24-Jul-2018 | Zion Market Research
Escalating need for curbing weeds to improve crop yield in farms is expected to boost glyphosate market trends over the years ahead. Introduction of advanced farming techniques along with high penetration of genetically altered crops to increase harvest for rising global population is likely to fuel the product demand.
Glyphosate finds application as weed killer across myriad sectors such as construction, agriculture, floriculture, and horticulture. However, strict government legislations over the rampant use of the product may pose a threat to the thriving glyphosate business. Nonetheless, the immense popularity of the product across the developing economies will contribute significantly towards the business space.
Sources cite that WHO’s international agency for Research on Cancer (IARC) has listed glyphosate as a possible human carcinogen. For the record, last year, the U.S. state of California had added the product to the list of chemicals causing cancer in humans. In last October, the European Parliament had called for the ban on the herbicide by 2022, citing that the exposure of weed killer compounds can give rise to cancer.
In a major boost to glyphosate market growth, the U.S. Department of Justice had granted an approval for the USD 66 billion merger agreement between agribusiness firms Bayer AG and Monsanto in May this year. Earlier in the first quarter of 2018, EU had given a green signal to the Bayer-Monsanto deal subject to strict regulations. Margrethe Vestager, the European Commissioner for Competition, stated that the approval of the deal was based on the fulfillment of the competition standards set by EU.
Reportedly, Asia Pacific zone possesses a large portion of tillable land for farming activities and hence it is more likely that the region will make substantial contributions towards glyphosate market revenue in the near future. It has been forecast that countries such as India and China are projected to be the key revenue generators for glyphosate industry in the APAC belt.