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Glyphosate Market is expected to grow at high CAGR during the forecast period 2019-2024

Author : Ravi Chawat | Published Date : 2020-08-11 

Necessity to increase crop yield per hectare coupled with rising food demand are significant factors driving glyphosate market demand. Increasing awareness regarding plant growth enhancers to develop plant yield is vital for growth of this industry. GM crops will observe a significant growth due to rising awareness among consumers.

Increasing production of GM crops along with rise in demand for food and cattle feed will enhance the industry . Controlling weed growth and supporting plant growth are the key properties fuelling the glyphosate market. Increase in product usage in the cultivation of cotton, maize, wheat, soybean, tea and sunflower will positively influence the industry demand.

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High application scope in biofuel production accompanied by rising demand for crop feeding among livestock will drive the industry growth. Increasing adoption of the sustainable agricultural practices will fuel the industry growth. Isopropylamine, potassium, diammonium and monoammonium are the key raw materials used in the production process.

Technological advancement to improve weed resistance in GM crops and ensure fewer efforts for tillage will enhance the industry . Increasing concerns related to tillage among the farmers has enhanced the glyphosate market.

Forestry, farming, orchards, parks and vineyards are the other potential applications of the product. Development of low-cost herbicide coupled with easy available labour particularly in China and India has enhanced the industry growth.

Strict guidelines by government for using agrochemicals particularly in North America and European Union owing to increasing evidence regarding hazardous impact on environment and human health may restrain the glyphosate market. However, UN and WHO has claimed that these products are nontoxic in nature and are unlikely to cause cancer which will create enormous opportunities for the product growth in farming industry.

Glyphosate market was led by conventional crops accounting for more than 55% of overall industry in 2016. High prices associated with genetically modified seeds are key reason supporting the conventional farming techniques.

GM crops is anticipated to observe growth around 6% by 2024. Improved weed resistance and crop yield are the key factors enhancing the product development.

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The U.S. glyphosate market was reached over USD 450 million in 2015. Rising consciousness among farmers pertaining to agrochemical benefits along with changing preference for GM crops will fuel the industry growth in this region.

Europe glyphosate market will observe a steady growth owing to strict government regulations on using herbicides. Russia glyphosate market is estimated to witness gains over 2.5% by 2024, due to rising cultivable land and technological advancement in agriculture.

Asia-Pacific glyphosate market accounted for over 15% in terms of volume in 2015. India and China dominate the agriculture sector in the region owing to vast cultivable land and easily accessible natural resources. China market was worth around USD 400 million in 2015.

Global glyphosate market share is highly consolidated with four major players sharing over 50% of overall industry share. DuPont, DoW AgroScience and Monsanto are key industry participants. Other notable players include Syngenta, Bayer CropScience, BASF, Nufarm and SinoHarvest Corporation.

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About Author

Ravi Chawat

Ravi Chawat

Ravi Chawat holds a bachelor's degree in Electronics and Telecommunication Engineering. He has worked closely with industry specialists from different segments including chemicals, food and beverages, construction and manufacturing & energy and power. Ravi's article concentrates principally on balancing relevant data but never at the expense of making the content engaging. He believes in giving fair-minded information to guide significant business choices. [email protected] | https://twitter.com/RaviChawat

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