The global glyphosate market will grow at a CAGR of 6.0% from 2017 to 2022 to reach USD 10,675.9 million by 2022, according to the latest publication from Meticulous Research®. The global glyphosate market is primarily driven by growing need to increase crop yield and quality, reduction of arable land, emergence of advanced agricultural practices and technologies, and increasing crop yield losses due to weeds. However, environmental and human hazards with the use of glyphosate herbicides, growing organic farming and demand for organic food, and the stringent government laws and regulations hampers the growth of the market to some extent.
The global glyphosate market is mainly segmented by formulation (liquid form and solid form), by application (spraying, dusting, soil treatment, and others), by crop type (cereals & grains, oilseeds & pulses, fruits & vegetables, turf & ornamentals, and others), and by geography (North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa).
The cereals & grains commanded the largest share in the global glyphosate market in 2016, owing to the large production of cereal & grains across the globe and increasing adoption by farmers to control the yield losses due to weeds.
Geographically, Latin America accounted for the major share in the global glyphosate market in 2016, followed by Asia Pacific and Europe region. The major share of the Latin American region is mainly attributed to the large arable land, increasing demand for crop yield & efficiency, adoption of new farming practices, and increasing crop yield losses due to weeds. However, Asian countries are slated to register the fastest growth during the forecast period, primarily due to large area under agriculture cultivation, and rising need to ensure the food safety for its continuously growing population.
The leading companies have employed various strategies to expand their product and application offerings, global footprint, and augment their market shares. The key players in the global glyphosate market are Bayer CropScience AG, BASF SE, Syngenta (Subsidiary of ChemChina), FMC corporation, Monsanto Company (Part of Bayer), E.I. du Pont de Nemours & Company, Nufarm Limited, Drexel Chemical Company, ArystaLifeScience Corporation (Platform Specialty Products), ADAMA Agricultural Solutions Ltd (Part of ChemChina), UPL Limited, and Heranba Industries Ltd.
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