Pune, India, February,2019/MRFR Press Release/- Market Research Future has published a half-cooked research report on the Global Glyphosate Market.
Glyphosate is one of the most widely used agrochemical products globally. It is a plant growth regulator and desiccant. Its capability to restrain all undesirable plant vegetation including perennials, vines, grasses, shrubs, and trees has made it indispensable in agricultural practices, although it is also used for non-agricultural purposes. The use of weed is considered effective both in terms of cost and time. The global glyphosate market is growing at a moderate pace and is anticipated to expand at a compound annual growth rate of 5.5% over the forecast period of 2017-2023, predicts Market Research Future (MRFR) in its latest study.
Plant pests and weed present challenging situations to farmers across the globe since they can reduce crop yield significantly. Glyphosate is one of the most active ingredients of a variety of plant protection products. Glyphosate prevents the growth of unwanted plants by preventing the synthesis of crucial amino acids which restricts metabolism. The application of glyphosates is the predominantly used management practice in agriculture, gardening, and grasslands. Glyphosates are also used to speed up the maturation of crops (desiccation).
Rapid industrialization across the globe is also a key growth influencer. Along with agricultural use, glyphosate is applied to a broad range of non-agricultural use cases. Such applications include car parks, verges, railway tracks, farmyard areas, and industrial complexes where weed can cause potential safety and fire hazards.
Environmental and health risks associated with glyphosate has invoked major concerns among the governments in multiple countries. Stringent regulatory norms banning the use of glyphosate in agricultural practices are likely to hinder the growth of the market over the forecast period. However, the market growth would be sustained by the use of glyphosate for non-agricultural purposes. Furthermore, advancements in biotechnology have resulted in the development of genetically modified crops in recent years. Pest and weed-resistant crops require less protection which might undermine the growth of the global glyphosate market. Alternative methods in weed management are also likely to hinder the growth of the market over the forecast period. Besides weeds are eventually evolving tolerance to glyphosate which might also be a restraining factor.
The global glyphosate market has been segmented based on crop type, form, and application.
By crop type, the global glyphosate market has been segmented into genetically modified crops, conventional crops.
By form, the global glyphosate market has been segmented into liquid form and dry form.
By application, the global glyphosate market has been segmented into grains & cereals, oilseeds & pulses, fruits & vegetables, weed removal, and others.
By region, the global glyphosate market has been segmented into North America, Latin America, Europe, Asia Pacific (APAC), and the Middle East & Africa (MEA).
APAC market for glyphosate is showcasing rapid progress and is expected to be the largest as well as the fastest growing market over the forecast period. The booming population which generates greater demand for high agricultural production has resulted in the cultivation of crops through advanced farming methods. Insecticides and pesticides are extensively used in APAC since the region is majorly involved in the production of cotton, fruits, cereals, and vegetables which have higher incidence to insect attacks which generate high demand for glyphosate for weed removal. In addition, growing scarcity of cultivable land in countries such as China and India has induced high demand for glyphosate.
The Europe glyphosate market is anticipated to showcase steady growth over the forecast period. The European Union lifted the ban on glyphosate in November 2017 for a period of 5 years which is expected to reflect positively on the growth of the market. In Europe, glyphosate is mainly used for removal of weed from railway tracks rather than farming. Germany, Italy, and the UK are the key contributors to the Europe market.
North America is a significant market for glyphosate. The region employs various advanced farming methods to yield a massive volume of agricultural produce. Moreover, a number of glyphosate manufacturers are based in the US which can be considered as a plus for the market. The US, Mexico, and Canada are the most country-specific markets in North America.
Growth prospect of Latin America market remains limited as the region is a laggard in terms of adoption of the latest technologies in agriculture. Argentina, Uruguay, and Brazil are important markets in Latin America.
Limited agriculture activities in the MEA region leaves little scope for market expansion since consumption of glyphosate is very low in the region.
The notable players in the global glyphosate market include Nufarm Limited (Australia), UPL Limited (India), Syngenta AG (Switzerland), Zhejiang Xinan Chemical Industrial Group Co., Ltd. (China), Monsanto Company (U.S.), E.I. Du Pont De Nemours & Company (U.S.), Bayer AG (Germany), The Dow chemical company (U.S.), Nantong Jiangshan Agrochemical & Chemical, Inc. (China), and Adama Agricultural Solutions Ltd (Israel).
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