Glyphosate is basically used in crop production. Glyphosate is a kind of herbicide used to kill weeds without damaging crops. Major glyphosate application is to prevent crops from weeds attack has grown over the recent past. Many developments have been done in glyphosate application to enhance weed resistant characteristics. The product helps farmers to reduce the degree of labor requirement in crop cultivation are anticipated to fuel the global glyphosate market growth over the next eight years. Glyphosate usage for long years has developed immunity in weeds which is projected to hamper the global glyphosate market growth over the foreseen period. Glyphosate toxicity is the key factor which is expected to affect the global glyphosate market negatively owing to stringent regulations and bans in various countries. The product is useful for growing plants but cannot be used for pre-emergence weeds which may have a negative impact on global glyphosate market. Glyphosate is also used to enhance harvest yield by crop desiccation. In addition to agriculture purpose, it is also used to clear unwanted vegetation in urban areas and railway tracks.
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Glyphosate applications are segmented into genetically modified and conventional crops. Conventional crop was the major glyphosate application market in 2013 owing to protective ability against weeds and reduction in tillage. Glyphosate is used for many crops such as sunflower, wheat, maize, soybean, cotton, sorghum and tea plantations. Genetically modified crops are expected to be fastest growing global glyphosate market over the forecast period. As these can be constituted with increased yield and disease resistance, which helps farmers to generate more profit and cut down overall cost.
Asia Pacific was the major regional market for glyphosate in 2013, and is anticipated to be the fastest growing market over the next eight years owing to increasing genetically modified crops adoption and abundant arable land availability particularly in China and India.
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Emerging economies in the region such as India, Malaysia, China and Indonesia are expected to drive the global glyphosate market due to increasing consumption of agriculture products. Growing GDP in these countries led to increase in disposable income, which is likely to have significant impact on glyphosate demand over the forecast period. Owing to growing demand, many Chinese manufacturers have entered the global glyphosate market to meet the demand.
North America along with Latin America adopted glyphosate usage in agricultural activities long back. Due to this, glyphosate was not resulted as the best solution for protection from weeds on account of generated immunity in weeds, which led to stagnant market growth in the region. Some toxicity issues proven by EPA in U.S., has affected the global glyphosate market growth in the region. European market is anticipated to show sluggish growth on account of European Commission stringent regulations.
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Monsanto is the major player in the market owing to introduction of glyphosate and its favorable acceptance in agriculture. It expanded through acquisitions and mergers as a strategic activity to diversify product portfolio. Other players in the market include Syngeta, DuPont, Nufarm and Dow AgroSciences. The market is moderately consolidated due to existence of limited major players.
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