India Glyphosate Market size was valued at USD 147.5 Million in 2017 and is expected to witness growth of more than 4.2% CAGR from 2018 to 2024.
India Glyphosate Market Size, By Application, 2013-2024(Kilo Tons)
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Increasing production of genetically modified crops and a greater focus on increasing productivity of the land are key factors driving the glyphosate market in India. India’s per hectare productivity is one of the lowest when compared to the global average. The government has undertaken several measures including subsidies on agrochemicals to increase the productivity of the land fostering the market growth for glyphosate.
The benefits provided by glyphosates such as plant growth regulation and weed control will enhance the product demand It has assisted the farmers in adopting soil conservation practices and is found to be effective on all major type of weeds.
Increasing preference for no-tillage farming systems is another key factor positively influencing the industry growth. Utilization of glyphosate helps improve harvest and reduces the farmer’s effort in tillage. The subsidies and grants provided by the government on GM seeds will foster demand for glyphosate market. Although, the regulations regarding agrochemical usage for exports to EU nation may act as a hurdle.
Conventional crops dominate the application segment and accounted for over 75% of the overall demand. The absence of technologically advanced farming techniques coupled with a high cost for GM seeds are major factors influencing the trend. Glyphosate is widely used in producing conventional crops such as wheat and rice. The large-scale production of these crops has fueled market demand.
However, GM crops are also expected to be a high growth segment for the glyphosate market. Higher disease resistance and increased yield provided by them enable farmers to generate higher profits. The growing awareness of such benefits has led more farmers to utilize them in their farming practices propelling the demand for glyphosate.
Major industry players operating in India glyphosate market include Monsanto India, Crop Life Science Ltd, ALPL Agrochemicals, Sikko Industries Ltd, Insecticides India Ltd, Aristo Biotech & Life Science Pvt Ltd and Aimco Pesticides Limited. Acquisition of regional manufacturers and establishment of strong distribution channels are the major strategies adopted by these players to gain market foothold.
Glyphosate is an herbicide used to kill weed and unwanted grass for improving crop production. It is absorbed by the crops via foliage and roots. Glyphosate is widely used by the Indian farmers in tea plantations, wheat, rice, sorghum, maize and sunflower fields. Rapid growth in the nation’s population has resulted in increased use of herbicides to achieve optimum utilization of agricultural land. The subsidies and grants provided by the government for GM crops and seeds will stimulate high demand for glyphosate in India over the coming years.