Glyphosate Market Size By Application (Conventional crops, GM crops), Industry Analysis Report, Regional Outlook (U.S, Canada, Germany, UK, France, Italy, Spain, Russia, China, India, Japan, Australia, South Korea, Malaysia, Indonesia, Brazil, Argentina, Mexico, Saudi Arabia, UAE, South Africa) Application Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2024
Published Date: Feb 2017 | 150 Pages | Report ID: GMI231 | Authors: Vitika Verma, Shifa Iqbal Report Format: PDF
Glyphosate Market size was over 850 kilo tons in 2015, and is set to grow at 5% by 2024.
India Glyphosate Market size, by application, 2013-2024 (USD Million)
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Necessity to upsurge yield per hectare along with rise in global food demand are some of the factors fueling the glyphosate demand. GM crops will witness a significant growth owing to rising awareness among consumers.
Increasing awareness among farmers pertaining to plant growth enhancement coupled with agricultural upliftment will encourage the glyphosate market growth. Plant growth regulation and weed growth control are some of the prominent features enhancing the product demand. Tea, soybean, wheat, maize, sunflower and cotton are key contributing crops.
Rising production of genetically modified crops along with the increasing food consumption and demand from cattle feed will drive the glyphosate market size. Technological advancements in glyphosate-tolerant GM crops have improved its weed resistance. Glyphosate reduces farmers’ efforts for tillage. Technological developments that enable no tillage and less tillage farming systems will fuel product demand.
Increasing preference for less tillage and no tillage farming systems is supporting the industry growth as it helps in reducing farmer’s effort. Farming, forestry and parks are some of the sectors where the herbicides are widely used for weed control in olive groves, fruit orchards and vineyards. Stringent regulations regarding the agrochemical usage, particularly in EU along with increasing evidences pertaining to hazardous impact of herbicides may restraint glyphosate market growth. However, WHO has claimed these agrochemicals are unlikely to cause cancer and are genotoxic in nature which provides industry an upper hand in the global herbicide industry.
Glyphosate Market, By Application
Conventional crops dominate the glyphosate market and accounted for more than 55% of the industry demand owing to the absence of more technologically advanced farming techniques. The country is majorly led by conventional farming techniques. High GMO seeds prices is another reason to support conventional farming growth. The product is widely used while producing rice, wheat, and sorghum. It is being sprayed on the field one or two week before sowing.
Increase in demand for genetically modified crops is anticipated to drive market for glyphosate. Presently, two types of herbicide resistant cropping systems are used, roundup ready and liberty link of which roundup ready utilizes for cotton, maize and soybean.
Genetically modified herbicide tolerant crops utilization allowed farmers to switch to more consumption of glyphosate and minimized usage of traditional herbicide. Glyphosate herbicide is mostly used herbicide around the world as it is thought to be less harmful than the conventional herbicide causing less damage to humans.
Glyphosate Market, By Region
Europe glyphosate market size accounted for above 15% of total volume in 2015. Stringent government regulations regarding agrochemicals usage will lead Europe to observe sluggish gains. Also, regulatory institutions including EU follow stringent regulations on producing genetically modified crops.
APAC market accounted for over 35% of the global volume in 2015. APAC, led by China and India was among the major agriculture revenue contributor, vast cultivable land and natural resources availability are key favorable factors driving regional industry growth. China and India accounted for over 25% of global cereal consumption in 2015. China alone is responsible for over 25% of world soy consumption. Overcapacity in China may result into more exportation on less pricing which will adversely impact glyphosate market price trend.
India glyphosate market share from conventional crops was valued at over 35 kilo tons in 2015 and is likely to reach above 75 kilo tons by 2024, growing at over 7% CAGR from 2016 to 2024. In terms of revenue, the market was valued at USD 123 million in 2015 and will generate USD 273.3 million by 2024.
Competitive Market Share
Global market share is consolidated with main four players accounting for around 50% of the overall demand. Dow AgroSciences LLC, Monsanto Company, E. I. du Pont de Nemours and Company are some of the prominent players. Mergers and Acquisitions were the major strategies adopted by these players to enhance industry growth.
Monsanto company was the leading glyphosate market participant because of early adoption of glyphosate tolerant crops and launch of Roundup herbicide. BASF, Syngenta, Nufarm Limited, Bayer CropScience, Nantong Jiangshan Agrochemical & Chemicals and SinoHarvest Corporation are some of other players.
Glyphosate Industry Background
Glyphosate is an organophosphate herbicide and crop desiccant containing isopropyl amine used to kill unwanted grass, weeds, especially annual broadleaf weeds. It is absorbed through foliage as well as via roots. It is widely used herbicide by farmers and its usage will rise in forecast period, due to rise in genetically modified crops demand. It is used mainly on crops including tea plantations, sorghum, wheat, maize, soybean, sunflower, and cotton. It is used to control variety of crops in farming, forestry, public spaces, gardens, parks and aquatic environment. Agriculture is the leading application of industry, along with this it is also used to control weed growth on railway tracks and verges as well as to improve visibility.
Glyphosate prevents certain plant protein production that helps crop growth and interferes in enzymatic production of certain amino acids that helps growth of weed and entire root system. Rise in GM crops demand has positively influenced the product market. Genetic modification involves altering or modifying an organism’s DNA by using genetic engineering techniques. It is done with an objective to introduce beneficial properties in plants, which do not occur naturally. Conventional crops are cultivated in the farms involving use of synthetic chemical fertilizers.
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