The global glyphosate market is estimated to garner a revenue of ~USD 18 Billion by the end of 2031 by growing at a CAGR of ~6% over the forecast period, i.e., 2022 – 2031. Further, the market generated a revenue of ~USD 10 Billion in the year 2021. The primary growth factor for the expansion of the market in the assessment period is the large use of agricultural land for varied purposes across the world. As per the World Bank data, the total agricultural land in the world accounted for 36.9% of the total land in 2018.
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Glyphosate is a widely used as organophosphorus herbicide to control broadleaf weeds and grasses. Glyphosates has the properties that protect against and control fungi and spore diseases. Due to the recent susceptibility of fungi to diseases, fruit and vegetable cultivation is expected to boost the demand for glyphosate globally. The farmers across the world are using glyphosates over the traditional pesticides for its advantages. Thus, the number of rising farmers is projected to increase the adoption rate of glyphosates. As per a report published in 2021, in India there are almost 150 million farmers.
The glyphosate market is segmented and analyzed for demand and supply by application into agriculture, household, industrial, and others. Out of these, the agriculture segment is attributed to garner the largest market share by 2031 on the back of large employment share in agriculture. The World Bank stated that the employment in agriculture accounted at least 27% out of the total employment in 2019.
The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in future. According to UNEP (United Nations Environment Program), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, that accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favorable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labor as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for the investment in businesses in Asia Pacific countries in the upcoming years.
Regionally, the global glyphosate market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these, the market in Asia Pacific is projected to hold the largest market share by the end of 2031. The share of agricultural employment in India is a primary growth factor for the adoption of glyphosate and the growth of the market. As per a recent study, total employment in agriculture has gone up from 36% in 2017–18 to 37% in 2018–19 and then to 38% in 2019–20. Further, the large amount of agricultural land in the region is another growth factor. According to the World Bank, agricultural land in East Asia and the Pacific accounted for approximately 47.7% of total land area in 2018. Additionally, investments in research and development activities and growth in GDP level coupled with high chemical consumption are anticipated to be other growth factors. In 2021, domestic chemical sales in Asia Pacific garnered approximately USD 3 trillion.
The global glyphosate market is further classified on the basis of region as follows:
Our in-depth analysis of the global glyphosate market includes the following segments:
By Crop Type
FREQUENTLY ASKED QUESTIONS
The large share of agricultural land across the world coupled with burgeoning population and rising demand of food grains are some of the factors that are expected to propel the market growth.
The market is anticipated to attain a CAGR of ~6% over the forecast period, i.e., 2022 – 2031.
The additional expenses incurred in production process along with lack of regulatory expenses and harmful effect on environment are some of the factors that are expected to hamper the market growth.
The market in Asia Pacific is projected to hold the largest market share by the end of 2031 and provide more business opportunities in the future.
The major players in the market are Syngenta Crop Protection, AGBayer AG, DuPont de Nemours, Inc., The Dow Chemical Company, Nufarm Limited, Nantong Jiangshan Agrochemical & Chemicals Limited Liability Co., ADAMA Agricultural Solutions Limited, UPL Limited, India, American Vanguard Corporation, Corteva Agriscience and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by crop type, form, application, and by region.
The agriculture segment is anticipated to garner the largest market size by the end of 2031 and display significant growth opportunities.
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