Glyphosate market expected to reach $8.79 billion by 2019
According to a new market report published by Transparency Market Research, "Glyphosate Market for Genetically Modified and Conventional Crops - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2013 - 2019", the global glyphosate market was valued at USD5.46 billion in 2012 and is expected to reach $8.79 billion by 2019, growing at a CAGR of 7.2% over the forecast period from 2013 to 2019. In terms of volume, the global glyphosate market demand was 718.6 kilo tons in 2012.
Increasing adoption of glyphosate tolerant GM crops mainly in the emerging economies of Asia Pacific and Latin America is expected to boost the market for glyphosate over the next six years. Additionally, the rising demand for no tillage farming systems is in turn expected to fuel glyphosate market. However, quick evolution and emergence of glyphosate resistant weeds along with stringent regulations over the use of agrochemicals, especially in Europe, is expected to fetter market growth over the forecast period. As a response to the above mentioned factors, key manufacturers such as Monsanto Company, Dow AgroSciences and DuPont have been shifting their focus to develop integrated weed management systems, in order to reduce reliance on single dominant herbicide such as glyphosate.
Asia Pacific, riding on the high growth in countries such as China and India, is anticipated to be the fastest growing market over the forecast period of next six years. Growing adoption of herbicide tolerant GM crops in the region is one of the major reasons for the rising demand of glyphosate in Asia Pacific. The region accounted for more than 30% of the global glyphosate demand in 2012 and is expected to grow at a CAGR of 7.0% between 2012 and 2019. North America is expected to be the highest revenue generator, owing to higher priced specialized glyphosate products available in the market as compared to low priced generic products available in Asia Pacific.
Glyphosate demand has witnessed a momentous growth in the past two decades, notably after the introduction of Roundup Ready, glyphosate tolerant GM crops by Monsanto, in 1995. Rising demand of glyphosate tolerant GM crops in countries such as the U.S., Brazil, Argentina, South Africa, India and China among others are expected to incite glyphosate demand for GM crops such as soybean, maize, cotton and canola (rape seed) among others. GM crops accounted for 45.2% of the total glyphosate demand in 2012. Furthermore, glyphosate demand for conventional crops has been increasing, substantially, as a result of growing global agricultural activities.
The glyphosate market is concentrated with top four players holding more than 50% share. Some of the key manufacturers of glyphosate include Monsanto Company, Nufarm Ltd., Syngenta AG., Dow AgroSciences LLC, E. I. du Pont de Nemours and Company, Zhejiang Xinan Chemical Industrial Group Company, Ltd., Jiangsu Good Harvest-Weien Agrochemical Co., Ltd. and Nantong Jiangshan Agrochemical & Chemicals Co., Ltd. among others.
Browse Global Glyphosate Market Report with Full TOC at http://www.transparencymarketresearch.com/glyphosate-market.html