Glyphosate Market worth over USD 6 Billion by 2024
Published Date: February 7, 2017 Author: Global Market Insights, Inc.
Glyphosate Market size is estimated to exceed USD 6 billion by 2024; according to a new research report by Global Market Insights, Inc.
Rising food demand along with need to increase yield are key trending factors driving the glyphosate market. Increasing awareness for plant growth enhancers to improve the farm yield will also support the market growth.
Benefits associated to funding and grants to attain sustainable agricultural practices has encouraged glyphosate industry demand. Reducing stress along with weed and grass growth control remain key benefits stimulating product penetration. Increasing crop feeding among livestock and rising application scope in bio-fuel production will support business growth. Isopropylamine is the key raw material for glyphosate production, other major ingredients include monoammonium, diammonium and potassium.
In APAC, the product is majorly used in maize, wheat, tea, cotton, sunflower, sorghum and cotton to enhance the crop yield. Other potential application includes farming, parks, orchards, vineyards and forestry. China glyphosate market size was worth over USD 400 million in 2015, owing to increased food consumption and limited arable land availability. Advancement in low priced herbicide along with cheap labor availability encouraged China glyphosate market exports.
Conventional crops accounted for over 55% of the overall industry revenue in 2015. High Genetically Modified (GM) seeds price trend is among the key reason supporting conventional farming in developing nations. In coming years, GM crops will witness notable growth over 6% owing to the additional benefits including high yield and disease resistance.
Stringent regulations on agrochemicals in EU and North America due to substantial health and environmental concerns may impact industry growth. Glyphosate resistant weeds evolution, controversy on herbicide uses were the major challenges. Currently, UN and WHO claim on this herbicide as unlikely to cause carcinogenic and cancer risk in humans will continue to create new opportunities in the farming industry.
Browse key industry insights spread across 150 pages with 93 market data tables & 10 figures & charts from the report, “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” in detail along with the table of contents:
Glyphosate market is set to witness 5.3% CAGR up to 2024 with the increasing application scope in GM crops. Rising preference for treated genetically modified food to sustain food supply stability will propel the product penetration.
U.S. glyphosate market size from GMO crops was worth over USD 450 million in 2015. Shifting preference for GM crops and rising consciousness about agrochemical benefits will drive the regional demand.
Europe glyphosate market will witness stagnant growth due to stringent government regulations on herbicides. Russia market will observe gains over 2.5% by 2024 with increasing cultivable land and technological advancement in agriculture.
Global glyphosate market share remains highly concentrated with four companies catering to 50% of global revenue in 2015. Monsanto, DuPont and Dow AgroSciences are the chief industry players.
BASF, Nufarm Limited, Syngenta AG, Bayer CropScience Ltd, SinoHarvest Corporation and Nantong Jiangshan are other participants. Introduction of Roundup Ready and early herbicide tolerant crop adoption has supported industry position.
Glyphosate market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume in kilo tons and revenue in USD million from 2013 to 2024, for the following segments:
Glyphosate market by application
- 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
- Saudi Arabia
- South Africa