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Glyphosate Market – Growth, Trends, Covid-19 Impact, And Forecasts (2021 – 2026)
The global glyphosate market is anticipated to register a CAGR of 4.5% during the forecast period(2021-2026).
The covid-19 has negatively impacted the market due to the restrictions on the supply chain of raw materials, which impacted the production of glyphosate across the globe. The pandemic spread has affected the glyphosate trade adversely. China is one of the leading suppliers of herbicides, essentially glyphosate, and a higher portion of Brazil’s Glyphosate demand is met by China. China’s industrial activity has slowed since the start of the coronavirus outbreak. The transportation interruptions amid the spread caused significant supply disruption for agricultural chemicals, which also lead to higher prices.
With the area under herbicide-tolerant crops increasing and with more and more countries approving herbicide-tolerance technology for crops, the market is expected to grow inorganically with rapid farmer adoption. Product advantages over mechanical tillage system such as low cost, less soil & environment degradation, thereby supporting the glyphosate market expansion. Concerns with respect to ...
... the environmental hazards remain in developed markets, but the market is not expected to slow down, on account of the lack of availability of efficient alternatives to glyphosate.
Most of the benefits conveyed to vegetable growers relate to glyphosate's versatility and flexibility. Glyphosate is registered for nearly all vegetable crops and can be used in most circumstances. The majority of glyphosate use, in terms of total acres treated, occurs late postemergence to the crop in field crops. North America and Asia-Pacific are the lucrative markets for glyphosate. GM crop adoption coupled with arable land availability is expected to drive the Asia Pacific glyphosate market over the coming years.
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Key Market Trends
Commercialization of GE-HT Crops
Herbicide-tolerant (HT) crops, which tolerate potent herbicides provide the farmers with a variety of options for effective weed control. â€‹According to the USDA, genetically engineered herbicide-tolerant crops now account for about 56% of global glyphosate use. In the United States, no pesticide has come remotely close to such intensive and widespread use. Glyphosate will likely remain as the most widely applied pesticide worldwide, for years to come, and interest will grow in quantifying ecological and human health impacts.â€‹
Large field crops, with millions of acres planted, such as soybeans, corn, cotton, and sugar beets have the highest total area treated and pounds applied with glyphosate. On average, 84% of glyphosate, in terms of volume, is applied to soybeans, corn, or cotton per year. These 3 field crops have glyphosate-resistant (GR) varieties that have been widely adopted. The average single application rate for field crops ranges from 0.72 to 1.00 lbs. a.e./acre. Thus, glyphosate remains a useful herbicide for users in agricultural settings because of its nature of the broad-spectrum application, is simple to use, and is often cost-effective.
Asia-Pacific and North America are Potential Markets
The Asia-Pacific region and the North American Region present equally attractive opportunities for companies operating in the glyphosate herbicide market. On account of the increasing levels of penetration of herbicide-tolerant hybrids, the North American region is expected to remain one of the fastest-growing regions. It is estimated that almost 56% of the glyphosate usage in the United States is for herbicide-tolerant crops.
In the Asia-Pacific region, the growth in the market is expected to be more organic in nature. The region has the highest arable land in the world with the highest crop diversity. Increased adoption of advanced agricultural practices such as zero-tillage is expected to deliver growth to the glyphosate herbicide market in the region. Although China has provided approval to grow herbicide-tolerant hybrids, the constraint remains with respect to India, which is yet to provide approvals for any genetically modified hybrid in food crops.
The global glyphosate industry is consolidated with the dominance of players such as Bayer CropScience AG, BASF Corporation, Nufarm Limited, Nantong Jiangshan Agrochemical & Chemical, Inc, Adama Agricultural Solutions Ltd, and UPL Limited. These companies are expanding their business activities by focusing on the new product launches, partnerships, mergers and acquisitions across the globe.
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