Glyphosate Market Regional Analysis:
APAC Market Insights
The Asia Pacific glyphosate market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2035. The share of agricultural employment in India is a primary growth factor for the adoption of glyphosate and the growth of the market. The high employment rate signifies the dominance of agriculture in the region which in turn is expected for a high adoption rate of glyphosate in agricultural and farming processes. India's overall agricultural employment increased from 37% in 2018–2019 to 38% in 2019–2020. Further, a large amount of agricultural land in the region is another growth factor that prompts the usage of glyphosate for producing agricultural and food products. According to the World Bank, agricultural land in East Asia and the Pacific accounted for approximately 47.7% of the 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.
North American Market Insights
On the other hand, the market in North America is also anticipated to hold a significant market share during the forecast period. The increased usage of modern agricultural products along with the rising preference for genetically modified crops is anticipated to be the major factor for market expansion in the upcoming years. Apart from this, the initiation of agricultural supportive policies by several agencies such as the Environmental Protection Agency (EPA) and the Food and Agricultural Organization (FAO) to address the rising concerns and consumer consciousness on health effects and the environment is projected to increase the utilization rate of glyphosate in the next few years. Further, the rapidly growing agriculture sector and the need for glyphosate for soil enhancement are also anticipated to positively contribute to market expansion.
