Latin America Glyphosate Market was worth USD 2.12 billion in 2021 and estimated to be growing at a CAGR of 6.93%, to reach USD 3.75 billion by 2026. Glyphosate is an externally applied herbicide use to kill both broadleaf weeds and grasses. It was first introduced in 1974 and is one of the most widely used herbicides today. Its applications are not just limited to agriculture with it finding uses in forestry, lawns, gardens and weeds in industrial areas.
Glyphosate is commercially available in many forms, be it an amber coloured liquid or solid salts, and it is lethal to most plants. The product is mostly non-toxic to humans as it works on the principle of inhibiting the production of an enzyme in plants. However, excessive exposure can lead to eye and skin irritation, nausea, vomiting and diarrhoea. The herbicide can last up to 6 months in the soil depending on the climate and type of soil. It can be broken down by bacteria and does not pose a threat to ground water sources.
Latin America Glyphosate Market Drivers:
The major driver of the Latin America Glyphosate market is driven by the high demand for GM crops in the region. Their increased application in agricultural activities and non-agricultural activities has driven the need for modified glyphosate products. The region is also abundant in farm land and the soil is well suited for cultivation, this also means thriving conditions for weeds and hence the demand from the agricultural sector is another driver of the market. Rising food demand along with increased yield are key factors driving the glyphosate market. The growth of the market is only held back by the stringent government set rules and regulations. The development of glyphosate resistant herbicides is another looming threat that makes people sceptical about the use of the product in abundance.
Latin America Glyphosate Market – By Crop Type:
Latin America Glyphosate Market – By Application:
Based on geography, the Latin America market consists Argentina, Brazil, Mexico and rest of Latin America. Brazil is one of the largest producers of genetically modified herbicide resistant plants and this has led to the increased use of glyphosate in the region. The growth of agriculture in the region where large area of cultivable land is available is making the region’s market grow at a very high rate with the CAGR being second only to Asia-Pacific.
The key players that are present in the glyphosate industry include Monsanto company (U.S.), Syngenta AG (Switzerland), Bayer AG (Germany), E.I. Du Pont De Nemours & Company (U.S.), The Dow Chemical Company (U.S.), Nufarm limited (Australia), Nantong Jiangshan Agrochemical & Chemical, Inc. (China), Adama Agricultural Solutions Ltd (Israel), UPL Limited (India), and Zhejiang Xinan Chemical Industrial Group Co., Ltd. (China).
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