Global Glyphosate Market Size to exceed $6.5bn by 2024
Published Date: August 22, 2019 Authors: Kunal Ahuja, Amit Rawat
Glyphosate Market size is estimated to exceed USD 6.5 billion by 2024; according to a new research report by Global Market Insights, Inc.
Increasing demand for no-tillage and minimum tillage systems are anticipated to spur the adoption glyphosate market across myriad agricultural and non-agricultural sectors. The ability of glyphosate to prevent weed growth and stimulate yield will provide new growth avenues for industry expansion. Additionally, developments in the field of genetically modified crops to induce weed resistance properties is expected to provide favorable opportunities for market growth.
Growing necessity to increase yield per hector to support rising food demand is expected to fuel market growth. The rising population has given an impetus to the production capacity of certain key commodities such as corn, soybean, canola, and oilseeds. Use of glyphosate for increasing yield growth of these commodities is expected to provide new growth prospects for glyphosate market participants. Moreover, various government initiatives to increase agriculture output will further promulgate overall industry share. For instance, the Indian Council of Agricultural Research (ICAR) have implemented several schemes such as National Food Security Mission (NFSM) to increase the production of Agri-crops.
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Increase in demand for herbicides to control the growth of pests such as aquatic weeds are expected to increase the market share over the forecast timeframe. The use of glyphosate herbicide to produce conventional cereals such as triticale, oats, barley, sorghum, rye, quinoa, buckwheat, and other millets will further support glyphosate market expansion. Benefits such as grants and funding to achieve sustainable agricultural practices are expected to support the product demand in the farming industry. Reducing stress along with controlling unwanted grass growth remains key benefits stimulating the product penetration. Moreover, increasing demand for crops from animal feed industry coupled with increasing application scope for biofuel production will support business growth.
Browse key industry insights spread across 150 pages with 94 market data tables & 13 charts & figures from the report, “Glyphosate Market Size By Application (Conventional crops, GM crops), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2024” in detail along with the table of contents:
Forestry, farming, and parks are among the key sectors that use herbicides extensively as a form of weed control measure in fruit orchards, vineyards, and olive groves. Strict regulations pertaining to the use of agrochemicals, particularly in Europe coupled with evidence exhibiting the hazardous impact of herbicides may restrain the market growth. However, WHO claimed these agrochemicals to be non-carcinogenic and genotoxic which is expected to uplift the global glyphosate industry.
GMO is anticipated to witness over 7.5% growth up to 2024. Increasing penetration of advanced technologies to develop new varieties of genetically engineered crops will drive the application share over the projected timeframe. Glyphosates are engineered in the seeds of GMO crops to prevent weed growth and retain functional attributes of crops. Growing R&D activities along with the collaboration of engineered & genetic materials will provide new growth avenues market growth. Additionally, favorable government policies for promoting the cultivation of GM crops is expected to boost the glyphosate market size.
Asia Pacific glyphosate market is expected to witness the highest growth during the forecast period, owing to widespread adoption of enhanced crop protection technologies. The region has the maximum arable land in the world with a vast diversity of crops. Increasing adoption of advanced agricultural practices including zero-tillage is expected to drive the market growth in this region. Although certain countries in the region have approved the cultivation of herbicide-tolerant hybrids, the adoption remains constricted in India, as it has not approved the genetic modification of crops.
E. I. du Pont de Nemours, Monsanto Company, Dow AgroSciences LLC, BASF, Bayer Crop Science Ltd and FMC Corporation are among the key market participants. The glyphosate industry share is consolidated in nature due to the presence of a few key players. Supply chain agreements, partnership, and joint ventures are among the key strategies adopted by industry players to gain a higher competitive share.
The glyphosate market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume in tons & revenue in USD Million from 2013 to 2024, for the following segments:
- Conventional crops
- GM crops
The above information is provided on a regional and country basis for the following:
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa