Glyphosate market size is growing at a CAGR of more than 5% to reach more than USD 9.5 billion by 2023

Glyphosate market size was estimated at over 710 kilo tons in 2014 and is likely to exceed 1100 kilo tons by 2023, growing at a CAGR of more than 5%. The market was valued at over USD 5.5 billion in 2014 and is anticipated to be worth more than USD 9.5 billion by 2023, with estimated gains at over 6.7%.

The global glyphosate market share is considered to be consolidated, mainly concentrated with four players catering to approximately 50% of the demand. Monsanto was the dominant company in 2014, due to role in introduction and acceptance of tolerant crops. Other key players include Newfarm, Syngenta and DuPont. Expected approach by companies comprises of customized product and enhancing crop performance.

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Conventional crops dominated the demand and accounted for more than 52% of the total consumption in 2014. Genetically modified (GM) crop based application is likely to witness highest gains over the forecast period. Global herbicides market size is expected to exceed USD 30 billion by 2023.

Asia Pacific glyphosate market share was the largest and accounted for more than 30% of the total volume in 2014. U.S. glyphosate market size accounted for over 23% of the total demand in 2014 and is likely to witness moderate growth rate over the next seven years.

Over capacity in China has seen a decline in glyphosate market price trend over the last two years. Rise in GM crop demand owing to increase in food consumption is expected to drive demand. Increase in population accompanied with growing crop consumption by livestock as well as for bio-fuel production is likely to boost GM crop growth. These herbicides are widely used in application such as farming, forestry, parks, public spaces and garden. It cannot be used in its pure form and needs to be combined with an alkali, creating a salt. Other application includes weed control in vineyards, olive groves and fruit orchards. It has helped farmers in reducing the degree of tillage.

The rising demand for less tillage as well as no tillage farming systems is expected to positively influence industry growth over the forecast period. It works as herbicide for crops like sorghum, tea plantations soybean, tea plantations, cotton, maize, wheat and sunflower. This herbicide increase the per-hectare yield which in turn positively impact farming profitability.

Increase in production and consumption of GM foods are expected to foster industry growth over the forecast period. Fast acceptance of treated GM crops especially in the emerging economies of Latin America and Asia Pacific is anticipated to encourage the market.

APAC is likely to witness high growth rate over the forecast period owing to increase in consumption of GM crops and vast cultivable land availability in China & India. Chinese companies are entering into the market owing to increase in GM food demand and low labor wage availability. China was as a major exporter of low priced formulations, holding for around 30% of the world’s export in 2014. China exports nearly 90% of its glyphosate production to several countries.

Europe glyphosate market share accounted for over 15% of the total volume in 2014. Europe is likely witness sluggish growth rate over the forecast period owing to string government norms.

Consistent demand is noticed in the market over the time period, specifically after the launch of brand Roundup in 1995 by Monsanto. Growing glyphosate tolerant GM crops demand in countries such as the U.S., Brazil, China, India and South Africa are expected to stimulate demand for GM crops which includes soybean, maize, cotton and canola.

Scientific studies have raised concerns about this herbicide safety and there are chances it may lead glyphosate containing herbicides to be banned in the upcoming years. Recently, World Health Organization and other international regulatory bodies have also claimed these as harmful for humans and contain hazardous elements which may cause cancer. This will be the key challenge in the coming years. As a result major manufacturers such as Monsanto and DuPont are shifting their focus to make integrated weed management systems, in order to eliminate it as a single dominant herbicide.

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This release was published on openPR.