New York, NY, July 05, 2018 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Glyphosate Market for Conventional Crops and Genetically Modified Crop Applications: Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017 – 2024” . According to the report, global glyphosate market was valued at USD 7.24 billion in 2017 and is expected to reach USD 10.88 billion in 2024, growing at a CAGR of 6.2% between 2018 and 2024. In terms of volume, the global glyphosate market stood at approximately 785.30 kilotons in 2017.
Glyphosate is a compound which has the ability to promote weed resistance properties. Thus, it is primarily used as a weed killer in various applications including agriculture, horticulture, floricultural, and non-agricultural activities such as gardening, construction sites, grounds, etc. It extensively assists to reduce the growth of weeds as well as enhances the yield. Glyphosate, which is a non-selective herbicide, is majorly utilized in the agricultural activities by the farmers thus is expected to gain traction over the years to come.
Browse through 29 Tables & 25 Figures spread over 110 Pages and in-depth TOC on "Global Glyphosate Market Size, Share, and Trends Report 2017: Industry Growth Analysis and Forecast to 2024”.
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Rising need to control weeds and unwanted plants among farmers to achieve immense yield to satisfy the huge demand for food on a global basis is a prime factor which drives the glyphosate market. Moreover, development in conventional farming and growing penetration of genetically modified crops to gain large yield is likely to drive the market in the near future. However, regulations on the usage of glyphosate imposed by the government bodies as it retains some disadvantages to the nutrients of the soil are projected to slow down the demand for glyphosate. Nonetheless, emerging market in developing countries is likely to set opportunities for the market over the next few years.
Based on application, conventional crops led the global glyphosate market in 2017. It accounted for above 72% share of the total volume consumption of the market in 2017. Moreover, changing the perspective of farming coupled with escalating demand for good yield is expected to accelerate the market’s growth during the coming years. In addition, genetically modified crops segment is an important outlet that is expected to influence the market consumption over the next few years due to the rising massive demand for genetically modified crops in the emerging markets of emergent countries.
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The Asia Pacific was the dominating market of glyphosate during the past decades. The abundant availability of arable land is the driving force of the market in the region. Furthermore, it is one of the fastest growing markets of glyphosate within the forecast period. China is the major producer and consumer of glyphosate. China has abundant capabilities to produce glyphosate and it is a major exporter of glyphosate across the globe. India is also likely to augment the exponential growth of glyphosate market over the future years due to the growing agricultural activities and strong support from the government bodies in the region.
North America is a second leading market for glyphosate. The government approval for the usage of glyphosate and its formulations is expected to boom the demand for glyphosate during the next few years. Likewise, growing penetration for genetically modified crops for better results coupled with ongoing research and developments related to agriculture is expected to boom the market size in the region over the forthcoming years.
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Europe is also an important outlet for glyphosate market. Moreover, the shifting preference of agriculture, i.e., surging activities for genetically modified crops farming in countries such as Germany and UK is likely to fuel the market’s profit margin during the years to come. Ongoing researches and strategic innovation for product portfolio of glyphosate by major producers such as Bayer, BASF and E. I. du Pont de Nemours & Company will trigger the market’s margin within the forecast period.
Latin America market for glyphosate is expected to exhibit moderate growth over the forthcoming years. Brazil is a major outlet in the region. Comparatively, Brazil will reveal strong growth for glyphosate as it has strong farming projects in the region. Moreover, spurring penetration for genetically modified crops including soybean, cotton, and sugarcane is projected to propel the intake of glyphosate over the years to come. The Middle East & Africa is expected to achieve sustainable growth in the future years.
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Some of the major players of the global glyphosate market include Monsanto Company, Dow AgroSciences LLC, Nantong Jiangshan Agrochemical & Chemicals Co., Ltd., E. I. du Pont de Nemours & Company, Nufarm Ltd., Syngenta AG, BASF, Bayer, Monsanto, Zhejiang Xinan Chemical Industrial Group Company, SinoHarvest, and Anhui Huaxing Chemical Industry Company, among others.
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This report segments the global glyphosate market as follows:
Global Glyphosate Market: Application Analysis
- Conventional Crops
- Genetically Modified Crops
Global Glyphosate Market: Regional Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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