An increase in crop consumption for biofuels and animal feed could propel market growth in the coming years. Moreover, developments in the field of genetically modified crops promoting weed resistance is likely to boost market growth. Said the researchers, "this product helps farmers in reducing the degree of tillage, further positively affect the market."
The conventional crops segment dominated the demand accounting to over 52% of the total consumption in 2014. However, the genetically modified crop based application is expected to show the highest gain over the forecast period.
Asia Pacific held the largest market in 2013. It is expected to continue doing so, over the forecast period, owing to the rapid adoption of the product in countries like India and China.
North America is likely to show substantial growth over the eight years attributed to the awareness of the increase in agricultural yield.
The European glyphosate industry held around 15% of market share in terms of total volume, in 2014. However, it is likely to show less demand due to the unfavorable regulations of the region.
The European Commission is due to start discussions on 10 year glyphosate renewal.
Zhejiang Xinan Chemical Industrial Group Company Limited, Monsanto, BASF SE, and SinoHarvest Corporation are some of the major competitors in the global glyphosate market.
Monsanto is leading the worldwide market, owing to the role in the introduction and adoption of crops that are glyphosate-tolerant.