Herbicide Market

The global herbicide market is forecasted to see continued growth in both consumption volume and value over the period from 2022 to 2030. Market performance is expected to maintain an upward trend, with a projected CAGR of +4.0% in consumption and +4.7% in value. The largest consumers of herbicides in 2022 were China, the United States, and Brazil, while the highest levels of per capita consumption were recorded in Finland. Production, imports, and exports of herbicides also showed positive trends, with China dominating the exports market. Overall, the herbicide market is expected to see further growth in the coming years.

Market Forecast

Driven by increasing demand for herbicides worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +4.0% for the period from 2022 to 2030, which is projected to bring the market volume to 6.9M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +4.7% for the period from 2022 to 2030, which is projected to bring the market value to $53.6B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Herbicides

For the third year in a row, the global market recorded growth in consumption of herbicides, which increased by 0.6% to 5.1M tons in 2022. The total consumption volume increased at an average annual rate of +4.4% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2017 with an increase of 9.7%. Global consumption peaked in 2022 and is likely to see gradual growth in the immediate term.

The global herbicide market size rose significantly to $37.2B in 2022, increasing by 10% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). The market value increased at an average annual rate of +4.9% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the global market reached the peak level in 2022 and is likely to continue growth in the immediate term.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were China (690K tons), the United States (625K tons) and Brazil (402K tons), with a combined 34% share of global consumption. India, Indonesia, Canada, Australia, Russia, Japan, Mexico, Nigeria, Turkey and Finland lagged somewhat behind, together comprising a further 32%.

From 2012 to 2022, the biggest increases were recorded for Finland (with a CAGR of +39.1%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, the largest herbicide markets worldwide were the United States ($4.9B), Japan ($4.5B) and Brazil ($3.1B), together accounting for 34% of the global market. China, Canada, India, Indonesia, Russia, Australia, Mexico, Turkey, Finland and Nigeria lagged somewhat behind, together accounting for a further 33%.

Finland, with a CAGR of +40.8%, saw the highest growth rate of market size in terms of the main consuming countries over the period under review, while market for the other global leaders experienced more modest paces of growth.

In 2022, the highest levels of herbicide per capita consumption was registered in Finland (17 kg per person), followed by Australia (6.5 kg per person), Canada (4.4 kg per person) and Brazil (1.9 kg per person), while the world average per capita consumption of herbicide was estimated at 0.6 kg per person.

From 2012 to 2022, the average annual rate of growth in terms of the herbicide per capita consumption in Finland totaled +38.8%. The remaining consuming countries recorded the following average annual rates of per capita consumption growth: Australia (+7.4% per year) and Canada (+0.6% per year).

Production

World Production of Herbicides

In 2022, the amount of herbicides produced worldwide stood at 5.3M tons, approximately mirroring the previous year. Over the period under review, the total production indicated a temperate expansion from 2012 to 2022: its volume increased at an average annual rate of +4.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +8.9% against 2017 indices. The pace of growth was the most pronounced in 2017 when the production volume increased by 33%. Global production peaked in 2022 and is likely to continue growth in the near future.

In value terms, herbicide production dropped modestly to $32.3B in 2022 estimated in export price. The total output value increased at an average annual rate of +4.7% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2014 when the production volume increased by 15% against the previous year. Over the period under review, global production hit record highs at $33B in 2021, and then reduced in the following year.

Production By Country

China (2.2M tons) constituted the country with the largest volume of herbicide production, comprising approx. 42% of total volume. Moreover, herbicide production in China exceeded the figures recorded by the second-largest producer, the United States (725K tons), threefold. The third position in this ranking was taken by India (463K tons), with an 8.8% share.

From 2012 to 2022, the average annual growth rate of volume in China stood at +7.4%. The remaining producing countries recorded the following average annual rates of production growth: the United States (+4.6% per year) and India (+8.4% per year).

Imports

World Imports of Herbicides

In 2022, the amount of herbicides imported worldwide rose significantly to 2.6M tons, surging by 8.8% against 2021. The total import volume increased at an average annual rate of +4.5% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2020 with an increase of 22% against the previous year. Over the period under review, global imports hit record highs in 2022 and are expected to retain growth in years to come.

In value terms, herbicide imports surged to $19.4B in 2022. Over the period under review, total imports indicated a prominent expansion from 2012 to 2022: its value increased at an average annual rate of +6.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +69.1% against 2019 indices. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports By Country

In 2022, Brazil (394K tons), distantly followed by Australia (181K tons), Canada (180K tons) and Nigeria (126K tons) represented the main importers of herbicides, together creating 33% of total imports. The following importers - the United States (107K tons), Thailand (84K tons), France (82K tons), Indonesia (75K tons), Argentina (59K tons), Germany (57K tons), Ukraine (56K tons), South Africa (55K tons) and the UK (47K tons) - together made up 24% of total imports.

Brazil was also the fastest-growing in terms of the herbicides imports, with a CAGR of +18.7% from 2012 to 2022. At the same time, Indonesia (+13.1%), the United States (+9.3%), Australia (+9.0%), South Africa (+6.7%), Nigeria (+5.7%), the UK (+2.2%), Argentina (+2.1%) and Canada (+1.9%) displayed positive paces of growth. France, Germany and Ukraine experienced a relatively flat trend pattern. By contrast, Thailand (-2.1%) illustrated a downward trend over the same period. While the share of Brazil (+11 p.p.), Australia (+2.4 p.p.) and Indonesia (+1.6 p.p.) increased significantly in terms of the global imports from 2012-2022, the share of Ukraine (-1.5 p.p.), France (-1.9 p.p.), Canada (-2 p.p.) and Thailand (-3 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Brazil ($3.4B) constitutes the largest market for imported herbicides worldwide, comprising 18% of global imports. The second position in the ranking was held by Canada ($1.2B), with a 6.1% share of global imports. It was followed by Australia, with a 5.5% share.

In Brazil, herbicide imports expanded at an average annual rate of +21.8% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Canada (+6.4% per year) and Australia (+11.2% per year).

Import Prices By Country

The average herbicide import price stood at $7,396 per ton in 2022, with an increase of 25% against the previous year. Over the last decade, it increased at an average annual rate of +1.4%. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Germany ($11,251 per ton), while Nigeria ($4,092 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Nigeria (+5.3%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Herbicides

In 2022, shipments abroad of herbicides increased by 8.8% to 2.8M tons, rising for the third consecutive year after two years of decline. Over the period under review, total exports indicated prominent growth from 2012 to 2022: its volume increased at an average annual rate of +5.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +36.9% against 2019 indices. The most prominent rate of growth was recorded in 2017 when exports increased by 75% against the previous year. Over the period under review, the global exports attained the maximum in 2022 and are expected to retain growth in the immediate term.

In value terms, herbicide exports surged to $20.5B in 2022. In general, total exports indicated a strong expansion from 2012 to 2022: its value increased at an average annual rate of +7.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +70.0% against 2019 indices. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports By Country

China dominates exports structure, finishing at 1.6M tons, which was approx. 55% of total exports in 2022. The United States (207K tons) took the second position in the ranking, followed by India (202K tons) and Belgium (141K tons). All these countries together held approx. 19% share of total exports. The following exporters - France (94K tons), Germany (84K tons), Israel (68K tons) and Malaysia (51K tons) - together made up 10% of total exports.

Exports from China increased at an average annual rate of +9.8% from 2012 to 2022. At the same time, India (+18.9%), Malaysia (+7.3%) and Germany (+1.1%) displayed positive paces of growth. Moreover, India emerged as the fastest-growing exporter exported in the world, with a CAGR of +18.9% from 2012-2022. Israel and the United States experienced a relatively flat trend pattern. By contrast, Belgium (-2.2%) and France (-3.0%) illustrated a downward trend over the same period. From 2012 to 2022, the share of China and India increased by +19 and +5 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($7.8B) remains the largest herbicide supplier worldwide, comprising 38% of global exports. The second position in the ranking was held by India ($2.2B), with an 11% share of global exports. It was followed by the United States, with a 9.6% share.

In China, herbicide exports expanded at an average annual rate of +16.4% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: India (+26.1% per year) and the United States (+3.5% per year).

Export Prices By Country

In 2022, the average herbicide export price amounted to $7,187 per ton, surging by 21% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.7%. The growth pace was the most rapid in 2016 an increase of 37% against the previous year. As a result, the export price reached the peak level of $7,803 per ton. From 2017 to 2022, the average export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was France ($14,202 per ton), while Malaysia ($4,380 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+6.0%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform