- Rise in cultivation of genetically modified (GM) crops spurring massive sales in glyphosate year-over-year, especially in emerging economies; agrochemical companies in glyphosate market lean on offering low priced generic glyphosate herbicides
- Focus of agriculturists and farmers on adopting integrated weed management system; Asia Pacific market to gain revenues during forecast period
ALBANY, N.Y., Feb. 17, 2022 /PRNewswire/ -- Products in the glyphosate market are witnessing sales from their rising application in controlling broadleaf weeds and grasses in agriculture as well as non-agricultural applications such as in home & garden. Massive global use of the pesticide for herbicide-tolerant (HT) food crops has spurred the expansion of profitable opportunities. The global valuation of glyphosate market is estimated to reach US$ 17.7 Bn by 2031.
The past few decades have witnessed surge in sales of glyphosate for use in herbicide tolerant genetically modified (GM) plants, note the analysts in a detailed scrutiny on the glyphosate market. The revenue has also grown from the wide application of the products for increasing the yield of several high-value conventional crops such as corn, cotton, canola, soybean, sugar beet, and legume, leafy, and bulb vegetables.
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Regulatory agencies in developed nations have found that there exist no risks of concern to human health from the residues of glyphosate when used in accordance with tolerance or limit. Glyphosate-based herbicides are effective against a wide variety of plants, thereby propelling the revenue sales from their demand in residential and commercial applications.
Key Findings of Glyphosate Market Study
- Demand for Cost-effective Herbicides Underpins Vast Profitable Opportunities: The massive demand for inexpensive herbicides in the agriculture industry is generating value-grab opportunities for agrochemical producers in the glyphosate market, especially in Latin America and Asia Pacific. The products are popular for targeting a broad range of weeds, with favorable impact on no-till and low-till farming. The role of glyphosates in weed control applications is underpinned by its effect on invasive and noxious weeds.
- Integrated Weed Management System Help Comply with Stringent Regulations: Initiatives by regulatory agencies on promotion of best herbicide usage practices and integrated pest management have gained momentum especially in North America. The increasing adoption of integrated pest management in worldwide cultivation is broadening the horizon, find the authors of the TMR study on the glyphosate market. The practice mainly comprises use of use of combination of various herbicides. This is helping countries meet stringent regulations in Europe and other prominent regions. Rise in cultivation of genetically modified herbicide tolerant crops has unlocked abundant profitable opportunities in recent decades. GM food labelling has played a key role in enriching the prospects.
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Glyphosate Market: Key Drivers
- The increasing trend of no-tillage farming practices is broadening the revenue streams for players in the glyphosate market. Coupled with this, the inclination toward adopting integrated pest management practices in various regions is a key driver, notes the in-depth report on the market.
- Broad-spectrum herbicides occupy a crucial role in protecting or increasing crop yields around the world, thereby propelling the rapid evolution of the glyphosate market.
Glyphosate Market: Regional Growth Dynamics
- Asia Pacific held a major share of the global glyphosate market in 2020. Widespread uptake of glyphosate herbicides in the agriculture sector has propelled the sales revenues in the market over the years. The revenue growth is bolstered by massive export of low-priced generic glyphosate herbicides from China.
- Stringent regulatory oversight on the recommended usage of herbicides in agriculture have underpinned revenue growth in Europe and the U.S.
Glyphosate Market: Key Players
Prominent players in the glyphosate market are Nufarm Ltd., Syngenta AG, Nantong Jiangshan Agrochemical & Chemicals Co., Ltd., E. I. du Pont de Nemours and Company, Monsanto Company, and Dow AgroSciences LLC.
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Global Glyphosate Market: Segmentation
Glyphosate Market, by Application
- Genetically Modified (GM) Crops
- Conventional Crops
Glyphosate Market, by Region
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- U.K.
- Italy
- Russia & CIS
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- ASEAN
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
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