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(MoneyNewsWire.Net, May 25, 2018 ) The glyphosate market is projected to grow at a CAGR of 6.32% from 2016 to 2022, to reach a projected value of USD 9.91 Billion by 2022. The glyphosate market has become more diversified in recent years. Factors such as rapidly growing industrialization and urbanization, globally, has led to a decline in the total land available for cultivation and has increased the pressure on farmers to increase the yield of crops in the land available. This fuels the market growth of the glyphosate.
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On the basis of crop type, the glyphosate market was led by the genetically modified crops segment, followed by the conventional crops segment, in 2015. The GM crops segment leads the market owing to increasing production of genetically engineered crops such as soybean, cotton, and corn. Asian countries are expected to become major regional markets owing to changing farming practices, which are expected to contribute to the growth of the global glyphosate market in the near future.
The global market, on the basis of form, is segmented into dry and liquid. The liquid from segment accounted for the largest market share in 2015. It offers cost efficiency, longer shelf life, and easy foliar application to the end users.
The glyphosate market, on the basis of application, is segmented into agricultural and r non-agricultural applications. The grains & cereals subsegment accounted for the largest market share in 2015, in agricultural application. The production of transgenic, glyphosate-tolerant crops, such as roundup ready crops, has led to the increased consumption of glyphosate. Non-agricultural applications of glyphosate include lawns & gardens, stadiums, railway tracks, and turfs & ornamentals.
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South America accounted for the largest market share for glyphosate market in 2015, owing to the increase in demand for glyphosate in countries such as Brazil and Argentina. However, Asia-Pacific is projected to be the fastest-growing market during the forecast period, due to the high adoption of the upgraded crop protection technologies. Due to awareness related to the efficient use of glyphosate, Indian farmers are also adopting glyphosate as a crop protection tool.
The major restraining factor for the glyphosate market is ban on the production of GM crops in some countries in Europe. Restriction on GM crops by various countries will have a direct effect on the use of glyphosate. Another challenge faced by glyphosate industry is the emergence of the glyphosate resistant weeds such as Palmer amaranth and Conyza bonariensis.
Monsanto Company (U.S.), one of the prominent players in the glyphosate market, focuses on developing new modified glyphosate products and technologies, in order to prevent growth of glyphosate resistant weeds and cater to the large customer base. Its core competencies are diverse product portfolios that include Roundup Ready PLUS and Roundup Custom (spray). In June 2016, Monsanto, Sumitomo Chemical (Japan), and Valent USA (U.S.) entered into a collaboration for providing crop protection solutions.
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