Data from the recent Research and Markets report showed that global herbicide market was valued at $23.97 billion in 2016 and is projected to grow to $34.10 billion by 2022. According to the report, the industry is set to have a compound annual growth rate of 6.05 percent during the six-year period. The researchers also noted that the steady transition from selective herbicide to non-selective herbicide use will be a primary trend during these years. The report also revealed bio-herbicide use is expected to show the biggest gains during the forecast period at a CAGR of 23.5 percent, while the glyphosate segment is expected to increase at a CAGR of 5.69 percent.

The report also showed that Latin America and Asia-Pacific regions were the leading herbicide consumers in 2016, accounting for more than 50 percent of the total market share in the previous year. According to the report, Asia Pacific is slated to be the fastest growing herbicide market. The report also noted that the increasing demand from end applications and the booming agriculture industry in both Latin America and Asia Pacific regions will spur greater demands for glyphosate-containing herbicides.