March 16, 2020
As per the report titled ‘India Glyphosate Market Size, Industry Analysis Report, Country Outlook, Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2018 - 2024’, available on Market Study Report LLC, the India glyphosate market to exceed USD 190 million by the year 2024.
Increasing awareness towards the benefits of plant growth enhancers to get higher yields coupled with rising food demand from the ever-growing population are the major factors augmenting glyphosate demand in India. Moreover, government grants and concessions on agrochemicals and GM seeds are also expected to positively impact the market growth.
Benefits such as reduced tillage, improved grass and weed control are some of the major factors encouraging the use of glyphosate. Surging demand for livestock feed along with application in biofuel production will augment the market growth in the coming years.
Government initiatives promoting the use of herbicide tolerant and genetically modified seeds are complementing the market growth as well. However, stringent regulations regarding the use of agrochemicals on food crops owing to health and environmental concerns may hinder the market growth during the forecast period.
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Based on the application, conventional crops segment held a 76% share of India glyphosate market. Higher preference for traditional farming practices along with the high cost of genetically modified seeds are supporting the farming of conventional crops. On the other hand, increasing government efforts to modernize farming methods and promote the use of genetically modified seeds will support the growth of genetically modified crops segment in coming future.
Major contenders of glyphosate market in India are Crop Life Science Ltd, Monsanto India, ALPL Agrochemicals, Insecticides India Ltd., Sikko Industries Ltd., Aimco Pesticides Ltd., and Aristo Biotech & Life Science Pvt. Ltd. These industry giants are focusing on acquisitions of regional manufacturers to expand their distribution channels and improve their market stake.
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