Glyphosates are crop desiccants and pesticides used in the control and proliferation of fungi and spore diseases. It is also known as Roundup. Production of genetically derived crops will consume the maximum number of glyphosates. The global glyphosate market research report by Market Research Future presses on pertinent growth factors and challenges for the period of 2019 to 2024 (forecast period).
Competition Outlook
Corteva Agriscience, King Quenson Industry Group, DowDupont, ADAMA Agricultural Solutions Ltd., Bayer Cropscience AG, Sinochem Corporation, Zhejiang Xinan Chemical Industrial Group Co., Ltd, UPL Limited, Nufarm Limited, American Vanguard Corporation, BASF SE, Nantong Jiangshan Agrochemical Chemical, Inc, Syngenta AG, and Excel Crop Care Limited are prominent names in the global glyphosate market.
Market Outlook
The global glyphosate industry valuation can reach USD 20.37 billion by 2024. It can score a CAGR of 4.5% during the forecast period. The increasing spate of cultivation of fruits and vegetables amid their susceptibility to fungal diseases is the primary driver of the market. Advanced farming techniques, rising instances of fungal attacks on crops, and low costs of fungicides are other major growth drivers of the market. Rise of precision farming and cultivation of fruits and vegetables organically are prime opportunities for the market to expand successfully.
Introduction of genetically engineered crops such as maize, soybean, and cotton is expected to drive global market growth. Approvals by federal bodies of these desiccants can drive the market. Investments in research and development as well as production of active ingredients with similar functions as glyphosate can bode well for the global market.
But risks on the impact of these pesticides on the environment can hamper market growth.
Segmentation
The global glyphosate market has been segmented based on application, crop type, and form.
By application, the global glyphosate market has been segmented into agriculture, household, and industrial. The agriculture segment is further classified as cereals grains, oilseeds pulses, fruits vegetables, and others.
Based on crop type, the global glyphosate market has been divided into genetically modified crops and conventional crops. The genetically modified (GM) crops segment is bound to exhibit a stellar growth rate during the assessment period owing to production of GM herbicide tolerant crops such as sorghum, maize, soybean, and others.
Based on form, the global glyphosate market has been bifurcated into dry and liquid.
Regional Analysis
The global glyphosate market has been studied with regards to four key regions—North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW).
APAC is touted to dominate the market and display a stupendous CAGR over the forecast period. Adoption of genetically modified crops, prevalence of weed growth, and adoption of modern farming practices can drive the regional market growth. Japan, China, and India are the biggest contributors to the market. The need for crop protection technologies is expected to act as a catalyst for high market demand during the forecast period.
North America is the second-largest region in the market. This can be attributed to the manufacture of genetically modified crops which are tolerant to herbicides. Removal of weeds during cultivation and post-harvest has induced a heavy demand for glyphosate-based herbicides. Huge amount of spending on research and development as well as farmer support programs are likely to encourage market growth.
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