farming Practices to Boost the Growth of 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 regulation or suppression of unwanted plant life for the purpose of maximizing the growth and yield of desired vegetation. Commonly used weed control methods include herbicides, mechanical weed control, and thermal weed control. Herbicides account for the largest share of weed control products. The growing adoption of integrated weed management practices along with the increasing acceptance of sustainable farming techniques are driving the demand for weed control globally. Advantages of proper weed control include increased crop yield, better soil quality, reduced soil erosion, and improved aesthetics.

Market key trends:

One of the key trends in the weed control market is the rising adoption of smart farming practices. Smart farming utilizes information and communication technologies for optimizing agricultural productivity and sustainability. Various smart farming applications allow farmers to precisely detect and selectively spray specific weeds while avoiding crops. For instance, computer vision and machine learning based weed detection and control systems can identify weed species in real-time and activate targeted weed control mechanisms like automated sprayers. This leads to more efficient use of herbicides and labor. The development of precision agriculture technologies is expected to boost the demand for advanced weed control solutions over the forecast period.

Porter’s Analysis:

Threat of new entrants: The weed control market requires high R&D investments along with regulatory compliances. These factors act as entry barriers for new players.

Bargaining power of buyers: The presence of many product alternatives gives buyers high bargaining power. Buyers can negotiate for better prices and quality.

Bargaining power of suppliers: Major suppliers in this market are agrochemical manufacturers. Suppliers have moderate bargaining power due to the differentiated nature of their products.

Threat of new substitutes: Several new types of herbicides and weed control techniques are emerging as alternatives. This increases the threat of substitution.

Competitive rivalry: Being a mature market, competition is high among established players. They focus on new product innovations and portfolio expansion to gain market share.

Key Takeaways:

The Global Weed Control Market Size is expected to witness high growth, exhibiting CAGR of 5.8% over the forecast period 2023 to 2030, due to increasing agriculture production and declining arable land.

Regional analysis: North America dominated the market in 2022 with over 30% share owing to high demand for herbicide products from USA and Canada. Asia Pacific is projected to be the fastest growing region during the forecast period supported by increasing mechanization in major countries like India and China.

Key players operating in the weed control market are Bayer AG, BASF SE, Syngenta AG (now owned by ChemChina), Corteva Agriscience, FMC Corporation, Nufarm Limited, Dow AgroSciences (part of Corteva Agriscience), UPL Limited, Adama Agricultural Solutions (part of Syngenta Group), AMVAC Chemical Corporation, Valent U.S.A. (part of Sumitomo Chemical), Isagro S.p.A., Marrone Bio Innovations, Albaugh LLC, Drexel Chemical Company. Key players focus on new formulations, as well as mergers and acquisitions for business expansion.

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