Safety concerns about the use of glyphosate in various agricultural applications and shifts in its reputation have been heavily impacting the growth of the glyphosate market, finds a recent study published by Persistence Market Research (PMR). According to the study, over 823 kilo tons of glyphosate was sold worldwide, and the market value reached US$ 4.7 billion in 2018. The controversial nature of the glyphosate applications in agricultural businesses will continue to remain a factor instrumental in shaping the future of the glyphosate market in the coming decade, opined the PMR study.
PMR assesses various factors impacting the growth of the glyphosate market, including the regulatory action taken by governing bodies across the world that restrict the use of glyphosate in various action. The study finds that regulations are relatively more stringent in developed regions such as North America and developed European countries. In the United States (U.S.), the Food & Drug Administration (FDA) and the Environmental Protection Agency (EPA) both have imposed regulations on the applications of glyphosate, and this may influence growth prospects of the glyphosate market in the region, projects the PMR study.
In April 2019, the EPA turned down the claims about glyphosate herbicides being carcinogenic, which could relax the regulatory tensions on glyphosate market players, however emphasized the need for new measures for preventing its negative effects on the ecosystem, especially on pollinators such as monarch butterflies. Recently, the Environment Ministry in Germany also imposed some stricter policies associated with the use of glyphosate as a pesticide. According to the new policies, farmers who wish to use glyphosate or similar herbicides will be mandated to set aside 10 percent of their farmland to protect biological diversity from 2020.
On the other hand, some studies have found that glyphosate is not as dangerous as it is portrayed, and can be used with cautions in various applications. In fact, in April 2019, the European Commission stated that, until 15 December 2022, glyphosate can be used as an active substance in Plant Protection Products. Such ambiguities about the safety of glyphosate as an herbicide or pesticide have been influencing the future growth parameters of the glyphosate market, opines the PMR study.
Cereals and Grains remain the Top Application Segments in Glyphosate Market
Recent announcements by governing bodies, such as the EPA, have signified that glyphosate is not carcinogenic, and this has supported its application as an herbicide or pesticide in crop protection sector. The PMR study finds that the use of glyphosate in the production of cereals and grains accounts for over one-third revenue share of the glyphosate market. The study attributes the recent advancements in farming techniques and ever-evolving agricultural practices for the increasing adoption of glyphosates in the production of cereals and grains.
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The study also projects that, despite the strict regulations imposed over the environmental impact of glyphosate, its application in sectors other than cereals and grains, including fruits & vegetables and roots & tubers, will increase significantly in the coming years.