Market Overview
2,4-Dichlorophenoxyacetic Acid, also known as 2, 4-D, is a kind of phenoxy herbicide. It is the most frequently used form of herbicide in agriculture. Herbicides are often used in agricultural techniques to preserve plant growth and good output. These herbicides are used in agricultural and non-agricultural applications such as lawns, parks, turfs, gardening, golf courses, and forestry, among other areas.
The key factor that contributes to the rising demand for 2, 4-D and its derivatives is its low price and efficiency per acre compared to other herbicides. Furthermore, since 2,4-D is highly soluble in water and many other solvents, it may quickly infiltrate the soil (from the plant), boost crop output, encourage plant development, and improve soil quality.
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Market Growth Analysis
As per DataM Intelligence’s latest report, the “Global 2,4 D Herbicides Market” is estimated to reach at a CAGR of 8.28% during the forecast period 2023-2030.
Market Drivers
A Wide Range of Applications to Drive the Market Growth
2,4-D is the most frequently used herbicide in agriculture for crop quality protection, increased food output, and land management by controlling dangerous and invasive weeds on roads, parks, forests, and grasslands. It is also used in lawn and turf care to protect grass from weeds and to promote soft turf. Because 2,4-D has such diverse uses, it is likely to drive global development of the 2,4-D market.
Furthermore, modernization of farming practices and increased use of agrochemicals to boost crop output are the primary drivers driving the global 2,4-D herbicide market. With a rising population and increased demand for grains, cereals, fruits, and vegetables, among other things, the demand for agrochemicals such as fungicides, herbicides, and insecticides has expanded globally.
According to the FAO, global grain output in 2015-16 was 2590.1 million tons, rising to 2,703.6 million tons in 2017-18. In addition, when compared to other herbicide products, the cheap cost, high effectiveness, and environmental advantages of 2,4-D herbicide help boost the market.
2,4 D Herbicides Market: Growth Opportunities
Adoption of Advanced Technology Provides Profitable Opportunities
The agricultural industry has progressed constantly over the last decade, and governments are spending extensively on adopting modern technologies to enhance the sector throughout the projection period. Modern agriculture makes extensive use of robots, temperature and moisture sensors, aerial photography, and GPS technology.
Moreover, with the implementation of new technologies, several nations have observed a move toward plant-based components to boost agricultural productivity and product quality.
Segmentation Analysis
The global 2,4 D Herbicides Market is segmented by form into liquid, and granular; and by crop type into corn, wheat, cotton, soybean, and others.
Liquid is the Most Widely Available Form, Holding a Significant Global 2,4 D Herbicides Market Share
There is a greater awareness of alternate weed control approaches, including bio-based pesticides, owing to rising health concerns and negative environmental repercussions. The oilseeds and pulses sector, on the other hand, is expected to have the greatest CAGR throughout the projection period. This is due to rising demand for soybean, a key edible oil. In addition, the use of herbicides in pulse farming has increased in recent years, particularly in Asian nations.
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Regional Insights
By region, the global 2,4 D Herbicides Market is segmented into North America, Latin America, Europe, Asia Pacific, the Middle East, and Africa.
Asia Pacific to Hold Significant Share of Global 2,4 D Herbicides Market
Asia Pacific is the largest market for 2,4-D herbicides, accounting for a sizable market share due to the widespread use of 2,4-D herbicides in wheat, maize, rice, and other crops. The scarcity of agricultural labour and the trend toward precision farming methods are hastening the switch from manual weed control to crop protection chemicals.
Furthermore, demand for 2,4 D herbicide is increasing in the Asia-Pacific area as a result of increased knowledge about improved crop protection measures and less severe regulatory rules implemented by regulatory agencies. Additionally, there is considerable demand for generic herbicides, which are used by the majority of farmers in various nations around the Asia-Pacific region.
India and China are leading the 2,4-D herbicide consumption in this region and are expected to hold their dominance over the forecast period.
Competitive Landscape
The prominent companies contributing to the global 2,4 D herbicides market growth include Adama Agricultural Solutions, Aero Agro Chemical Industries Limited, DowDupont, BASF SE, Monsanto Company, TCI Chemicals (India) Pvt. Ltd, Kenvos Biotech Co., Ltd., Nufarm Ltd, Mercator Pharma, Cayman Chemical.
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