Glyphosate Market projected to grow at a CAGR of 5.67% between 2017 and 2023
The report published by Knowledge Sourcing Intelligence titled “Glyphosate Market - Forecast From 2018 to 2023” studies the various factors affecting the demand for glyphosate across the globe. The report has been segmented by application (conventional crops, GM crops), crop type (fruits and vegetables, cereals and grains, oilseeds and pulses), and geography, covering five regions namely North America, South America, Europe, Middle East and Africa and the Asia Pacific, and some of the major economies in each of these regions.
Growing global population is putting pressure on the available limited arable land. Growing global food insecurity is thus pressurizing farmers to use glyphosate in order to reduce the crop loss due to weeds. This factor is the major driver of the glyphosate market. Increased demand for minimum tillage and no-tillage systems is another major factor that is escalating the demand for glyphosate across the agriculture sector. However, stringent regulations regarding the use of glyphosate due to environmental and health concerns are restraining the market growth. A growing shift towards organic farming is also hindering the growth of glyphosate market worldwide.
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Demand for glyphosate positively related to the growing usage of GM crops
By application, Glyphosate market is segmented as conventional crops and GM crops. GM crops segment holds the larger market share. Growing need to increase crop yield and productivity is boosting the demand for GM seeds. Since GM crops are engineered to tolerate being sprayed with different agrochemicals including glyphosate herbicides, farmers are increasingly using this agrochemical in order to control weeds at low costs, thus positively impacting the growth of glyphosate market.
U.S. and India increasingly demanding glyphosate
Major markets for glyphosate manufacturers include U.S., China, and India. Despite being aware of its environmental and health concerns, Indian farmers are using glyphosate in order to eliminate the cost of weeding when done with manual labor. With high usage of GM crops and rise of glyphosate-resistant weeds, farmers in these countries are using glyphosate more liberally which is spurring the growth of glyphosate market. Even though in Europe, many countries have banned the cultivation of GM crops, those countries are still allowed to import GM crops which, in turn, is augmenting the use of glyphosate in countries where GM crops are allowed to produce. However, China has recently announced to introduce lower maximum residue limits (MRLs) in all final imported food products as well as raw materials including soybean and grains before the end of 2019. China’s action is likely to reduce the global use of glyphosate as a desiccant, thus restraining the market growth.
This report also includes a study of strategies and product portfolios of some of the leading companies in the glyphosate market. It consists of company profiles of the leading companies such as BASF SE, Monsanto Company, Xingfa USA, Solvay, Nufarm, SinoHarvest, Zhejiang Xinen Chemical Industrial Group Co., Ltd, and DuPont.
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Knowledge Sourcing Intelligence (KSI) is a market research and consulting organization based out of India. KSI publishes research studies spanning across ten industry verticals. KSI has a team of experienced and young professionals with a singular focus on delivering high-quality research services to enterprises, non-government organizations, government agencies, and research institutes and organizations. We publish hundreds of reports per year centering on niche and latest technologies. We engage with key decision makers and stakeholders across the value chain to provide clients with a detailed analysis and bird’s-eye view of the market with whole market dynamics, statistical forecasts, competitive analysis, key trends, market drivers and challenges and strategic recommendations for making informed decisions. Our success lies in the effort of our analysts who strive to meet client expectations by delivering quality work within the stipulated deadlines.
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