North America 2,4 D Herbicides market was valued at USD 934.13 million in 2021 and is likely to reach USD 1,527.10 million by 2029, growing at a CAGR of 6.37%
— DataM Intelligence
CLEVELAND, OHIO, UNITED STATE AMERICA, December 19, 2022 /EINPresswire.com/ — 2,4 D Herbicides Market Overview:
2,4-Dichlorophenoxyacetic acid (C₈H₆Cl₂O₃) is an organic compound that is usually referred to by its ISO common name 2,4-D. Since the 1940s, 2,4-D has been a widely used herbicide to control broadleaf weeds that have been used as a pesticide.
It is utilized for a range of field, fruit and vegetable crops as well as turf, lawns, rights-of-way, aquatic sites and forestry sites. Citrus plant growth can also be controlled with it. Products are offered in dust, granule, or liquid (concentrated or ready-to-use) formulations.
The United States Environmental Protection Agency (U.S. EPA) reviewed 2,4-D for re-registration in 2005; it has been used in the country since the 1940s. The U.S. EPA found that 2,4-D qualified for re-registration but required certain changes to labeled uses to mitigate risk.
2,4 D Herbicides Market Size Share Analysis:
The global 2,4 D Herbicides market was estimated to be at US$ 4,177.03 million in 2021 and is expected to grow at a CAGR of 6.27% during the forecast period (2022-2029) to reach a value of US$ 6,779.27 million in 2029. 2,4-Dichlorophenoxyacetic acid is a widely used organic compound usually referred to by its ISO common name 2,4-D. 2,4-D is an herbicide and also functions as a plant growth regulator. Formulations include acids, esters and several other salts, which vary in their environmental behavior, chemical properties and to a lesser extent, toxicity.
2,4-D is registered for use in both terrestrial and aquatic habitats and is used to manage broadleaf weeds in agricultural and non-agricultural settings. Major areas include agriculture, roads, residential lawns, grassland and rangeland. Field corn, soybeans, spring wheat, hazelnuts, sugarcane and barley are among the crops that receive 2,4-D treatment. Products containing 2,4-D have a wide range of uses and wide applications extend of the product create growth prospects for the product.
The key factor that escalated the demand for 2, 4-D and its derivatives is its lower price and efficiency per acre than other herbicides. Additionally, 2,4-D has a high water solubility and is soluble in various solvents, making it easy for it to penetrate the soil (from the plant) to increase crop output, encourage plant development and improve soil quality.
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2,4 D Herbicides Market Growth Dynamics:
Global population is anticipated to increase by over a third, or 2.3 billion people, between 2009 and 2050. The trend is a far slower rate of growth than that observed over the previous 40 years when it increased by 3.3 billion or more than 90%. The expansion is anticipated to occur almost exclusively in developing nations. Among the latter group, sub-Saharan Africa’s population would grow the fastest (+114 percent) and East and Southeast Asia’s the slowest (+13 percent).
With urbanization expected to continue at an accelerated rate, regions will make up 70 percent of the world’s population in 2050 (up from 49 percent at present). After reaching a peak in the following ten years, the rural population will drop. As a result of these changes, food demand is expected to rise. By 2050, the demand for cereals for food and animal feed is expected to increase from about 2 billion tonnes.
90 percent of the growth in crop production globally (80 percent in developing countries) is expected to come from higher yields and increased cropping intensity, with the remainder coming from land expansion. Arable land would increase by roughly 70 million ha (or less than 5%), with a decline of about 50 million ha counterbalancing the increase in developing countries of about 120 million ha being offset by a decline of some 50 million ha (or 8 percent) in the developed countries. Most land expansion in developing nations would occur in Latin America and sub-Saharan Africa.
Thus the growing demand for food and expanding arable land is creating a huge demand for herbicides market to grow across the globe to maintain the crop from different kinds of herds. 2,4 D is among the popular choice of farmers as the organic compound is inexpensive and can be used for wide applications.
Development in Agricultural Industry:
Low crop prices and poor farm profitability have contributed to a downturn in the agrochemical sector since 2014. Introducing new chemistry has become more difficult due to increased regulation, particularly in the EU, where registration is now controlled by hazard rather than risk.
Companies are now considering alternate crop protection technologies, such as biologicals/bio-stimulants, GM crops, precision agriculture, microbiome modification, eco-friendly herbicides etc. A vast chunk of industry consolidation has occurred due to the necessity to handle these alternative technologies and the decline in the chemical crop protection business, significantly altering the competitive climate.
2,4 D Herbicides Market Opportunities:
Farming sector has evolved rigorously over the past decade and countries are investing heavily in adopting advanced technology to boost the sector in the forecast period. Robots, temperature and moisture sensors, aerial photographs and GPS technology are all frequently used in modern agriculture. In addition, with the adoption of advanced technology, the shift towards plant-based ingredients to improve crop productivity and quality has been seen in various countries.
The COVID-19 pandemic had a wide-ranging impact on the worldwide economy. There is still an influence in 2,4 D Herbicides manufacturing and in pandemic times, its demand reduced at a significant rate.
The global 2,4 D herbicides market experienced a decline in 2020 owing to COVID-19’s impact. The governments took measures to curb the spread of the emerging COVID-19 pandemic. The imposition of strict lockdowns and movement restrictions of varying durations has hampered the growth of various industries. The lockdowns and other movement restrictions brought a complete halt to import-export activities, barring essential services.
2,4 D Herbicides Market Segmentation Analysis:
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2,4 D Herbicides Market Regional Insights:
By Crop Type:
• North America
• Latin America
• Asia Pacific
• Middle East and Africa
North America Regional Insights:
The North America 2,4 D Herbicides market was valued at US$ 934.13 million in 2021 and is likely to reach US$ 1,527.10 million by 2029, growing at a CAGR of 6.37% during 2022-2029.
Due to increased product demand from diverse non-agricultural applications, the United States held the largest share for 2,4 D Herbicides. 2,4-D is a herbicide used in agriculture to safeguard crop quality and increase food yield and in land management to control dangerous and invasive plants on roadways, parks, woods, and grasslands.
It is also used in lawn and turf care to keep weeds at bay and create soft turf. The fact that 2,4-D has so many applications is expected to drive expansion in the North American region.
South America Regional Insights:
The South America 2,4 D Herbicides Market was valued at US$ 756.83 million in 2021 and is likely to reach US$ 1,220.44 million by 2029, growing at a CAGR of 6.18% during the forecast period (2022-2029).
Brazil has the highest share of 2,4 D herbicides in the South American region because of rising product demand from soybean. The herbicide 2,4-D is the second most commonly used substance in soybeans in Brazil, trailing only glyphosate, which is the foundation of the country’s extensively employed no-tillage system.
Europe Regional Insights:
The Europe 2,4 D Herbicides Market was valued at US$ 596.36 million in 2021 and is likely to reach US$ 931.50 million by 2029, growing at a CAGR of 4.9% during the forecast period (2022-2029).
European countries require 2,4 D herbicides for weed control in agricultural fields. European farmers can continue using the popular herbicide for another 5 years. Other pesticides are less hazardous to mammals than glyphosate. Major corporations partnered and created breakthrough technology items to provide weed control to soybean growers. For instance, the European Union’s soybean output has tripled in the last ten years.
Asia Pacific Regional Insights:
The Asia-Pacific 2,4 D Herbicides Market was valued at US$ 1,788.74 million in 2021 and is likely to reach US$ 2,952.63 million by 2029, growing at a CAGR of 6.50% during the forecast period (2022-2029).
The region results from the widespread use of the herbicide 2,4-D in wheat, corn, rice, and other crops. The scarcity of agricultural labor and the shift toward precision farming procedures have rapidly shifted from manual weed control to crop protection chemicals
Middle East and Africa Regional Insights:
The Middle East & Africa 2,4 D Herbicides Market was valued at US$ 100.97 million in 2021 and is likely to reach US$ 147.59 million by 2029, growing at a CAGR of 4.89% during the forecast period (2022-2029).
The Middle East and Africa 2,4 D Herbicide markets are predicted to expand significantly over the forecast period due to increased agricultural output in African countries such as South Africa and Nigeria.
South Africa has the most farmland on the African continent. According to Statistics South Africa, the total income earned in the agriculture and allied services industry in 2019 was R351,4 billion, up from R314,0 billion in 2017. Between 2017 and 2019, total income increased by 5.8% annually.
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2,4 D Herbicides Market Competitive Analysis:
The 2,4-D herbicides industry is extremely competitive due to many players. Included among the market’s top companies are Adama Agricultural Solutions, Aero Agro Chemical Industries Limited, Sikko Industries Limited, Rainbow Agro, Albaugh Global, Tokyo Chemical Industry Co., Ltd. (TCI), Kenvos Biotech Co., Ltd., Nufarm Ltd, Dhanuka Agritech Ltd., Cayman Chemical, BASF SE, Monsato and Dow Chemical among others.
Corporations are introducing new services and creating cutting-edge technologies to remain competitive. New product developments and mergers and acquisitions are two other competitive strategies.