Glyphosate Market - Forecasts from 2024 to 2029

The glyphosate market is evaluated at US$10.223 billion for the year 2022 growing at a CAGR of 5.12% reaching the market size of US$14.501 billion by the year 2029.

Glyphosates are pesticides that protect against and control fungi and spore diseases. Glyphosates can control specific fungal diseases as well as those from multiple sources, due to the susceptibility of fungi to diseases, fruit and vegetable cultivation is boosting the demand for glyphosate globally. Modern farming methods, an uptick in the incidence of fungi attacking crops, and the low cost of fungicides over other control methods are driving the demand for glyphosate. Fungicide manufacturers are anticipated to benefit from the trend towards precision farming and organic agriculture.  Several factors influence market growth, including the increasing demand for higher yields, the growing population worldwide, and the increasing demand for high-value crops in emerging markets. World population growth currently stands at approximately 1.05%. There will be an average population increase of 81 million people each year. The population is estimated to reach 9 billion by 2037, growing by another 50% within the next 40 years. The growing global demand for food products is reflected in this trend. By 2050, food demand is projected to increase by 59 to 98 percent. (Source: fao.org; who). To meet this demand, herbicides such as glyphosate could be used to kill weeds that are detrimental to growing crops and plants, hence increasing its demand.  

Glyphosate's versatility and flexibility have been cited as the primary benefits conveyed to vegetable growers. Vegetable crops are permitted to use glyphosate nearly everywhere and in almost any climate. A majority of glyphosate application occurs late in the growing season in field crops, in terms of the number of acres treated. In North America and Asia-Pacific, glyphosate is a lucrative product. The Asia Pacific glyphosate market is expected to be driven by the adoption of GM crops and the availability of arable land in the years to come.

MARKET DRIVERS:

GE-HT crop commercialization

A variety of herbicide-tolerant (HT) crops offers farmers a wide range of options for controlling weeds. As a result of the increasing demand for crops with higher yields and quality, the loss of agricultural land to cultivation, and the decrease in weed losses, the demand for glyphosate may increase in the future, according to the report. Nowadays, GE cultivars are used to generate more than 90% of the maize, upland cotton and soybeans grown in the United States. In this data product, genetically engineered crops are categorised as herbicide-tolerant (HT), insect-resistant (Bt), or stacked varieties, which include both HT and Bt features. The most common GE characteristics in crop production in the United States are HT and Bt, notwithstanding the development of other features (including resistance to viruses and fungi, tolerance to drought, and increased protein, oil, or vitamin content). The majority of GE acres are planted to three main field crops: corn, cotton and soybeans, while HT seeds are also often employed in the production of lucerne, canola and sugar beetroot. As a result, glyphosate continues to be an effective herbicide in agricultural settings since it has such a wide application range, is easy to use, and is generally affordable.

Approvals for herbicide-tolerant crop hybrids

Herbicide-tolerant crop hybrids are genetically modified to withstand non-selective herbicides, such as glyphosate. To develop tolerance to glyphosate, many research and development efforts focus on evaluating glyphosate, which is the most effective herbicide that can control all plants despite species. Several companies have continuously carried out research and launched products into the market. For instance, Bayer CropScience announced that XtendFlex soybeans would become available in Canada sometime in 2021. XtendFlex soybean trait technology offers glyphosate, dicamba, and glufosinate tolerance, the latest addition to the Roundup Ready Xtend crop system. 

MARKET RESTRAINTS:

Lacks of standards and environmental impact

Several environmental effects of glyphosate have been documented within both terrestrial and aquatic environments. On a larger scale, glyphosate is a critical component of entire ecosystems. In the event of herbicide leakage into water bodies, aquatic organisms such as tadpoles and fish are killed. Aside from killing plants in the areas where glyphosate is distributed, it also kills plants in their surroundings. Whether they are on land or in water, the deaths of these living organisms can have far-reaching effects.  This type of environmental impact threatens the market in general.

The North American glyphosate market is anticipated to grow significantly.

The main factor influencing the glyphosate market in North America is its extensive application in farming, especially in the production of genetically engineered crops that are resistant to glyphosate treatment. Farmers looking for an efficient way to manage weeds have found that glyphosate is a standard herbicide due to its broad-spectrum efficacy and affordability. The demand for glyphosate has increased as a result of agriculture adopting conservation tillage and no-till methods targeted at sustainable soil management. Furthermore, the herbicide is used in non-agricultural landscapes, forests, and industrial locations in addition to agricultural settings. Its market importance is partly due to its effectiveness in suppressing invasive plant species in their native environments.

Key Developments:

• In March 2023, the straight-goods glyphosate business of Corteva Agriscience was acquired by Albaugh, LLC. Only intangible assets - trade names, registrations, regulatory information, formulations, patents, that are utilized by Corteva in its global straight-goods glyphosate business - except for Argentina - are included in the deal.
• In February 2023, plans for the commercial introduction of Optimum® GLY canola, a cutting-edge herbicide-tolerant trait technology for canola growers, were revealed by Corteva, Inc. Pioneer® and Brevant® seed brands from Corteva Agriscience started selling Optimum GLY canola for commercial planting in the US and Canada in 2023.

Segmentation:

By Application

• Conventional Crops
• GM Crops

By Crop Type

• Fruits and Vegetables
• Cereals and Grains
• Oilseeds and Pulses

By Geography

• North America
• USA
• Canada
• Mexico
• South America
• Brazil
• Argentina
• Others
• Europe
• United Kingdom
• Germany
• France
• Others
• Middle East and Africa
• Saudi Arabia
• UAE
• Israel
• Others
• Asia Pacific
• China
• Japan
• South Korea
• India
• Others