The global glyphosate market is expected to be valued at USD 9 billion over the forecast period of 2016-2024. Surging demand for (GM) genetically modified crops is expected to remain a key driver for the market.
Growing population coupled with augmented crop consumption in bio-fuel and as well as in animal feed is anticipated to fuel the genetically modified crops market. Increasing demand for no-tillage and minimum tillage system is expected to boost the demand.
Stringent regulation on agrochemicals based product and emergence of glyphosate-resistant weed is anticipated to be a hinder in the market growth. The key industry players are investing in R&D to promote the weed resistance properties.
These glyphosate products also help the farmer in reducing the degree of tillage, which is also anticipated to have a positive impact over the next eight years. The new innovative weed control management system is also expected to offer lucrative growth opportunities for the key industry player over the forecast period.
Increasing toxicity related risks and increasing immunity in weeds are anticipated to be a major challenge in glyphosate market. It is used as an herbicide for sunflower, wheat, sorghum, tea plantations, soybean, maize and cotton.
Surging adoption of advanced agriculture technique is expected to drive the market over the next eight years. Genetically modified crops can be incorporated with increased yield and disease resistance properties, which also enable farmers to reduce the overall cost and to generate high-profit margin.
Glyphosate is widely used in home landscapes and gardens owing to its very broad spectrum and high efficacy. It is a broad spectrum material that will kill a wide variety of plants including broadleaf weeds, annual and perennial grasses, shrubs and trees.
It is segmented on the basis of applications such as glyphosate-resistant GM crop and conventional crop. The GM crops segment includes four main crops such soybean, corn, cotton, and canola. GM crops have long shelf life and it helps to preserve the crop during storage and transportation. Increased flavor and nutrition are also expected boost demand for this crop.
No-tillage farming or zero tillage farming is expected to drive the market owing to increasing adoption of the conventional crop. It is used to clear railroad tracks and get rid of unwanted aquatic vegetation. It is effective on kudzu, poison ivy, dandelions and other weeds.
Glyphosate products are used as one of the least toxic pesticides and they can also be stored for many years. These pesticide products should not be stored in areas where they can be easily exposed due to extreme temperature. After getting wet with most liquids, it is expected to get freeze.
Asia Pacific was the dominant market in 2014, a new trend such as growing adoption of genetically modified crops and availability of arable land in China and India are expected to increase the demand in this region.
On account of increasing demand, Chinese industry players have also entered the glyphosate market, to increase the competition in the global and local market. Increasing farm expenditure and increasing food demand are the major factors complementing the market growth in this region.
North America is also expected to have a substantial growth over the forecast period owing to the adoption of glyphosate tolerant crops after the release of Monsanto’s Roundup Ready product. Glyphosate products are widely used in this region owing to awareness to increase agricultural yield.
In Europe, these genetically modified crops have less demand owing to the unfavorable regulations. The emergence of glyphosate resistance weeds is also expected to hinder the growth in this region.
Some of the key industry players in the market include Bayer CropScience, Nufarm Ltd., Monsanto Company, BASF SE, Syngenta AG, DuPont, Dow AgroSciences LLC., Zhejiang Xinan Chemical Industries Group Co. Ltd., SinoHarvest, Nantong Jiangshan Agrochemicals & Chemical Co. Ltd., and Jiangsu Good Harvest-Weien Agrochemical Co. Ltd.
The key industry player has targeted to develop the weed management system, which can also help to reduce unfavorable environmental impacts and control weeds.
Research Support Specialist, USA