Analysis of Glyphosate market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
In 2020, the overall sales in the glyphosate market witnessed a massive decline due to the Covid-19 crisis as lockdown was implemented and all the factorial units were closed which led the manufacturing companies to face immense losses. Now in 2021, the global manufacturers are giving entire focus on improving their sales and profitability through product innovations and upgrades.
Leading corporations including 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) and others are making high investments in the establishment of research institutes in different regions to come up with improvements in their offerings.
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 for glyphosate with largest market share.
For instance, on March 1 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. The device is an innovative one with a container holding an active liquid inside that prevents the generation of resistance and residues in harvests or in the environment. The product is especially formulated with the help of pheromones and natural pyrethrum which help in controlling pests in citrus fruits.
The increasing modification of plants in the Asia Pacific region has led to a significant growth of the glyphosate market. The North American market is predicted to pick up pace through 2030 emergence of leading manufacturing companies and new domestic players. All the other key regions such as Western and Eastern Europe, Latin America, Japan and MEA are driving the market growth and opening various opportunities for manufacturers.
Leading manufacturers of glyphosate are continuing to reiterate the environment-friendly attributes of glyphosate. They opine that the combination of glyphosate and glyphosate tolerant crops help push sustainable practices such as new and improved tillage methods and fuel conservation due to the limited usage of fuel over sprayer passes. This will also lead to a substantial reduction of greenhouse gases over a period of time.
The benefits of glyphosate’s farming potential are many. Not only does it kill a very broad spectrum of weeds, but it has also heralded an era of sustainability by conserving water through conservation tillage. No-till farming leaves the soil undisturbed and erosion-free. Since the soil is not frequently agitated, the bio-diversity of the soil is maintained allowing the growth of fungi and earthworm which work together to enhance water retention and reduce evaporation. With no-till agriculture being the cornerstone of glyphosate the glyphosate market will continue to catapult towards growth.
On the other hand, glyphosate is creating mass hysteria and panic among farmers and scientists. Dubbed a ‘probable carcinogen’ by the World Health Organization (WHO), glyphosate, an herbicide used to kill weeds and protect crops is garnering negative attention from the public.
Many manufacturers of Glyphosate are being slapped with lawsuits by consumers affected by Non-Hodgkin’s lymphoma, a cancer that can occur when varying traces of glyphosate enter the food supply. This along with repeated studies having found traces of Glyphosate in food might impact the market negatively in the near future. However, its immense demand as one of the most popular herbicides in modern farming will continue to propel its growth.
Glyphosate is a herbicide which is used to kill weeds in agricultural as well as in nonagricultural landscapes. Most of products that are manufactured by using glyphosate are used with surfactants and chemicals that helps glyphosate to penetrate the plant cells. It is applied on the leaves of plants for reduction of both broadleaf plants as well as grasses. Moreover, the sodium salt form of glyphosate is used for regulating plants growth and ripen fruit. Glyphosate are available in market in many forms, including an acids and several salts. These can be either be in amber-colored liquid form or in solid form.
The products containing glyphosate are acutely toxic to humans as well as animals. Its symptoms includes skin and eye irritation, nausea, headache, elevated blood pressure, numbness, and heart palpitations. Additionally, the growing awareness among farmers related to plant growth development along with agricultural upliftment will boost the glyphosate market growth in the forecast period. Moreover, plant growth regulation coupled with weed growth control are some of the prominent features improving the product demand.
Rising production of genetically modified crops along with the increasing food consumption and increasing demand from cattle feed is expected to drive the glyphosate market in the near future. Technological advancements in glyphosate-tolerant genetically modified crops have improved its resistance to weed. Glyphosate reduces farmer’s efforts for spadework. Technological developments that enable no tillage and less tillage farming systems will fuel product demand.
Necessity to upsurge yield per hectare along with rise in global food demand are some of the factors fueling the glyphosate demand. Genetically modified crops will witness a significant growth owing to rising awareness among consumers.
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Asia Pacific is anticipated to hold significant market share in the global market and it is expected to continue through the forecast period. This is mainly because of increasing adoption of generally modified crops and also due to availability of arable land in China and India.
Additionally with the growing demand, many Chinese companies are also entering in the glyphosate market, leading to increase in production activities in this region. Glyphosate-tolerant crops are readily adopted in the U.S. and Latin America, mainly after the launch of Monsanto’s Roundup Ready.
Owing to which Latin America is estimated to account for the largest market share for glyphosate market in the near future, mainly due to the increasing demand for glyphosate in countries such as Argentina and Brazil. However, Asia-Pacific is projected to be the fastest-growing market during the forecast period, due to the high adoption of the upgraded crop protection technologies. Due to awareness related to the efficient use of glyphosate, Indian farmers are also adopting glyphosate as a crop protection tool.
Names of some of the manufacturers involved in the manufacturing of glyphosate are:
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Global Glyphosate Market can be segmented on the basis of crop type, by form, by application and by region.
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The global glyphosate market is currently valued at US$ 9.9 billion.
Worldwide demand for glyphosate is projected to reach US$ 15 billion by 2031.
The global glyphosate market is predicted to expand at a CAGR of 6% during the forecast period.
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