Glyphosate Market Expected to Reach $17.7 Billion by 2031, TMR Study Says
ALBANY, NY, February 17, 2022 /PRNewswire/ — Glyphosate market products are seeing sales driven by their growing application in controlling broadleaf weeds and grasses in agriculture as well as non-agricultural applications such as home and garden. The massive global use of the pesticide for herbicide-tolerant (HT) food crops has spurred the expansion of profitable opportunities. The global glyphosate market valuation is expected to reach $17.7 billion by 2031.
The past few decades have seen an increase in sales of glyphosate for use in genetically modified (GM) herbicide-tolerant plants, analysts note in a detailed review of the glyphosate market. Revenues have also increased due to the wide application of the products to increase the yield of several high-value conventional crops such as corn, cotton, canola, soybeans, sugar beets and pulses, leafy vegetables and bulb vegetables.
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Regulatory agencies in developed countries have found that there are no human health risks of concern from glyphosate residues when used within the tolerance or limit. Glyphosate-based herbicides are effective against a wide variety of plants, propelling revenue sales of their application in residential and commercial applications.
Key Findings from the Glyphosate Market Research
- The demand for profitable herbicides underpins vast profitable opportunities: The massive demand for cheap herbicides in the agricultural industry is generating upvaluing opportunities for agrochemical producers in the glyphosate market, especially in Latin America and Asia Pacific. The products are popular for targeting a wide range of weeds, with a favorable impact on no-till and low-till farming. The role of glyphosates in weed control applications is supported by its effect on invasive and noxious weeds.
- The integrated weed management system helps to comply with strict regulations: Initiatives by regulatory agencies on the promotion of best practices in herbicide use and integrated pest management have gained momentum, particularly in North America. The growing adoption of integrated pest management in global crops is expanding the horizon, find the authors of the TMR study on the glyphosate market. The practice mainly involves the use or use of a combination of various herbicides. This helps countries meet strict regulations on Europe and other important regions. The increase in the cultivation of genetically modified herbicide-tolerant crops has opened up abundant profitable opportunities in recent decades. The labeling of GM foods has played a key role in enriching prospects.
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Glyphosate Market: Key Drivers
- The growing trend of no-till farming practices is expanding the revenue streams for glyphosate market players. Along with this, the trend of adopting integrated pest management practices in various regions is a key driver, notes the in-depth market report.
- Broad-spectrum herbicides are playing a crucial role in protecting or increasing crop yields globally, thus propelling the rapidly changing glyphosate market.
Glyphosate market: regional growth momentum
- Asia Pacific held a major share of the global glyphosate market in 2020. The widespread adoption of glyphosate-based herbicides in the agricultural sector has propelled the sales revenue in the market over the years. Revenue growth is supported by the massive export of low-cost generic glyphosate-based herbicides from China.
- Strict regulatory oversight of the recommended use of herbicides in agriculture has supported revenue growth in Europe and the United States
Glyphosate Market: Key Players
Major players in the glyphosate market are Nufarm Ltd., Syngenta AG, Nantong Jiangshan Agrochemical & Chemicals Co., Ltd., EI du Pont de Nemours and Company, Monsanto Company, and Dow AgroSciences LLC.
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Global glyphosate market: segmentation
Glyphosate Market, By Application
- Genetically modified (GM) crops
- Conventional crops
Glyphosate Market, By Region
- North America
- Russia & IEC
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- GCC countries
- South Africa
- Rest of Middle East & Africa
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