PUBLISHER: The Business Research Company | PRODUCT CODE: 1436330
PUBLISHER: The Business Research Company | PRODUCT CODE: 1436330
Glyphosate is employed in the agriculture industry to control weeds in various crops, including grains, pulses, cereals, fruits, tubers, vegetables, and others. This low-toxicity chemical formulation is effective for weed control, applied directly to leaves and absorbed by plants as nutrients.
Glyphosate predominantly impacts both genetically modified crops and conventional crops. Genetically modified crops refer to plants in which DNA is inserted into the organism's genome. Conventional crops, on the other hand, involve the use of pesticides and other chemicals to achieve the highest possible yield. Glyphosates are employed in various types of crops, including grains and cereals, pulses and oilseeds, fruits and vegetables, commercial crops, and others.
The glyphosate market research report is one of a series of new reports from The Business Research Company that provides glyphosate market statistics, including glyphosate industry global market size, regional shares, competitors with a glyphosate market share, detailed glyphosate market segments, market trends and opportunities, and any further data you may need to thrive in the glyphosate industry. This glyphosate market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The glyphosate market size has grown strongly in recent years. It will grow from $10.06 billion in 2023 to $10.99 billion in 2024 at a compound annual growth rate (CAGR) of 9.2%. The increase during the historical period can be credited to the introduction of genetically modified (GM) crops, the augmentation of agricultural productivity, the surge in no-till farming practices, the global expansion of agriculture, and the cost-effectiveness and versatility of these practices.
The glyphosate market size is expected to see strong growth in the next few years. It will grow to $15.48 billion in 2028 at a compound annual growth rate (CAGR) of 8.9%. The anticipated growth in the forecast period can be ascribed to the emergence of alternative weed control methods, stringent regulations and environmental concerns, increased adoption of precision agriculture, the shift towards sustainable agriculture, and heightened public awareness and consumer preferences. Key trends expected in the forecast period encompass technological advancements in herbicides, the ongoing shift towards sustainable agriculture, the implementation of resistance management strategies, the increasing adoption of genetically modified (GM) crops, and regulatory scrutiny leading to potential bans.
The glyphosate market is poised for growth due to the increasing demand for fertilizers. The global population's growing demand for food, water, and agricultural products has led farmers to adopt modern agricultural methods, including the use of fertilizers. The Food and Agriculture Organization estimates that global demand for fertilizer nutrients will reach 200,919 tonnes by the end of 2022. Consequently, the escalating demand for fertilizers is a driving force behind the glyphosate market.
The growth of the glyphosate market is propelled by the increasing population and demand for food. Glyphosate, a key component in modern agriculture, enhances crop yields and ensures efficient weed control, addressing the rising demand for food. In December 2023, the U.S. Census Bureau reported a population increase of 1.6 million people in the U.S., signaling a 0.5% growth in 2023. This population growth underscores the global need for sustainable agricultural solutions, driving the glyphosate market.
Major companies are adopting a strategic partnerships approach to invest in innovative solutions and expand market options for farmers. In August 2022, Corteva Agriscience partnered with BASF SE to develop future herbicide-tolerant soybeans and complementary herbicides for farmers in North America and beyond. This collaboration includes traits conferring tolerance to BASF's Liberty and PPO inhibiting herbicides, as well as Corteva's Enlist herbicides, glyphosate, and a novel herbicide mode of action currently in development at BASF.
Major companies are focusing on product innovation, particularly advanced herbicide-tolerant glyphosate trait technology designed to provide enhanced weed control and a wider application window. Herbicide-tolerant glyphosate trait technology involves incorporating genetic traits into crops to impart resistance or tolerance to the herbicide glyphosate. For instance, in February 2023, Corteva Agriscience, a US-based global agriculture company, launched Optimum GLY canola, featuring advanced herbicide-tolerant trait technology for canola. This product boasts proprietary glyphosate traits, ensuring improved weed control, a broader application window, and increased flexibility for farmers.
In May 2021, ADAMA Agricultural Solutions Ltd., a crop protection company headquartered in Israel, acquired a 51% stake in Jiangsu Huifeng Bio Agriculture Co., Ltd., a chemical manufacturing company based in China, for RMB 1,224 million ($0.192 billion). This strategic move provides ADAMA access to backward-integrated and competitive positions in key global molecules, poised to drive significant growth through ADAMA's worldwide market reach. Jiangsu Huifeng Bio Agriculture Co. Ltd., established in 1989, operates in Jiangsu, China.
Major companies operating in the glyphosate market report are Sinochem Corporation Limited, BASF SE, Dow AgroSciences LLC, Syngenta Group AG, Bayer CropScience AG, Corteva Agriscience LLC, United Phosphorous Limited, UPL Limited, Food Machinery and Chemical Corporation, Adama Agricultural Solutions Ltd., Luxi Chemical Group Co. Ltd., Nufarm Limited, Zhejiang XinAn Chemical Industrial Group Co. Ltd., Wynca Group Limited, King Quenson Industry Co. Ltd., Hubei Sanjiang Fine Chemical Co. Ltd., Nantong Jiangshan Agrochemical & Chemicals Co. Ltd., Anhui Huaxing Chemical Industry Co. Ltd., Fuhua Group Co. Ltd., American Vanguard Corporation, Jiangsu Good Harvest-Weien Agrochemical Co. Ltd., Excel Crop Care Limited, Willowood Industries Limited, Jiangsu Xinyu Agrochemical Co. Ltd., Anhui Zhongnong Chemical Co. Ltd., Monsanto India Limited, Sinoharvest Corporation, Shandong Lvye Chemical Co. Ltd., Shandong Lianfeng Pesticide Co. Ltd., Henan Yuxing Agrochemical Co. Ltd., Jiangsu Huaxing Chemical Co. Ltd., Shandong Shuangfeng Chemical Co. Ltd.
Asia-Pacific was the largest region in the glyphosate market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the glyphosate market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the glyphosate market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The glyphosate market consists of sales of glyphosate formulations including diammonium salt and trimethylsulfonium or trimesium salt. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Glyphosate Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on glyphosate market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for glyphosate ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The glyphosate market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
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