Sep 28, 2017   SOURCE: BusinessWire

Glyphosate Market - Segments, Forecast, and Analysis by Technavio

The global glyphosate market is expected to grow at a CAGR of around 7% during the forecast period, according to Technavio’s latest report.

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Technavio has published a new report on the global glyphosate market from 2017-2021. (Graphic: Busin ...

Technavio has published a new report on the global glyphosate market from 2017-2021. (Graphic: Business Wire)

In this report, Technavio covers the market outlook and growth prospects of the global glyphosate market for 2017-2021. The market is segmented based on application (oilseeds and pulses, cereals and grains, fruits and vegetables) and types (conventional crops and GM crops).

The advances in the field of agriculture are growing at a faster pace with recent developments in R&D activities to create new glyphosate products to achieve high yield. These are expected to replace the existing conventional methods employed in agriculture more efficiently. Owing to such research and new products, the global glyphosate market is expected to grow. This can be attributed to the demand for glyphosate from the GM crop growers. The production of new innovative and green glyphosate will lessen its harmful environmental impact. This will further drive the adoption of glyphosate and subsequently foster the growth in global glyphosate market during the forecast period.

Technavio’s chemicals and materials research analysts categorize the global glyphosate market into the following segments by regions:

  • South Americas
  • APAC
  • North America
  • Europe
  • MEA

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South Americas: largest glyphosate market

South America will dominate the glyphosate market during the forecast period. This can be attributed to the advances in the latest crop protection technology and increased adoption of GM seeds and crops. Also, the agricultural sector is dependent on GM crops that are resistant to weedicides, which is also fostering the market growth.

“In South America, the significant demand for glyphosate will arise in Brazil and Argentina mainly because of the availability of arable land in these regions. In South America, soybean crops are regularly sprayed with glyphosate as they are glyphosate resistant and it becomes easier to eliminate weeds. Thus, the adoption glyphosate in this region is high,” says Mohd Shakeel Iqbal, a lead analyst at Technavio for research on specialty chemicals.

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Glyphosate market in APAC

The glyphosate market in this region is growing at a faster rate owing to the increase in the demand for food from the expanding population in this region. Also, the demand for food has increased due to GDP growth and increased disposable income of individuals. To meet the growing food demand, GM crops and sustainable practices are adopted to achieve high yield. GM crops are designed to add nutritional value and lower the cost of production.

“In APAC, countries such as China, India, Bangladesh, Malaysia, and South Korea are adopting GM crops. The growth in the glyphosate market is directly proportional to the growth in the GM market. Also, China is the leading producer of glyphosate in the world. The country alone has contributed to more than 30% of the world’s total glyphosate production in 2016,” adds Shakeel.

Glyphosate market in North America

North America is one of the most agriculturally advanced regions. In this region, the adoption rate of GM crops and seeds to achieve high yield is significant. The GM crops facilitate high yield in a limited area of the land. Also, the nutritional value of yields is much higher than the crops grown using conventional seeds. The implementation of glyphosate is higher in regions where GM seeds and crops are grown. With increasing adoption of the GM seeds, the growth in the adoption of glyphosate is expected to grow during the forecast period.

However, the extensive use of glyphosate has influenced the spread of tolerant and resistant weeds in the US. Also, herbicide-tolerant crops negatively affect the market. However, with the increase in genetically engineered seeds and crops will influence the global glyphosate market during the forecast period.

The top vendors in the global glyphosate market highlighted in the report are:

  • Bayer
  • BASF
  • The Dow Chemical Company
  • Monsanto Company
  • Syngenta

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