Market Dynamics:
Wide range of applications to drive the market growth
2,4-D is the most widely used herbicide in agriculture for protecting crop quality, increasing food yield, and in land management by managing poisonous and invasive weeds on roadways, parks, forests, and grasslands. It is also used in lawn and turf management for safeguarding grasses from weeds and promoting soft turf. Such wide range of applications of 2,4-D is expected to drive growth of the 2,4-D market globally. Moreover, modernization in farming techniques and the increasing usage of agrochemicals to increase crop yield are the major factors driving the global 2,4-D herbicide market. In order to cater to the increasing demand for grains, cereals, fruits and vegetables, among others with the growing population, the demand for agrochemicals such as fungicide, herbicide and insecticide has increased across the globe. For instance, according to the FAO, world cereal production in 2015-16 was 2590.1 million tons, which increased to 2,703.6 million tons in 2017-18. Also, the low cost, high efficiency and environmental benefits 2,4-D herbicide as compared to other herbicide products also help drive the market.
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On the other hand, limited use in current scenario and complexity involved in the manufacturing of 2,4-D herbicides has proved to be a restraint for the 2,4-D herbicides market. Also, the stringent regulations & polices in developed regions may hamper the growth of global 2,4-D herbicides market.
Market Segmentation:
Liquid is the most widely available form, holding about XX% of the global market
There is an increase in the awareness for alternative methods of weed control and bio-based pesticides owing to rise in health concerns and adverse effects on environment. On the other hand, the oilseeds & pulses segment, by crop type, is projected to have the highest CAGR during the forecast period. This is due to the growing demand for soybean which is a major edible oil. Moreover, there has been a rise in the usage of herbicides in the cultivation of pulses especially in Asian countries in recent years.
Geographical Penetration:
Asia Pacific is the largest market for 2,4-D herbicides with a share of nearly XX% in global sales value in 2020
By geography, Asia Pacific is the largest market for 2,4-D herbicides with a share of nearly XX% in global sales value in 2019, owing to large scale utilization of 2,4-D herbicide in wheat, corn, rice, and other crops. The declining availability of agricultural labor and shift towards precision farming practices is resulting in rapid transition of manual weed control towards crop protection chemicals. Moreover, the demand for 2,4 D herbicide is growing in the Asia-Pacific region due to the rise in awareness about better crop protection methods and less stringent regulation policies adopted by regulatory bodies. There is also a high demand for generic herbicides adopted by a majority of farmers in different countries in the Asia-Pacific region. India and China are leading the 2,4-D herbicides consumption in this region and are expected to hold their dominance over the forecast period.
Competitive Landscape:
The global 2,4 D Herbicides market is highly competitive in nature with the presence of many formulators. Some of the major players of the market include DowDuPont, BASF, Monsanto, FMC Corporation and Nufarm Ltd. They have strengthened the market through their product offerings. Continuous innovation to introduce new products, with functional benefits is the key competitive factor in the market. For instance, In June 2018, BASF SE launched pre-emergent and residual herbicide Zidua for Argentinean farming. In Argentina, Nufarm has developed Weedar Full, a hormonal herbicide that combines two salts, based on the 2,4-D non-volatile amine.
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COVID-19 Impact:
The market witnessed a negative impact
The entire world is facing the effects of the COVID-19 pandemic in various sectors and industries. As China is the producer and supplier of most of the raw materials or inputs in many industries, the outbreak of Coronavirus in China has disrupted the entire economy. The restriction on logistics has been the main challenge for all sectors of the industry. Transportation through trucks were severely hit. As for cross border transportation through trucks, drivers had to be quarantined for two weeks if the road hadn’t already been blocked. Also, the movement of vehicles were restricted by the provinces that are coming from states or places where the situation was worst. However, Asia Pacific agriculture industry, particularly in countries such as India and China remained resilient to the pandemic as much of the farm produce is used in household consumption and farming practices were exempted under essential categories. Thus the demand for 2,4-D herbicides remained in line with the expected growth rates, thereby offsetting the decline in European markets.
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