- Genetically Modified Crop
- Conventional Crop
Glyphosate Market size was valued at USD 10,873.2 million in 2022 and is expected to grow at a 6.1% CAGR from 2023 to 2029. Glyphosate is a type of pesticides used to kill grasses and weeds and control the growth of fungi and spore disease. Increase in population has increased the demand for food in this region, and loss of crops are not appreciable and countries like India, China has large amount of crop yielding land and agriculture is the primary source of income in this regions, adoption of advanced agricultural practices such as zero tillage and other techniques is expected to drive the growth of glyphosate market over the forecast period. In addition, increasing application of glyphosate in agriculture and non-agriculture fields, increasing demand for high value crops, and increase in adoption and popularity of genetically modified crops like corn, cotton, and soybean are expected to boost the global glyphosate market over the forecast period. Furthermore, the growing use of glyphosate in non-agricultural activities like control of industries and domestic vegetation, forests, woodlots and growing approval of herbicide-tolerance technology for inorganically grown crops, and increase in adoption of glyphosate by farmers are expected to further boost the market growth. moreover, the economic cost, low environmental degradation is expected to have positive impact on glyphosate market over the forecast years. However, harmful effect of glyphosate on human health and environment, strict government restriction regarding the use of glyphosate. For instance, in 2022 the Indian government restricted the use of chemical glyphosate in India, fearing risks to human and animal health. Furthermore, increase in glyphosate resistance weeds are expected to hinder the growth glyphosate market over the forecast years. for instance, according to a study, there are more than 30 species of weed which evolved resistance to glyphosate. Geographically, Asia Pacific region held the major market share in 2022 and is expected to dominate the global glyphosate market in the forecast years.
Glyphosate Market Key Developments:
In August 2022, BASF collaborated with Corteva Agriscience to develop soybean weed control to help farmers across the globe.
In January 2021, Syngenta launched its product ‘kesuda isopropyl amine salt of N-glycine 41%’ to overcome the instability of glyphosate in low temperatures.
Fastest Growing Market
The glyphosate market is expected to grow over the forecast period due to increasing adoption of modern agriculture practices, increasing demand for genetically modified crops, and increasing application of glyphosate in non-agriculture fields such as railway tracks, turf, stadiums, garden & Lawns. however, strict government regulation and restrictions regarding the harmful effects caused by glyphosate is expected to hinder the growth of Glyphosate market over the forecast years. For instance, in 2018, some farmers complained that the glyphosate is carcinogenic and over 25,000 healthcare specialists advocated for the ban of glyphosate.In addition, many governments in regions like Europe, China, India has restricted the use of glyphosate which is anticipated to decrease the demand of glyphosate over the forecast period.
Glyphosate market was valued at USD 873.24 million in 2022, and is expected to grow at a 6.13% CAGR from 2023 to 2029.
The harmful carcinogenic effect caused by the glyphosate and strict government restriction are expected to hinder the growth of glyphosate market.
The leading players in the global Glyphosate market are HPM Chemicals & Fertilizers Ltd., Indofil Industries Ltd., Monsanto Australia Ltd., Nufarm Ltd., Dow AgroSciences Australia Ltd., BASF SE, Corteva Agriscience, Syngenta AG, Adama Agricultural Solutions Ltd, Sikko Industries Ltd, SinoHarvest.
The Global Glyphosate market is segmented based on crop type, application, function, and geography.