Rising demand for genetically modified crops is likely to boost worldwide glyphosate market over the coming years. Rising toxicity risks are anticipated to be a key challenge for glyphoste market which has led the bans in several countries.
There have been significant developments in the field of glyphsate–tolerant genetically modified crops to endorse weed resistance properties. This product helps farmers to reduce degree of tillage likely to be favorable for industry growth over the coming years. Usage of glyphosate in wide spectrum herbicide has increased the immunity in weeds which will act as a challenge for market players.
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In 2012, the worldwide glyphosate industry was valued over USD 5 billion. Additionally, Conventional crops contributed over maximum market share in 2013 while GM crops are anticipated to collect maximum growth over the forecast period. Growth in crop consumption coupled with rising population in bio fuel as well as animal feed is expected to increase GM crops growth further. Glyphosate is basically used for herbicide for sorghum, wheat, tea plantation, maize and soybean. Also, they enable farmers to reduce total input costs and to produce high profit margins as they can be incorporated with disease resistance.
Asia Pacific led the regional glyphosate market in 2013, and is projected to continue over the coming years. Availability of arable land in China and India is anticipated to impact Asia Pacific glyphosate market. Furthermore, rising production capacities in China has increase ed glyphosate market in the region.
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After the launch of Mosanto’s Roundup Ready, equipped adoption of glyphosate-tolerant crops in Latin America and U.S increased which resulted in saturation of North American market. Unfavorable regulatory scenario in Europe has led to lower the demand in European market.
Mosanto is considered as the market leader due to its role in acceptance in introduction of crops that are glyphosate in nature. Moreover, it employs mergers and acquisitions to enhance its product portfolios. These strategic activities are likely to impact the overall market growth over the forecast period. Other market players in glyphosate market are Dow AgroSciences, Nufarm and DuPont. Solution development and customized product for enhancing crop performance are the key strategies implemented by the market participants.
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