Glyphosate Market to Grow with a CAGR of 6.82% through 2028
Expansion of agriculture in emerging economies is expected
to drive the Global Glyphosate Market growth in the forecast period, 2024-2028.
According to TechSci Research report, “Glyphosate
Market – Global Industry Size, Share, Trends, Competition Forecast &
Opportunities, 2028”, the Global Glyphosate Market stood at USD 8.12
billion in 2022 and is anticipated to grow with a CAGR of 6.82% in the forecast
period, 2024-2028. Glyphosate, a widely used herbicide, has played a pivotal
role in modern agriculture for decades. Its remarkable effectiveness in
controlling a broad spectrum of weeds has made it an indispensable tool for
farmers worldwide. The global glyphosate market has witnessed significant
growth, driven by several key market drivers. One of the primary drivers behind the growth of the
glyphosate market is the ever-increasing global population. As more people
require sustenance, there is a growing need for higher agricultural
productivity. Glyphosate aids in achieving this by reducing weed competition,
thus allowing crops to flourish without hindrance. This increased food demand
has prompted farmers to adopt glyphosate-based herbicides to maximize their
yields and ensure food security.
The widespread adoption of genetically modified crops,
particularly those engineered to be glyphosate-tolerant, has been a major
catalyst for the glyphosate market. Companies like Monsanto (now part of Bayer)
have developed GM crops, such as Roundup Ready varieties, that can withstand
glyphosate application. This innovation has streamlined farming operations, as
farmers can use glyphosate to control weeds without harming their GM crops.
Consequently, the demand for glyphosate has surged as more farmers transition
to these genetically modified varieties. Glyphosate's popularity stems from its
ease of use and cost-effectiveness. It is relatively simple to apply, requiring
minimal training for farmers. Additionally, glyphosate-based herbicides are
typically more affordable than some alternative herbicide options. This
cost-efficiency appeals to both small-scale and large-scale farmers, making
glyphosate a preferred choice for weed control.
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Glyphosate is renowned for its versatility in weed
control. It can effectively target a broad spectrum of weeds, including both
broadleaf and grassy weeds. This versatility makes glyphosate a versatile
solution for various crops, from corn and soybeans to cotton and wheat. Its
ability to tackle multiple weed species with a single application saves time
and resources for farmers, contributing to its market growth.
Ongoing research and development efforts have led to
technological advancements and formulation innovations in the glyphosate
market. Manufacturers have been working to enhance glyphosate-based herbicides,
improving their efficiency and reducing their environmental impact. These
innovations include formulations that are less harmful to non-target organisms
and the environment, further driving market growth.
The Global Glyphosate Market is segmented into Type, Application,
Regional Distribution, And Company.
Based on the Type, genetically modified
(GM) crops emerged as the dominant segment in the global market for Global Glyphosate
Market in 2022. GM crops offer a
more efficient and effective weed control solution compared to conventional
crops. Glyphosate-tolerant GM crops enable farmers to apply glyphosate with
confidence, knowing that it will selectively target weeds while sparing their
crops. This precise and reliable weed control leads to higher crop yields and
lower weed-related losses, further driving the demand for glyphosate-based
herbicides. Glyphosate-tolerant GM crops contribute to cost savings for
farmers. Glyphosate-based herbicides are generally more affordable and
cost-effective than many alternative weed control methods and herbicides. As a
result, GM crop adoption has become a financially attractive option for farmers
looking to reduce production expenses while maintaining high productivity. The
adoption of GM crops has gained momentum worldwide, particularly in major
agricultural regions like North America, South America, and parts of Asia. In
the United States, for instance, glyphosate-tolerant crops like soybeans, corn,
and cotton are widely grown. This global embrace of GM crops has a direct
correlation with the increased demand for glyphosate-based herbicides,
consolidating their position in the global agricultural landscape.
Based on the Application, the Commercial Crops segment
emerged as the dominant player in the global market for Global Glyphosate Market
in 2022. Commercial crops, such as cotton, soybeans, and corn, are typically
grown on a large scale. They are integral to the agricultural economy and are
major contributors to global food and fiber production. The sheer volume of
commercial crop cultivation results in a substantial demand for herbicides like
glyphosate to manage weed infestations efficiently.
The convenience and effectiveness of this technology
have driven the widespread adoption of glyphosate-tolerant commercial crops,
further increasing the demand for glyphosate. Glyphosate is highly effective at
controlling a broad spectrum of weeds, which is crucial in commercial crop
production. Weeds can compete with commercial crops for essential resources
like water, nutrients, and sunlight, leading to reduced yields. Glyphosate's
ability to efficiently eliminate weeds helps farmers maximize their crop yields,
ensuring a stable and ample food and fiber supply. Glyphosate-based herbicides
are generally cost-effective compared to many alternative weed control methods
and herbicides. This cost efficiency is particularly appealing to farmers
cultivating commercial crops on a large scale, where minimizing production
costs is essential for maintaining profitability. Glyphosate's affordability
contributes to its high demand in commercial agriculture.
Asia-pacific emerged as the dominant
player in the global Glyphosate Market in 2022, holding the largest market share. Asia-Pacific has
witnessed a notable increase in the adoption of genetically modified (GM)
crops, especially in countries like China and India. These GM crops are often
engineered to be glyphosate-tolerant, allowing farmers to use glyphosate-based
herbicides to manage weeds effectively. The convenience and cost-effectiveness
of GM glyphosate-tolerant crops have fueled their adoption, driving up the
demand for glyphosate in the region. Rice and soybeans are staple crops in many
Asian countries, and their cultivation has expanded significantly. Glyphosate
is commonly used in these crops to control weeds and enhance yields.
Asia-Pacific is home to some of the world's most populous countries, including
China and India. As the population continues to grow, so does the demand for
food and agricultural products. To meet this demand, there has been a
significant expansion of agricultural land and the adoption of modern farming
practices. Glyphosate, with its effectiveness in weed control, has become a
crucial tool in optimizing crop yields across the region.
As rice and soybean production surges in
Asia-Pacific, so does the demand for glyphosate-based herbicides. As
Asia-Pacific countries undergo rapid industrialization and urbanization,
agricultural land is often converted for non-agricultural purposes. This
shrinking arable land necessitates higher agricultural productivity from the
available land, making glyphosate an attractive choice for weed control and
maximizing yields in limited spaces.
Major companies operating in Global Glyphosate
Market are:
- Adama Agricultural Solutions Ltd
- BASF SE
- Bayer Cropscience AG
- UPL Limited
- FMC Corporation
- Zhejiang Xinan Chemical Industrial
Group Company Ltd
- Nufarm Limited
- DuPont
- Syngenta International
- Dow AgroSciences
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“The global
glyphosate market is poised for continued growth in the coming years. Several
factors are expected to contribute to this expansion. The rising global
population and increasing food demand will drive the need for enhanced
agricultural productivity, making glyphosate, a proven weed control solution,
indispensable for maximizing crop yields. The adoption of genetically modified
(GM) crops, especially in key agricultural regions, will continue to boost
glyphosate's demand as these crops are often engineered to be glyphosate
tolerant. Additionally, technological advancements in precision agriculture and
formulation innovations are expected to enhance glyphosate's efficiency and
sustainability, making it an attractive choice for modern farming practices.
Moreover, the growing focus on sustainable agriculture and responsible weed
management will prompt the development of more eco-friendly glyphosate
formulations.” said Mr. Karan Chechi, Research Director with TechSci Research,
a research-based management consulting firm.
“Glyphosate Market - Global Industry Size, Share,
Trends, Opportunity, and Forecast, 2018-2028 Segmented By Type (Conventional
Crops, GM Crops), By Application (Grains and Cereals, Pulses and Oilseeds,
Fruits and Vegetables, Commercial Crops, Other Crop Types) Region and
Competition”, has evaluated the future growth potential of Global Glyphosate Market
and provides statistics & information on market size, structure and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Global Glyphosate Market.
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