Glyphosate Market: Current Analysis and Forecast (2022-2028)

Global Glyphosate Market is expected to grow at a significant rate of around 6% during the forecast period. Glyphosate is chemical formulation for controlling weeds. It is a compound with a molecular weight of 169g that is low in toxicity. It is a glycine amino acid derivative. They work well to keep weeds under control in crops including cereals, legumes, vegetables, grains, fruits, etc. It eliminates weeds like barnyard grass, chickweed, and dandelion, among others. The surge in cultivation of fruits and vegetables across the globe has boosted the market got glyphosate globally, owing to the high susceptibility of fungal diseases. In addition, adoption of advanced farming techniques, increasing instances of fungal attacks on crops, and low costs associated with the use of fungicides as compared to other methods of control have boosted the demand for glyphosate.

Monsanto Company; Nufarm Ltd; Syngenta AG; Dow AgroSciences LLC; DuPont de Nemours Inc; Zhejiang Xinan Chemical Industrial Group Co Ltd; Jiangsu Good Harvest-Weien Agrochemical Co Ltd; Nantong Jiangshan Agrochemical & Chemicals Co Ltd.; Anhui Huaxing Chemical Industry Co Ltd; and BASF SE. are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report:

"Amongst crop type, genetically modified crops category to witness robust CAGR during the forecast period"

Based on crop type, the market is segmented into genetically modified crops and conventional crops. The genetically modified crops is expected to grow with high CAGR during the forecast period due to their associated beneficial traits, such as high yield, high quality, insect resistance, and others. The market is expected to grow on the backbone of upsurged demand from biofuel manufacturing units. The modified crops and plants are promoted as new and viable option for biofuel production for their higher yield and higher quality feedstock. Since the economies are inclined toward eco-friendly means of transportation, biofuels are expected to increasingly gain popularity and thus support the growth of the global genetically modified crops market in the future forecast years.

"Amongst application type, the agriculture to hold a significant share in the market in 2020"

On the basis of application, the glyphosate market is segmented into agriculture and non-agriculture. The agriculture category is expected to hold major share in the market in 2020. With millions of acres planted, large field crops, such as soybeans, corn, cotton, and sugar beets, have the highest total area treated and pounds applied with glyphosate. On average, 84% of glyphosate, in terms of volume, is applied to soybeans, corn, or cotton per year. These three field crops have glyphosate-resistant (GR) varieties that have been widely adopted. The average single application rate for field crops ranges from 0.72 to 1.00 lbs. a.e./acre. Thus, glyphosate remains a useful herbicide for users in agricultural settings because of its nature of broad-spectrum application, is simple to use, and is often cost-effective.

"Asia Pacific to witness high growth in the market"

The Asia-Pacific region is estimated to witness high growth in the market during the forthcoming years. The region has the highest arable land in the world with the highest crop diversity. Increased adoption of advanced agricultural practices such as zero-tillage is expected to deliver growth to the glyphosate market in the region. Although China has provided approval to grow herbicide-tolerant hybrids, the constraint remains with respect to India, which is yet to provide approvals for any genetically modified hybrid in food crops. Bt cotton is the only GM crop that is allowed in India. In 2020, the government allowed a Maharashtra-based company to conduct field trials for Bt brinjal in eight states, including Madhya Pradesh and Karnataka. The varieties to be tested were a proprietary product of the government-run Indian Agricultural Research Institute (IARI).

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