Glyphosate Market Overview
Glyphosate refers to an organophosphorus compound that is extensively used as a systemic herbicide and crop desiccant. Glyphosate herbicides help in the conservation of the quality of soil and other resources. It also stores the water quality while helping in the reduction of carbon dioxide emissions. These herbicides are used to get rid of weeds and grasses that hinder the growth of consumable plants. Market Research Future (MRFR) in their latest analysis, have regarded that the global glyphosate market size is anticipated to ascend at a 6.2% CAGR over the forecast period of 2020 to 2030.
There are various factors attributing to such fast-paced growth of the glyphosate market. The upscaling use of genetically modified crops is likely to cause a higher demand for glyphosate during the forecast period. Further inclination towards minimum tillage systems will push the glyphosate demand higher on the growth chart. Rising penetration of globalization and industrialization, worldwide, have led to a substantial reduction in the amount of arable land. This, in turn, has resulted in the high demand for fertile land supplements, hence, propelling the glyphosate market growth.
Moreover, growing demand for agriculture in developing economies is likely to prompt favorable growth in the glyphosate market. However, environmental and health risks associated with glyphosate have led governments in multiple countries to introduce stringent regulations against glyphosate. These regulatory norms banning the use of glyphosate in agricultural practices are most likely expected to pose as a major hindrance in the growth of the global glyphosate market. However, the glyphosate market is anticipated to sustain from high demand from other non-agricultural sectors.
Glyphosate Market Key players
The notable players in the global glyphosate industry include Nufarm Limited (Australia), UPL Limited (India), Syngenta AG (Switzerland), Zhejiang Xinan Chemical Industrial Group Co., Ltd. (China), Monsanto Company (U.S.), E.I. Du Pont De Nemours Company (U.S.), Bayer AG (Germany), The Dow chemical company (U.S.), Nantong Jiangshan Agrochemical Chemical, Inc. (China), and Adama Agricultural Solutions Ltd (Israel).
Glyphosate Market segmentation
The global glyphosate market has been studied for crop types, forms, and various applications of glyphosate. Different crop types studied in the report include conventional crops and genetically modified crops. Various forms of glyphosate available in the market include liquid glyphosate and dry form of glyphosate. Glyphosate has multiple applications ranging from use for or oil seeds pulses, grains cereals, weed removal, and fruits and vegetables.
Detailed regional analysis
The global glyphosate market has been studied for various regional segments of Europe, North America, Latin America, Asia Pacific, and the Middle East and Africa. Among these regions, Asia Pacific held the largest share of the glyphosate market in 2022 and is anticipated to retain is a dominant position through the forecast period. Such dominance can be attributed to a growing demand for glass for agriculture and removal of weeds. Mounting population in the region has led to higher agricultural demands, which has resulted in the cultivation of crops using advanced methods. These advanced methods have led to extensive use of pesticides and insecticides in the APAC region, leading to higher consumption of glyphosate, pushing the regional glyphosate market scope.
Europe’s glyphosate market is expected to ascend at a steady CAGR during the forecast period. The ban on glyphosate was lifted by the European Union, for five years in 2017, which is expected to pose favorably for the growth of the regional glyphosate market. The UK, Italy, and Germany are expected to be primary glyphosate market within Europe.
North America is expected to be a significant market for glyphosate. This can be attributed to the employment of advanced farming methods used to yield a large volume of agricultural cultivation. Apart from this, the presence of a large number of glyphosate manufacturers based in the US is contributing heavily to the growth of the glyphosate market in the region. Canada, Mexico, and The US are expected to be the primary country-specific glyphosate market in North America.
Latin America is estimated to exhibit a moderate CAGR for glyphosate as the adoption of the latest technologies and agriculture is observed to be sluggish in the region. Brazil, Uruguay, and Argentina are currently expected to be the dominant country-specific deposit markets in Latin America. Meanwhile, the Middle East and Africa are expected to showcase the lowest consumption of glyphosate, as compared to other regions. This can be accredited to a limited amount of agricultural activities carried out in the region.
Industry Update
June 2018: Bayer AG recently announced the completion of its merger with Monsanto for USD 63 billion. Announced in September 2016, the deal has been closed today after Bayer got all regulatory approvals from several countries including India and the US.
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