Glyphosate market to witness major gains via applications in conventional crops, APAC to be a prominent revenue contributor
Publisher : Fractovia | Published Date : 2017-04-13Request Sample
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:
- Asia Pacific glyphosate market accounted for more than 35% of the total revenue share in 2015 and will record considerable growth rate over the period of 2016 to 2024, owing to expanding agricultural base across APAC. India and China will contribute noticeably toward the regional growth due to the abundant availability of natural resources and cultivable land. In 2015, both the countries together covered more than 25% of worldwide cereal consumption.
- U.S. glyphosate market share from GM crops was worth USD 450 million in 2015 and is predicted to grow at a significant pace over the coming seven years. Growing popularity of these crops coupled with rising awareness regarding the benefits of agrochemicals will drive the regional demand.
- Europe glyphosate industry covered around 15% of the global revenue in 2015 and will register moderate gains over the coming years. Strict government regulations restricting agrochemical usage and genetically modified crops will lead to a sluggish growth pace in Europe.
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.
