Glyphosate Market has already witnessed a global attention with the increasing necessity to risen the yield in order to meet the surging food demand. Glyphosate is expected to be the most adopted pesticide worldwide in the years ahead, and the interest will grow based on the ecological and human health aids offered by these herbicides. As per a report by Global Market Insights, Inc. “Glyphosate market will surpass a revenue of USD 6 billion by 2024, at an annual growth rate of 5% over the period of 2016-2024.”
A noticeable trend of farmers’ preference toward less tillage system is expected leave a positive impact on the market outlook. Considerable environmental concerns and health hazards caused by harmful chemical plant enhancers is pushing the government to mandate glyphosate usage. A recent study by WHO depicts that these herbicides are genotoxic by nature and thereby less likely to cause cancer, which will prove to be highly influential on overall glyphosate market growth.
India Glyphosate Market size, by application, 2013-2024 (USD Million)
Glyphosate market finds application in conventional and genetically modified crops. Glyphosate herbicide is less harmful and hence has a soaring demand from conventional crops. These herbicides are sprinkled on the field two weeks before sowing and are widely used in production of sorghum, wheat, and rice. Conventional crops were the most dominant application of glyphosate industry, having had over 55% of the industry demand.
Glyphosate applications in genetically modified crops is forecast to witness a CAGR of 5.3% over the period of 2016-2024. Rising awareness regarding the benefits of these chemicals for enhancing the crop yields will further drive the glyphosate industry outlook.
Below are the geographical trends influencing glyphosate industry over 2016-2024:
Glyphosate industry might experience a slow progress over the coming years due to the claims of health damages caused by these herbicides. However, the report by WHO dismissing the claims of cancer caused due to the usage of these agrochemicals has provided a major relief to the market participants.
The industry is consolidated at present with top four players sharing 50% of the business space. Key market participants are Monsanto Company, Dow AgroSciences LLC, Syngenta, E. I. du Pont de Nemours and Company, Bayer Cropscience Limited, BASF, Nantong Jiangshan Agrochemical & Chemicals, Nufarm Limited, and SinoHarvest Corporation.