Glyphosate Market: Research Report – A Latest Research Report to Share Market Insights and Dynamics to 2030
Research Reports
Oct 18, 2022
Market overview:
The glyphosate market size is expected to reach USD 17.5 billion by 2030, growing at a CAGR of 6.2% between 2022 and 2030.
Due to the high susceptibility to fungal diseases, the increased cultivation of fruits and vegetables worldwide has boosted the global market for glyphosate. Adoption of advanced farming techniques increased fungal attacks on crops, and the low cost of using fungicides compared to other methods of control have all increased demand for glyphosate. A rise in food demand and weed and plant growth in crops are expected to drive the Glyphosate Market in the coming years. In addition, the rising demand for GMO crops and modern agricultural practices are expected to boost the market in the coming years.
Furthermore, an increase in the number of lawns, gardens, stadiums, turfs, and playgrounds, as well as demand for minimum tillage and no-tillage systems, are expected to drive the market during the forecasted period. Some certain constraints and challenges can hinder the market growth.
The global COVID-19 has negatively impacted the market due to restrictions on the raw material supply chain, impacting glyphosate production worldwide. The pandemic’s spread has harmed the glyphosate market. China is a major supplier of herbicides, primarily glyphosate, and China supplies a significant portion of Brazil’s glyphosate demand. Since the beginning of the COVID-19 outbreak, its industrial activity has slowed. Transportation disruptions caused significant supply disruptions for agricultural chemicals, resulting in higher prices. With more countries approving herbicide-tolerance technology for crops, the market is expected to grow organically with rapid farmer adoption.
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Market segmentation:
The global glyphosate market has been classified based on crop type, application, and form.
According to the crop type, the glyphosate market is classified into:
- Conventional crops
- Genetically modified crops
According to the application, the glyphosate market is classified into:
- Household
- Agriculture
- Industrial
According to the form, the glyphosate market is classified into:
- Liquid
- Dry
What are the major countries covered in the Market?
The Global Glyphosate Market is divided into four regions: Europe, North America, Asia-Pacific, and the Rest of the World.
The Asia-Pacific will hold the largest market share due to the adoption of improved crop protection technologies and rising awareness about the use of glyphosate. The region has the most arable land and the greatest crop diversity in the world. The region’s glyphosate herbicide market is expected to grow as more advanced agricultural practices, such as zero-tillage, are adopted. The region’s high adoption of modern agriculture practices, high prevalence of weed growth, and adoption of genetically modified crops have contributed to the market’s growth. The region is expected to have the highest CAGR during the forecast period. China, India, and Japan all contribute significantly to Asia-Pacific demand growth. Glyphosate’s the second-largest market in North America.
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Recent developments:
- UPL exited the Asian market in January 2021 due to rapid regulatory restrictions and glyphosate and paraquat bans in India, Vietnam, and the Philippines.
- Syngenta will release a glyphosate product, Kesuda Isopropylamine salt of N-glycine 41%, in the Chinese market in 2021. The product solves the bottlenecks of conventional glyphosates, such as instability at low temperatures, slowing weed death, and ineffective weeding. Kesuda is remarkably resistant to low-temperature resistance, remaining stable at low temperatures while outperforming conventional market products in weeding.
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NOTE: Our Team of Researchers are Studying Covid19 and its Impact on Various Industry Verticals and wherever required we will be considering Covid19 Footprints for Better Analysis of Market and Industries. Cordially get in Touch for More Details.
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