A new Transparency Market Research report states that the global glyphosate market is poised to reach US$8.79 bn by 2019. The title of the report is “Glyphosate Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2013 - 2019.”
Glyphosate is a wide-spectrum systemic herbicide and is utilized for killing weeds, particularly annual broadleaf grasses and weeds. Glyphosate is assimilated through foliage and to some extent via roots. It is being largely utilized by farmers at present and its adoption is predicted to rise even more in the coming years. This is owing to it being the first herbicide against which the crops are being genetically modified for increasing their tolerance. Glyphosate is highly utilized in a number of areas such as olive groves, vineyards, forestry, fruit orchards, gardens, under water lakes and rivers, and grass pasture, for controlling the growth of weed.
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According to the report, the rising use of glyphosate-resistant genetically modified crops and the increasing preference toward minimum and no-tillage systems will boost the growth of the market for glyphosate. In addition, the growing demand for genetically modified crops and the advent of cutting-edge weed control systems are the major opportunities in this market. On the other hand, the presence of glyphosate-resistant weeds and the strict regulations posed on the usage of agrochemicals, particularly in Europe, may impede the growth of the glyphosate market in the coming years. In order to counter these factors, the prime players within the glyphosate market are taking initiatives to develop integrated weed management systems comprising a fixed amount of numerous herbicides in one formulation. This is done in order to circumvent the dependence on a single herbicide such as glyphosate.
In terms of application, the report segments the market into genetically modified crops (GM) and conventional crops. Amongst these, conventional crops constituted a share of 54.8% in the market in 2012 on the basis of volume. By geography, the market is segmented into Europe, North America, Latin America, Asia Pacific, and Rest of the World (RoW). Amongst these, on the basis of volume, Asia Pacific is currently the largest and the most swiftly developing market for glyphosate and is predicted to expand at a 7.0% from 2012 to 2019. Within APAC, India and China are the top regions.
On the other hand, in 2012, Europe represented a share of 16.6% in the market for glyphosate on the basis of demand. However, this region will be outpaced by Asia Pacific by 2019. This is owing to the stringent stand on not adopting genetically modified crops by the European regulatory bodies.
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As per this study, the prime players operating in the glyphosate market are producing a number of glyphosate formulations such as soluble powder, aqueous solutions, and soluble granule. In the market, these formulations are available in different grades including 41% IPA, 50% SP, and 62% IPA, among others. Some of the players dominant in the market are Monsanto Company, Nufarm Ltd., Dow AgroSciences LLC, Syngenta AG., E. I. du Pont de Nemours and Company, Jiangsu Good Harvest-Weien Agrochemical Co., Ltd., and Zhejiang Xinan Chemical Industrial Group Company, Ltd., among others.
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