The key players in the global glyphosate market include Adama Agricultural Solutions Ltd (Israel), Bayer AG (Germany), The Dow chemical company (USA), E.I. Du Pont De Nemours & Company (USA), Monsanto Company (USA), Nantong Jiangshan Agrochemical & Chemical, Inc. (China), Nufarm Limited (Australia), Syngenta AG (Switzerland), UPL Limited (India), and Zhejiang Xinan Chemical Industrial Group Co., Ltd (China).
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Glyphosate is an organophosphorus compound, used extensively as a crop desiccant and systemic herbicide. Its market can grow because it is useful in soil conservation and also in removing weeds and grasses hindering the growth of the plants. Market Research Future (MRFR) has published a research report about the global glyphosate market that predicts growth for this market with 5.5% CAGR between 2017 and 2023.
The key factors aiding the growth of the global glyphosate market include growing industrialization and globalization across the globe and the growing use of genetically modified crops that are boosting the demand for glyphosate. Another key reason for the growing glyphosate market is a reduction in the amount of arable land due to growing industrialization and urbanization which is boosting the demand for productive soil supplements and thus, creating the market.
Latest Industry News:
Although the the ban on glyphosate has been recently removed and its use been allowed in tea and rubber a plantation, Sri Lankan farmers are struggling to find it as glyphosate is still not available at majority places despite being in high demand, creating a new market in Sri Lanka. 1 OCT 2018
A Brazilian court has overturned an injunction banning products containing the popular weed-killer glyphosate. 1 OCT 2018
According to the report, the European glyphosate market is expected to witness steady growth with a positive economic environment because European Union has lifted the ban on glyphosate in the European region for a period of 5 years, with period starting from November 2017. The positive results are expected in Europe. Where not for farming, glyphosate is used for the eradication of weed in the railway tracks in the region. The most important country-specific markets in Europe are Germany, Italy, and the United Kingdom (UK).
In North America, due to advanced methods of farming being available, agricultural production is huge in the United States of America (USA). Therefore, the market in this region is significant. Due to advanced technology, many important manufacturers of glyphosate are based in the USA. After the USA, Canada and Mexico are the most important country-specific markets. In Latin America, agriculture does happen, but due to the lack of advanced technology, the scope of agriculture is limited and so is production. The most important country-specific markets in Latin America are Argentina, Brazil, and Uruguay, followed by the rest of Latin America.
In the MEA region, the market is limited. As most of the countries are desert regions, farming here is very limited. Some other reasons for the limited market growth in this region are lack of awareness, lack of education, lack of technological development, and political instability. The important country-specific markets in this region are Bahrain, Kuwait, North Africa, Oman, Qatar, Saudi Arabia, and the United Arab Emirates (UAE), followed by the rest of the MEA region.
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The regional segmentation, the global glyphosate market has been segmented into regional markets known as North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa (MEA). According to the report, Asia Pacific is expected to emerge as the fastest growing regional market among all other regional markets. During the forecast period, it is expected to retain its dominance during the forecast period.
Factors leading to the growth of Asia Pacific market include growing demand for agricultural produce, growing cultivation of genetically modified and herbicide-tolerant crops, and growing demand for glyphosate for the removal of weed in the agricultural firms.
Moreover, the presence of the most populated countries like China and India has reduced the availability of arable land because of which the demand for glyphosate has to rise rapidly.
Farming practices in this region are also likely to boost the market growth. Apart from China and India, another important country-specific market in this region is Japan, followed by the rest of Asia Pacific