04-Jul-2018 | Zion Market Research
Zion Market Research has published a new report titled “Glyphosate Market for Conventional Crops and Genetically Modified Crop Applications: Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017 – 2024.” According to the report, global glyphosate market was valued at USD 7.24 billion in 2017 and is expected to reach USD 10.88 billion in 2024, growing at a CAGR of 6.2% between 2018 and 2024. In terms of volume, the global glyphosate market stood at approximately 785.30 kilotons in 2017.
Glyphosate is a compound which has the ability to promote weed resistance properties. Thus, it is primarily used as a weed killer in various applications including agriculture, horticulture, floricultural, and non-agricultural activities such as gardening, construction sites, grounds, etc. It extensively assists to reduce the growth of weeds as well as enhances the yield. Glyphosate, which is a non-selective herbicide, is majorly utilized in the agricultural activities by the farmers thus is expected to gain traction over the years to come.
Browse the full "Glyphosate Market for Conventional Crops and Genetically Modified Crop Applications: Global Market Perspective, Comprehensive Analysis, and Forecast, 2017 – 2024" report at https://www.zionmarketresearch.com/report/glyphosate-market
Rising need to control weeds and unwanted plants among farmers to achieve immense yield to satisfy the huge demand for food on a global basis is a prime factor which drives the glyphosate market. Moreover, development in conventional farming and growing penetration of genetically modified crops to gain large yield is likely to drive the market in the near future. However, regulations on the usage of glyphosate imposed by the government bodies as it retains some disadvantages to the nutrients of the soil are projected to slow down the demand for glyphosate. Nonetheless, emerging market in developing countries is likely to set opportunities for the market over the next few years.
Based on application, conventional crops led the global glyphosate market in 2017. It accounted for above 72% share of the total volume consumption of the market in 2017. Moreover, changing the perspective of farming coupled with escalating demand for good yield is expected to accelerate the market’s growth during the coming years. In addition, genetically modified crops segment is an important outlet that is expected to influence the market consumption over the next few years due to the rising massive demand for genetically modified crops in the emerging markets of emergent countries.
The Asia Pacific was the foremost market for glyphosate in 2017. It accounted for above 30% share of the total market in 2017. Furthermore, it is anticipated to exhibit great potential to surge the demand for glyphosate due to the growing adoption of genetically modified crops in the region. Moreover, Asia Pacific is the fastest growing market of glyphosate within the forecast period as it is farming based region and there is the abundant availability of arable land. Furthermore, the increasing penetration of modern farming is expected to influence the growth of the genetically modified crops in the region, which in turn is likely to have a positive impact on the demand for glyphosate in the region. The Asia Pacific was followed by North America and Europe and it is predicted to witness a significant growth in the near future. Latin America is also expected to reveal great opportunities for the market of glyphosate over the forthcoming years.
Some of the major players of the global glyphosate market include Monsanto Company, Dow AgroSciences LLC, Nantong Jiangshan Agrochemical & Chemicals Co., Ltd., E. I. du Pont de Nemours & Company, Nufarm Ltd., Syngenta AG, BASF, Bayer, Monsanto, Zhejiang Xinan Chemical Industrial Group Company, SinoHarvest, and Anhui Huaxing Chemical Industry Company, among others.
This report segments the global glyphosate market as follows:
Global Glyphosate Market: Application Analysis
Global Glyphosate Market: Regional Analysis
Browse New Press Release: https://www.zionmarketresearch.com/news/glyphosate-industry
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