Global Glyphosate Market: Rising Adoption of Genetically Modified Crops for Higher Yield Fuels Growth, says TMR
The global glyphosate market features a moderate degree of consolidation with the presence of a few leading players, namely Monsanto, Nufarm Ltd, DuPont, Syngenta, and Dow AgroSciences, says a new report from Transparency Market Research (TMR). The relentless focus of these companies on introducing glyphosate-resistant crops has led to the dominance of these companies in the global market. Other than this, customized product development for improved crop performance is a growth major strategy that leading players in the market are focused on.
TMR says that the demand for glyphosate is anticipated to be on the rise due to a few favorable factors. Owing to this, the global glyphosate market is projected to reach a valuation of US$8.79 bn by 2019.
High Exports of Glyphosate from China to Position Asia Pacific Frontrunner in Global Market
In terms of application, genetically modified and conventional crops are the segments of the global glyphosate market. Of the two, conventional crops represented a dominated with 54.8% of the global glyphosate market in 2012. However, the demand for glyphosate for genetically modified crops is expected to surpass than that for conventional crops. The expeditiously increasing production of several genetically modified crops such as rapeseed, cotton, soybean, and maize the demand for glyphosate is anticipated to rise in the coming years.
Based on geography, Asia Pacific is currently leading the global glyphosate market and is expected to display a robust 7% CAGR from 2013 and 2019 to continue dominance until the end of the forecast period. The changing agriculture practices in the emerging economies of China and India for the demand for increased agricultural output for the large population in these countries is contributing to the growth of the glyphosate market in the region. Not only this, the increasing adoption of genetically modified (GM) crops has led China to foray into glyphosate production and emerge as a major hub for the production of glyphosate. In recent years, China has emerged as the largest exporter of generic glyphosate herbicides, following Monsanto’s patent expiration over glyphosates outside the U.S. According to TMR findings, almost 90% of the glyphosate produced in China is exported across the world.
Europe held a share of close to 16.6% in the global market in 2012 based on volume. However, the region is expected to display a moderate CAGR of 5.6% between 2013 and 2019 due to which it will lose its market share to Asia Pacific by the end of the forecast period in 2019. The presence of stringent regulations for the adoption of genetically modified crops will reduce the market share of Europe in the global glyphosate market in the coming years. Regulatory agencies in Europe have laid out strict regulations pertaining to the production of genetically modified crops as their reckless use in the U.S. has led to excessive use of herbicides, which in turn, has led to the evolution of glyphosate resistant weeds.
Emerging Trend of Adoption of Genetically Modified Crops to Drive Market Growth
The increasing adoption of GM crops, especially in developing countries, is one of the major factors driving the global glyphosate market for the 2013-2019 period. However, stringent regulations pertaining to the use of genetically modified crops will hamper the market’s growth to some extent until the end of the forecast period in 2019. The evolution of glyphosate resistant weed is also posing challenge to the growth of the global glyphosate market. To address this, leading players in the market are striving to develop integrated weed management formulation that comprises a specified amount of various herbicides to reduce dependency on any one such as glyphosate herbicide.
The review presented is based on the findings of TMR report, titled “Glyphosate Market for Genetically Modified and Conventional Crops - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2013 - 2019.”
The global glyphosate market is segmented as follows:
Global Glyphosate Market, by Application
- Genetically Modified Crops
- Conventional Crops
Global Glyphosate Market, by Region
- North America
- Asia Pacific
- Latin America
- Rest of the World
Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
Each TMR syndicated research report covers a different sector - such as pharmaceuticals, chemicals, energy, food & beverages, semiconductors, med-devices, consumer goods and technology. These reports provide in-depth analysis and deep segmentation to possible micro levels. With wider scope and stratified research methodology, TMR’s syndicated reports strive to provide clients to serve their overall research requirement.
US Office Contact
90 State Street, Suite 700
Albany, NY 12207
USA - Canada Toll Free: 866-552-3453
7 of 10 large enterprizes view our ToC to take the right decision.View Report ToC