Glyphosate Market Size Is Growing at a Cagr of More Than 5% to Reach More Than Usd 9.5 Billion by 2023

Glyphosate market size was estimated at over 710 kilo tons in 2014 and is likely to exceed 1100 kilo tons by 2023, growing at a CAGR of more than 5%. The market was valued at over USD 5.5 billion in 2014 and is anticipated to be worth more than USD 9.5 billion by 2023, with estimated gains at over 6.7%.

The global glyphosate market share is considered to be consolidated, mainly concentrated with four players catering to approximately 50% of the demand. Monsanto was the dominant company in 2014, due to role in introduction and acceptance of tolerant crops. Other key players include Newfarm, Syngenta and DuPont. Expected approach by companies comprises of customized product and enhancing crop performance.

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Conventional crops dominated the demand and accounted for more than 52% of the total consumption in 2014. Genetically modified (GM) crop based application is likely to witness highest gains over the forecast period. Global herbicides market size is expected to exceed USD 30 billion by 2023.

Asia Pacific glyphosate market share was the largest and accounted for more than 30% of the total volume in 2014. U.S. glyphosate market size accounted for over 23% of the total demand in 2014 and is likely to witness moderate growth rate over the next seven years.

Over capacity in China has seen a decline in glyphosate market price trend over the last two years. Rise in GM crop demand owing to increase in food consumption is expected to drive demand. Increase in population accompanied with growing crop consumption by livestock as well as for bio-fuel production is likely to boost GM crop growth. These herbicides are widely used in application such as farming, forestry, parks, public spaces and garden. It cannot be used in its pure form and needs to be combined with an alkali, creating a salt. Other application includes weed control in vineyards, olive groves and fruit...