A report published by Persistence Market Research, titled ‘Glyphosate Market: Global Industry Analysis 2014–2018 and Forecast 2019–2029’, projects that the glyphosate market revenues will reach the US$ 4.5 Bn mark by 2019 end. The global market revenues through sales of glyphosate products are likely to increase at an approximate 4% CAGR during 2019-2029.
The increasing plantation of genetically modified (GMO) plants and crops is driving the growth of the glyphosate market, especially in developing regions. In East Asia, South Asia and other developing regions, farmers are using GMO seeds in order to increase production within a short period of time and also to earn higher profit margins. Manufacturers of agricultural products are producing glyphosate-resistant GMO seeds to increase the use of glyphosate, which is not harmful to crops, as well as to protect plants from weeds and other unwanted grasses. GMO seeds are used to grow fruits, vegetables, tubers, and roots faster and to improve their weight and size, which is driving the growth of the glyphosate market.
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Granules of Glyphosate to See Steady Gains in Terms of Market Share
Glyphosate in granular form is growing steadily in the global glyphosate market. Glyphosate is diluted with water and sprayed on crops. The granular form of glyphosate is water soluble, which can be easily dissolved in water. This granular form of glyphosate is easy to pack as well, which minimizes the cost of packaging for manufacturers, as well as for farmers. Granules are easy to transport as compared to the liquid form. Granules take minimum space, are easy to carry, and have low prices. These factors are expected to drive the growth of the granular form of glyphosate. The glyphosate granules segment is estimated to hold approximately 40% market share by value in the glyphosate market by the end of 2019 and is expected to grow at a CAGR of ~ 5% in terms of value from the estimated year (2019) to the forecast year (2029).
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The Glyphosate Market Facing a Downward Trend due to Stringent Regulations in the US and Western European Countries
The glyphosate market is facing many obstacles in the regions of North America and Europe due to some government regulations. More than 13,000 people have complained against Monsanto Company alleging that exposure to glyphosate-containing brand Roundup caused them or their loved ones non-Hodgkin lymphoma. More than 30,000 health care specialists advocated for glyphosate ban and International Agency for Research on Cancer’s report on glyphosate determined the chemical to be carcinogenic to humans. These are some reasons why many countries and governments have restricted the use of glyphosate or made stringent regulations for its use. Some governments have set limitations on the use of glyphosate on the basis of the area harvested. Many countries are planning to ban or come up with regulations on the use of glyphosate. These factors can affect the demand for glyphosate in these regions.
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Key Player Operating in the Glyphosate Market
Some of the key players included in the glyphosate market report are :
Key competitors in the glyphosate market are focusing on product strategic developments, growths, and opportunities in the global glyphosate market.
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