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Glyphosate Market 2019 - Global Industry Growth, Analysis, Share, Trends And Forecast By 2024

Author : Ronak Bora | Published Date : 2019-06-10 

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.

Glyphosate finds applications in conventional crops and genetically modified (GM) crops. Conventional crops held more than 55% of glyphosate market in 2015, primarily due to the absence of advanced farming techniques. Glyphosate market size from conventional crops is anticipated to grow significantly over the years ahead, subject to the chemical’s usage in the production of wheat, sorghum, and rice. It is sprayed on the field a week before sowing the seeds.

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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.

Pertaining to the fact that India is one of those countries that still lacks advanced farming techniques, India glyphosate market size from conventional crops will be USD 273.3 million by 2024 with a CAGR estimation of 7% over 2016-2024, having had a valuation of USD 123 million in 2015. India glyphosate market share from conventional crops is slated to exceed 75 kilo tons by 2024, with an initial value of 35 kilo tons.

Glyphosate industry from genetically engineered crops is poised to observe a remarkable growth subject to the rising awareness among consumers. Technological advancements will also help enhance this application segment. High demand from cattle feed and increased global food consumption will drive glyphosate industry from genetically engineered crops, slated to grow at a rate of 6% over 2016-2024. In addition, these crops are touted to be less harmful that conventional herbicides, which will further fuel product demand, especially across the developed Euro zone.

Europe held more than 15% of global glyphosate industry in 2015 and will grow moderately over the next few years, subject to strict government regulations regarding the applications of agrochemicals. Due to technological innovations and increased cultivable land, Russia glyphosate market will grow at a rate of 2.5% over 2016-2024.

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The Asia Pacific belt has a vast amount of cultivable land and natural resources owing to which APAC held more than 35% of the global glyphosate industry share in 2015. China is solely responsible for more than 25% of the global soy consumption. India and China accounted for more than 25% of worldwide cereal consumption in 2015. Thus, with China and India as prime revenue contributors, Asia Pacific glyphosate market will generate remarkable revenue by 2024.

U.S. glyphosate industry size from genetically modified crops was more than USD 450 million in 2015 and is anticipated to grow lucratively over 2016-2024. This growth can be attributed to the rising awareness regarding the usage of agrochemicals and the wide preference for GM crops.

Global glyphosate market share is quite consolidated, with four of the key players holding more than 50% of the overall share. Monsanto Company, for the longest time, has been the leading glyphosate industry player owing to the fact that the company adopted glyphosate tolerant crops rather early. In addition, the launch of the renowned Roundup herbicide has also catapulted the company to the dominant position. Other companies have also been following suit, thereby propelling global industry share.

 

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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

 

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About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Fractovia.org and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. He can be contacted at- [email protected] | https://twitter.com/RonakBora26

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