Glyphosate Market

Glyphosate Market Outlook

It is a form of sodium salt that is used as an herbicide. There are numerous variations of glyphosate, including acid and multiple salts. These come in two forms: solids and liquids with an amber hue. In the US, there are more than 750 items that contain glyphosate. The market is anticipated to cross a value of USD 11 billion by next year i.e 2024.

This is applied to the plants to regulate the growth of ripen-specific crop species. It is one of the widely used herbicides in the US region. Certainly, agriculture and forestry are two major areas where it is in demand.

Owing to the expansion of the industrial sector and urbanization this is used as an agent to get rid of weeds expanded over a large piece of land. Alongside, it also observed that some of these compounds are effective in controlling aquatic plants.

What are impelling factors for growth in this market?

Manufacturers Unleashing the Potential of Glyphosate in No-Till Farming

Soil has for a long time been degraded by mechanical weed management. With the introduction of the precision farming concept, farmers are looking for increased operational efficiency. The controlled use of tillage equipment, in turn, improves yield quality.

According to leading makers, the combination of glyphosate and glyphosate-tolerant crops encourages the use of sustainable practices including enhanced and novel tillage techniques and fuel conservation because fewer sprayer passes require less fuel.

Furthermore, the localized safe application in both post and pre-emerged herbicides is expected to adhere to agricultural principles and reduce tillage. Over time, this will also result in a significant decrease in greenhouse gas emissions.

Non-Agricultural Usage Likely to Rise in Demand

Apart from agriculture, Glyphosate is used in forestry to control woody plants and shrubs that can interfere with the growth of young trees. It is often applied as a foliar spray or injected into the stem of the plant.

It is used in landscaping to control weeds in turf grass, ornamental plantings, and along roadsides and highways. It is often applied as a foliar spray or with a backpack sprayer.

These compounds are effective in aquatic environments to control aquatic weeds, such as Eurasian watermilfoil and water hyacinth, which can interfere with navigation, recreation, and aquatic habitat. It can be applied directly to the water or used in combination with a surfactant to improve effectiveness.

Glyphosate is available in many formulations for home and garden use, including ready-to-use sprays and concentrates. It is used to control weeds in lawns, gardens, and around buildings. This is likely to increase demand for nurseries and gardens.

What are the downsides of the product that are likely to limit its sales?

It can be harmful in the case of both animals and humans. Its symptoms include flushing, nausea, headaches, high blood pressure, numbness, and palpitations of the heart. In addition, farmer's increasing understanding of plant growth development and agricultural improvement would push the market's expansion over the projection period. In addition, controlling weed growth and regulating plant growth are two more key qualities boosting product demand.

Key Players

• The DOW Chemical Company
• Bayer AG
• Monsanto Company
• Du Pont De Nemours and Company
• Syngenta AG
• Nufarm Limited
• Nantong Jiangshan Agrochemical & Chemical, Inc.
• Zhejiang Xinan Chemical Industrial Group Co., Ltd
• ADAMA Agricultural Solutions Ltd.
• United Phosphorus Limited (UPL)

Strategies by key companies

They are adopting business strategies such as sales contracts, strategic alliances, acquiring technical expertise, product approvals, patents and events, joint ventures, partnership agreements, collaborations, digital marketing, mergers and acquisitions, capacity utilisations, technological advancements, etc. to lead the global market with largest market share.

Some of these recent strategic moves by players are :

• 11 April 2023 - In an interview with the media at the 22nd AgoChemEx in Hangzhou, China, Lu Wenhui, Deputy General Manager of Fuhua Tongda, one of the largest producers globally, discussed the company's current export dynamics as well as Fuhua Tongda's future development of the circular economy approach. The company owns both upstream and downstream chains. The company will reduce dependence on external supply and production is anticipated to increase in the coming time.
• August 2021 - Jiangshan announced it become the second-largest supplier after acquiring Fuhua Tongda. The company is actively engaged in the production of pesticides and herbicides. Furthermore, chemical products such as chemical intermediaries and new materials are manufactured by the brand. The company has an annual production capacity of 70,000 tons.
• March 2021 - Bayer announced the launch of Vynyty Citrus®. The newly launched device is the latest biological and pheromone-based crop protection product that aims to control pests on citrus farms during the International Symposium on Horticulture in Europe.

Market Opportunities

GMO Crop Adoption

Food is expected to remain the largest application of GMO plants. The growing food demand from the population has recently fostered growth in the GMO corn and Soybean market. Glyphosate has a key role to play in the adoption of genetically modified (GM) crops that are engineered to be resistant to herbicides.

GM crops have helped to reduce the use of other herbicides and have allowed farmers to adopt conservation tillage practices that help to conserve soil and water resources. With the rising genetically modified crops coupled with improved food production demand the market is expected to observe a rise in demand.

Regional Outlook

The market is reigned by Asia Pacific as a region with a major share. Due to the rapid adoption of genetically modified crops in these countries are anticipated to retain dominance in this market in the forecast period 2023 - 2033.

The Asia Pacific market expansion will be led by populated countries such as China and India. Additionally, due to growing demand in China, Manufacturers have started to enter this industry.

Latin America is expected to grow with moderate to high CAGR in the forecast period due to a rise in agricultural upgrades owing to which manufacturers are likely to explore the plethora of opportunities in these countries, especially Argentina and Brazil.

Global Glyphosate Market: Segmentation

• On the basis of Crop-type :

  • Genetically Modified Crops
  • Conventional Crops

• On the basis of Form :

  • Liquid
  • Dry

• On the basis of Applications :

  • Agricultural
    • Oilseeds & Pulses
    • Grains & Cereals
    • Fruits & Vegetables
    • Others
  • Non-Agricultural

• On the basis of Regions :

  • North America
    • U.S.
    • Canada
  • Latin America
    • Mexico
    • Brazil
  • Western Europe
    • Germany
    • Italy
    • France
    • U.K
    • Spain
  • Eastern Europe
    • Poland
    • Russia
  • South East Asia and Pacific
    • India
    • ASEAN
    • Australia & New Zealand
  • China
  • Japan
  • Middle East and Africa
    • GCC Countries
    • S. Africa
    • Northern Africa