Glyphosate Market for Genetically Modified and Conventional Crops to Gain Revenue to Attain a Value
Global Glyphosate Market: Snapshot
For the last many years farmers around the world are using glyphosate as a non-selective herbicide that controls both broadleaf grass and weeds. The herbicide properties present in glyphosate were first discovered in 1974, Monsanto. The same year, it was first launched in the market. Glyphosate herbicides help enhancing crop tolerance hence, their demand is projected to rise at a significant pace over the forecast period. As per experts, the advent of genetically modified glyphosate resistant crops provided a major boost to the global glyphosate market.
Considering the benefits it offers, a substantial amount of glyphosate is produced for consumption around the world. Besides this, glyphosate has a wide array of applications including weed control in olive groves, vineyards, fruit orchards, forestry, grass pastures, gardens, parks, and underwater usage in lakes and rivers. As per Transparency Market Research (TMR), the demand for glyphosate will gain pace in the coming years, chiefly driven by factors such as the rising demand for no tillage farming systems. The market is projected to reach US$8.79 bn by the end of 2019.
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On the downside, stringent regulations especially in Europe could limit the expansion of the market in the region. It also faces challenge from the fast evolving glyphosate resistant weed. To counter the impending scenario, leading players in the market are focusing to develop integrated weed management system comprising a calculated combination of various herbicides to avoid dependence on a particular one such as glyphosate herbicide.
Genetically Modified Crops Segment to Emerge Dominant based on Application
Based on application, the global glyphosate market has been bifurcated into genetically modified (GM) crops and conventional crops. Among these, the conventional crops exhibited higher demand for glyphosate herbicides, accounting for a dominant share of 54.8% in the global market based on volume in 2012. However, the use of glyphosate for GM crops is rising at a higher speed globally. The segment held around 45.2% of the global market in 2012. Due to the increasing adoption of genetically modified crops such as rapeseed, soybean, cotton, and maize, the demand for glyphosate is expected to increase at a robust pace in the near future.
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High Export from China to Seal Asia Pacific’s Position as the Dominant Region
Regionally, Asia Pacific held lead in the global glyphosate market and is projected to expand at a robust 7% CAGR between 2013 and 2019. Rising at this pace, the region will continue holding dominance in the global market through the forecast period. The demand witnessed in emerging economies such as India and China has significantly contributed to growth recorded by the market in the last few years. In addition, China emerged as the largest exporter of low priced generic glyphosate herbicides, following the expiry of Monsanto’s patent over glyphosates outside the U.S. As per TMR about 90% of the glyphosate product in China is exported across various countries.
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