Global Glyphosate Market to Reach $8.9 Billion by 2026
SAN FRANCISCO, Aug. 17, 2021 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Glyphosate - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
FACTS AT A GLANCE
Edition: 19; Released: August 2021
Executive Pool: 3927
Companies: 79 - Players covered include ADAMA Agricultural Solutions; Anhui Huaxing Chemical Industry; BASF SE; Bayer AG; China National Chemical Corporation (ChemChina); Dow Inc.; FMC Corporation; Fuhua Tongda Agro-chemical Technology; Jiangsu Good Harvest-Weien Agrochemical; Jiangsu Yangnong Chemical Group; JingMa Group; Nantong Jiangshan Agrochemical & Chemical; Nufarm Limited; Shandong Weifang Rainbow Chemical; Sinochem Group; Syngenta AG; UPL Limited; Wynca Group; Zhejiang Jinfanda Biochemical and Others.
Coverage: All major geographies and key segments
Segments: Application (Conventional Crops, Genetically Modified Crops)
Geographies: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; Spain; Russia; and Rest of Europe); Asia-Pacific (Australia; India; South Korea; and Rest of Asia-Pacific); Latin America (Argentina; Brazil; Mexico; and Rest of Latin America); Middle East (Iran; Israel; Saudi Arabia; United Arab Emirates; and Rest of Middle East); and Africa.
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Global Glyphosate Market to Reach $8.9 Billion by 2026
Glyphosate is an odorless, colorless crystalline powder, widely used as a broad-spectrum systemic herbicide for killing weeds, primarily perennials. Glyphosate is mostly sold in two formulations - Water-soluble granules, and Concentrates. Application of the herbicide on the tree stump, injecting into the trunk, aerial spraying for absorption through leaves, broadcasting, and cut-stump treatment for forestry are few of the methods in which the herbicide is applied for killing weeds in home gardens, yards, amenity areas, and crop fields. Glyphosate is the most widely used herbicide in the world in terms of volume, and is used for silviculture, agriculture, horticulture, and garden management. Glyphosate is used both as a pre-emergence herbicide, wherein the chemical is applied prior to seeding, as well as post-emergence herbicide, where application is commenced subsequent to crop germination. Glyphosate is classified under the group of non-selective herbicides, as it can kill a wide array of plants, including woody plants, perennials, and grasses. Consequently, application of the herbicide after the emergence of the main crop is risky as it might kill the main crop as well. However, at present, with the development of several genetically-modified, glyphosate tolerant crops, farmers around the globe are also employing glyphosate for post emergence application.
Global Glyphosate market estimated at US$7.6 Billion in 2020 is projected to reach US$8.9 Billion by 2026, registering a compounded annual growth rate (CAGR) of 3.0% over the analysis period. The United States represents the largest regional market for Glyphosate, accounting for an estimated 30.1% share of the global total in 2020. The market, estimated at US$2.3 Billion in 2020 is projected to reach US$2.9 Billion by the end of the analysis period. China is expected to spearhead growth and emerge as the fastest growing regional market with a CAGR of 5.0% over the analysis period. By application, Global market for Conventional Crops is estimated at US$5.5 Billion in 2020, and is projected to reach US$6.5 Billion by 2026 reflecting a compounded annual growth rate of 3.2% over the analysis period. The United States constitutes the largest regional market for Conventional Crops segment, accounting for 29.4% of the global sales in 2020. China is poised to register the fastest compounded annual growth rate of 5.2% over the analysis period, to reach US$1.4 Billion by the end of the analysis period.
Asia-Pacific (including China and Japan) represents the largest market for glyphosate, followed by the US. Though the US is expected to continue to retain its importance over the forthcoming years, growth is expected to mainly emanate from the developing regions, especially Asia-Pacific. The region is also the fastest growing over the analysis period 2020-2027. Asia-Pacific is poised to yield maximum growth for GM rice and other GM crops in near future. Also, the fact that China, India, Korea and ASEAN nations are relentlessly investing in plant research for developing specialized crops with better weed control and enhanced traits such as drought tolerance is indicative of the tremendous potential for growth waiting to be tapped. In these developing countries, expanding population, rising income levels and rapid urbanization trend is bearing significant impact on the trends in the food and beverages industry. China and India are likely to be at the forefront of the growth in the glyphosate market with progress attributed to the fast-paced economic development, changing consumer lifestyles, ballooning population, rising income levels and the increased demand for food.
Developed regions including the US, Canada, Europe and Japan continue to generate opportunities for glyphosate. The US was the foremost adopter of the innovative herbicide and along with Europe held lion's share in total glyphosate consumption in 1980s and 1990s. However, the share of the US and other developed countries showed steady deceleration from late-1990s onwards with wider use of various agrochemicals in emerging regions, especially Asia. Growing concerns over chemical residues in farm produce and steady shift towards sustainable farming methods also contributed to developed world's decreased share in worldwide glyphosate sales. Currently, glyphosate market is under serious stress as several countries in Europe and states across the US are placing restrictions on use of glyphosate. Although most of such restrictions are focused on non-crop applications, continued debate on alleged role of the herbicide in causing cancer and kidney diseases is likely to impact overall sales in the developed world in the near future. More
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