Growing demand for genetically modified (GM) crops is expected to drive the global glyphosate market over the next six years. Increasing population coupled with increased crop consumption in animal feed as well as biofuels has spurred GM crops growth. There have been considerable developments in the field of glyphosate-tolerant genetically modified crops to promote weed resistance properties. This product also helps farmers in reducing the degree of tillage, which is expected to be favorable for market growth over the forecast period. The use of glyphosate in broad-spectrum herbicides has led to increasing immunity in weeds, which presents a considerable challenge to market participants. Growing toxicity risks are expected to be a key challenge for the market; which has led to bans across some countries.
The global glyphosate market was estimated at over USD 5 billion in 2012. Conventional crops accounted for the majority of the overall market volume in 2013. This can be attributed to the need for weed control as well as for avoiding tillage. Glyphosate is used as an herbicide for wheat, sunflower, sorghum, soybean, tea plantations, cotton, maize, etc. GM crops are expected to be a high-growth segment of the market. Since they can be incorporated with disease resistance and increased yield, they enable farmers to generate high-profit margins and reduce the overall input costs.
Asia Pacific was the largest regional market in 2013, a trend that is expected to continue through the forecast period. This is mainly due to increasing adoption of GM crops and availability of arable land in India and China. On account of growing demand, Chinese companies have also entered the glyphosate market, leading to increased production activities in the region. Glyphosate-tolerant crops enjoyed ready adoption in the U.S. and Latin America, particularly after the launch of Monsanto’s Roundup Ready. As a result, the North America market is relatively saturated. These crops have lower demand in the European market on account of unfavorable regulatory scenario.
Monsanto is the market leader, mainly due to its role in the introduction and acceptance of crops that are glyphosate-tolerant in nature. It employs mergers and acquisitions as part of its strategic activities to enhance its product portfolio. Other key players in the glyphosate market include Nufarm, Syngenta, Dow AgroSciences and DuPont. Major strategies include customized product and solution development for improving crop performance.
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The current pandemic situation has created disruption in the manufacturing of agrochemicals by virtue of raw material availability. Furthermore, this continual trend shall have a cascading effect on food productivity and crop yields on economies that are predominantly agrarian, during a time when demand for Agri produce shall register a spike over the medium term. Governments across the developing world are vying to incrementally ease restrictions on the manufacturing of fertilizers and maintain seasonal agricultural activities in order to reduce concerns regarding food security, which is a critical indicator for determining the course of a supply gap in the industry. The report will account for Covid19 as a key market contributor.