The global glyphosate market is forecasted to reach USD 13.31 Billion by 2027, according to a new report by Reports and Data. The increasing need for better crop yield and the reduction of arable land has prompted an increase in the demand for herbicides, which is the primary driving factor of the glyphosate market. Herbicides also decrease the need for manual and mechanical weeding. This is boosting its demand, particularly in developing economies. A rising focus on food security has facilitated the adoption of herbicides for the efficient cultivation of mixed crops and to enhance crop yield.
The U.S. is one of the major countries with natural farmlands and over 913 million acres of cultivable land. It is also the largest exporter of agricultural products in North America. The country generated around USD 133.00 billion in revenue in 2018. Adoption of modern agricultural techniques and increased awareness regarding soil patterns and climate uncertainties are the factors expected to drive the demand for herbicides over the forecast period.
Key participants include Nufarm Limited, Bayer AG, The Dow Chemical Company, Zhejiang Xinan Chemical Industrial Group Company Limited, United Phosphorous Limited, E.I. Du Pont De Nemours and Company, Nantong Jiangshan Agrochemical & Chemical, Inc., Syngenta AG, ADAMA Agricultural Solutions Limited, and Monsanto Company, among others.
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The COVID-19 impact:
The COVID-19 pandemic is having a significant impact on the glyphosate industry. Demand for glyphosate is suffering severe shocks across various end-use markets, worldwide supply chains are upset, and the competitive order of manufacturers/producers has witnessed a change. The shortage of demand has fast-tracked the global chemical sector into an oversupply situation. The lack of free movement of the labor force required for the application of herbicides or weed killers in the agricultural fields is lacking, thereby hindering the growth of the market in the COVID-19 pandemic. Movement restrictions appear to be a direct and immediate effect, and once the compulsory social distancing ends, it is expected things would get back to normal conditions.
For the purpose of this report, Reports and Data has segmented into the global glyphosate market on the basis of crop type, distribution channel, application, and region:
Crop Type Outlook (Revenue, USD Billion; 2017-2027)
- Genetically Modified
Distribution Channel Outlook (Revenue, USD Billion; 2017-2027)
Application Outlook (Revenue, USD Billion; 2017-2027)
- Oilseeds & Pulses
- Grains & Cereals
- Fruits & Vegetables
Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- Asia Pacific
- Latin America
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Further key findings from the report suggest
- Genetically modified crops held a significant market share in 2019. Genetically modified crops that are tolerant to herbicides such as glyphosate allow farmers in easy weed control during the growing season and enable to have improved flexibility in deciding the spraying time.
- Glyphosate is garnering significant traction in the market due to the reduced cost and requirement of less effort in weed control.
- Glyphosate is the leading type of herbicide used in the US with regards to the area treated. It is a herbicide that is effective against a wide range of weeds comprising sedge, broadleaf, and grass weeds leading to the least residual toxicity to crops.
- The market in the Asia Pacific region contributed to the largest glyphosate market share in 2019. The market dominance of the APAC region may be attributed to the presence of key producers in the region. Moreover, high demand for food, owing to the presence of a growing population in developing economies, such as India and China, and the easy availability of raw materials.
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