APAC Glyphosate Market to generate lucrative gains by 2024, India and China to be the major revenue contributors
The world has been finding alternative ways to cope up with the ever-rising demand for food. Subject to this factor, Glyphosate Market is forecast to witness the rise of potential growth avenues over the next seven years. The necessity to increase the crop yield and quality coupled with the awareness among the farmers regarding the enhancement of plant growth is likely to fuel glyphosate market share. Glyphosate, containing isopropyl amine, is essentially a crop desiccant and an organophosphate herbicide that is used by farmers and landowners to produce genetically modified crops such as sorghum, maize, tea plantations, soybean, wheat, sunflower, and cotton. It is also used to control the growth of numerous crops in forests, gardens, public spaces, fields, and farmlands, thereby fueling glyphosate market.
India Glyphosate Market size, by application, 2013-2024 (USD Million)
Glyphosate industry size was more than 850 kilo tons in 2015 and is slated to grow at a CAGR of 5.3% by 2024. Most players operating in this market have been striving to improve the quality of the product to enhance plant growth without negatively affecting the plant. Key participants operating in this industry include Monsanto Company, DuPont, BASF, Nantong Jiangshan Agrochemical & Chemicals, Syngenta, Nufarm Limited, Dow AgroSciences LLC, Bayer CropScience, and SinoHarvest Corporation. This market is characterized by frequent mergers and acquisitions to improve productivity and enhance business growth.
Glyphosate finds applications in conventional crops and genetically modified (GM) crops. Conventional crops held more than 55% of glyphosate market in 2015, primarily due to the absence of advanced farming techniques. Glyphosate market size from conventional crops is anticipated to grow significantly over the years ahead, subject to the chemical’s usage in the production of wheat, sorghum, and rice. It is sprayed on the field a week before sowing the seeds.
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Pertaining to the fact that India is one of those countries that still lacks advanced farming techniques, India glyphosate market size from conventional crops will be USD 273.3 million by 2024 with a CAGR estimation of 7% over 2016-2024, having had a valuation of USD 123 million in 2015. India glyphosate market share from conventional crops is slated to exceed 75 kilo tons by 2024, with an initial value of 35 kilo tons.
Glyphosate industry from genetically engineered crops is poised to observe a remarkable growth subject to the rising awareness among consumers. Technological advancements will also help enhance this application segment. High demand from cattle feed and increased global food consumption will drive glyphosate market from genetically engineered crops, slated to grow at a rate of 6% over 2016-2024. In addition, these crops are touted to be less harmful that conventional herbicides, which will further fuel product demand, especially across the developed Euro zone.
Europe held more than 15% of global glyphosate industry in 2015 and will grow moderately over the next few years, subject to strict government regulations regarding the applications of agrochemicals. Due to technological innovations and increased cultivable land, Russia glyphosate market will grow at a rate of 2.5% over 2016-2024.
The Asia Pacific belt has a vast amount of cultivable land and natural resources owing to which APAC held more than 35% of the global glyphosate industry share in 2015. China is solely responsible for more than 25% of the global soy consumption. India and China accounted for more than 25% of worldwide cereal consumption in 2015. Thus, with China and India as prime revenue contributors, Asia Pacific glyphosate market will generate remarkable revenue by 2024.
U.S. glyphosate industry size from genetically modified crops was more than USD 450 million in 2015 and is anticipated to grow lucratively over 2016-2024. This growth can be attributed to the rising awareness regarding the usage of agrochemicals and the wide preference for GM crops.
Global glyphosate market share is quite consolidated, with four of the key players holding more than 50% of the overall share. Monsanto Company, for the longest time, has been the leading glyphosate market player owing to the fact that the company adopted glyphosate tolerant crops rather early. In addition, the launch of the renowned Roundup herbicide has also catapulted the company to the dominant position. Other companies have also been following suit, thereby propelling global industry share.
Author Name :Saipriya Iyer