The global glyphosate market is expected to exceed USD 8.50 billion by 2020, according to a new study by Grand View Research, Inc. GM crops have witnessed high penetration, on account of benefits such as high yield and disease resistance. The amount of glyphosate added to major genetically modified crops has been increasing over the past few years. This is expected to drive the global glyphosate market over the forecast period. High demand for minimum tillage as well as no-tillage systems is also expected to fuel the market over the next six years. Considerable environmental and health concerns have led to stringent regulations on glyphosate usage, which may act as a restraint to industry growth.
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Further key findings from the study suggest:
- Global glyphosate demand was over 700 kilo tons in 2013, which is expected to exceed 1,000 kilo tons by 2020.
- Conventional crops dominated global market volume in 2013; glyphosate is used two to three weeks before sowing crops such as wheat, sorghum, sunflower, etc. This aids in significant tillage reduction along with efficient weed control. GM crops are expected to witness high growth over the forecast period, primarily due to growing adoption in Latin America, China and India.
- Asia Pacific was the largest regional market in 2013; North America accounted for over 25% of the global market volume in the same year. GM crop adoption coupled with arable land availability in China and India is expected to drive the Asia Pacific glyphosate market over the next six years.
- Major industry participants include Monsanto, Syngenta, Nufarm, Dow AgroSciences and DuPont. Other companies mainly include BASF, Bayer and a large number of Chinese manufacturers. Key players have targeted weed management systems development, which help lower adverse environmental impact and control weeds through different modes as compared to traditional glyphosate application.
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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