Global glyphosate market size was estimated at over 710 kilo tons in 2014 and is likely to exceed 1100 kilo tons by 2023, growing at a CAGR of more than 5%. The market was valued at over USD 5.5 billion in 2014 and is anticipated to be worth more than USD 9.5 billion by 2023, with estimated gains at over 6.7%
Conventional crops dominated the demand and accounted for more than 52% of the total consumption in 2014. Genetically modified (GM) crop based application is likely to witness highest gains over the forecast period. Global herbicides market size is expected to exceed USD 30 billion by 2023.
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The rising demand for less tillage as well as no tillage farming systems is expected to positively influence industry growth over the forecast period. It works as herbicide for crops like sorghum, tea plantations soybean, tea plantations, cotton, maize, wheat and sunflower. This herbicide increase the per-hectare yield which in turn positively impact farming profitability.
Increase in production and consumption of GM foods are expected to foster industry growth over the forecast period. Fast acceptance of treated GM crops especially in the emerging economies of Latin America and Asia Pacific is anticipated to encourage the market.
APAC is likely to witness high growth rate over the forecast period owing to increase in consumption of GM crops and vast cultivable land availability in China & India. Chinese companies are entering into the market owing to increase in GM food demand and low labor wage availability. China was as a major exporter of low priced formulations, holding for around 30% of the world’s export in 2014. China exports nearly 90% of its glyphosate production to several countries.
Europe glyphosate market share accounted for over 15% of the total volume in 2014. Europe is likely witness sluggish growth rate over the forecast period owing to string government norms.
Consistent demand is noticed in the market over the time period, specifically after the launch of brand Roundup in 1995 by Monsanto. Growing glyphosate tolerant GM crops demand in countries such as the U.S., Brazil, China, India and South Africa are expected to stimulate demand for GM crops which includes soybean, maize, cotton and canola.
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Scientific studies have raised concerns about this herbicide safety and there are chances it may lead glyphosate containing herbicides to be banned in the upcoming years. Recently, World Health Organization and other international regulatory bodies have also claimed these as harmful for humans and contain hazardous elements which may cause cancer. This will be the key challenge in the coming years. As a result major manufacturers such as Monsanto and DuPont are shifting their focus to make integrated weed management systems, in order to eliminate it as a single dominant herbicide.
This latest Glyphosate Market research report offers in-depth analysis, key industry insights, market sizing & forecast on a granular level for key products, applications across number of regional markets. The report also analyzes the Glyphosate Market industry from business strategy perspective, describing in detail growth drivers, pitfalls &challenges for participants, accompanied by a detailed competitive benchmarking including company market share analysis and detailed business profiles.
Browse key industry insights spread across market data tables, figures & charts from the report, “Glyphosate Market Size, Industry Analysis Report, Regional Outlook (U.S., Germany, UK, Italy, Russia, China, India, Japan, South Korea, Brazil, Mexico, Saudi Arabia, UAE, South Africa), Application Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2023.”, in detail along with the table of contents.
Key Insights in this Report
- Global Glyphosate Market size & forecast by product & application
- Growth drivers, pitfalls & industry challenges
- Key Glyphosate Market growth opportunities & emerging business models
- Competitive benchmarking with market share analysis and company profiles
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