Glyphosate Market Size

Glyphosate Market Size

Glyphosate Market size valued at USD 3 billion in 2015 and is anticipated to witness over 6.5% CAGR from 2016 to 2024.

To get key market trends

  Download Free Sample

Strong application in the agriculture sector as an active herbicide agent is likely to propel the glyphosate market growth over the projected timeframe. It is used to prevent the growth of unwanted broadleaf weed, thus augmenting the agricultural production. Further, it aids in stimulating plant growth & supports ripening of certain crops such as cotton, canola, soybean, berry crops, and corn. The product is highly effective in managing of noxious and invasive weeds. Additional functionalities & applications in integrated pest management is generating new growth avenues for industry participants. Moreover, glyphosate availability and usage in various formulation such as ready-to-use liquid, liquid concentrate, and solid form will drive the product adoption./p>

Increasing product usage in soil enhancement activity is likely to fuel the product demand over the projected timeline. Growing preference for glyphosate for protecting soil erosion, fertility, and water quality will support the industry expansion. Product advantages over mechanical tillage system such as low cost, less soil & environment degradation, thereby supporting the glyphosate market expansion. Also, cost effectiveness of the product accompanied by expanding distribution network will positively influence the business advancement.   /p>

Growing global food demand along with reducing per arable land area has enhanced the need for developing innovative farming practices that will aid in increasing yield per hector. Application of glyphosate in facilitating yield growth is further expected to propel overall industry share. Further, strong development in the global herbicide industry supported by favorable trade policies will support the industry growth up to 2024. Favorable policies pertaining to the use of herbicides in agricultural practices by various agencies including EPA and FAO will further accentuate overall market growth.
 

Several concerns and perception regarding carcinogenic nature of crops treated with glyphosate is likely to create hindrance for market growth. However, recent studies by the U.S. Environmental Protection Agency (EPA) found that glyphosate is a safe herbicide for agriculture use if used within the permissible limit. Also, in August 2016, New Zealand EPA published a report stating glyphosate is unlikely to be carcinogenic.