Glyphosate Market Trends

Growth Drivers

• Burgeoning Population – The increased demand for food products to satisfy the needs of the burgeoning population is expected to rise the sales of glyphosate for agricultural purposes. As per the World Bank, the global population stood up at 7.84 billion in 2021 which is expected to be 10 billion by 2050.

• Rising number of Farm-Fields Across the World – As the demand for agricultural products has increased, the number of farm fields has also increased. Protecting the fields from weeds and harmful plants and making them fit for growing plantations is estimated to increase the demand for glyphosate across the world. Recent estimates suggest that there were approximately 650 million farms worldwide in 2020.

• A Rise in the Production of Food grains – To meet the demand for food grains from the burgeoning population has led to an escalation of farming processes. As a result, the utilization rate of glyphosate is projected to surge.  The production of food grains in India rose by almost 6 million tons in the year 2021-2022 to 320 million tons.

• Maturity of Agricultural Industry – Recently, it has been calculated that the agriculture, food, and related industries of the United States generated almost USD 1 trillion to the nation’s gross domestic product (GDP) in the year 2020.

• Increased Consumption of Chemicals – Global chemical consumption in 2021 accounted for USD 3.96 trillion.

Challenges

• Harmful Effect on Environment – Although glyphosate is useful in eliminating weeds and other substances, it is manufactured with toxic ingredients which are harmful to the environment and humans after consumption. This trend is anticipated to hinder the utilization rate of glyphosate in the fore coming years.

• Lack of Regulatory Standards

• Additional Expenses Incurred in the Production Process