Press release
2024 Glyphosate Market Outlook, Current And Future Industry Landscape Analysis 2033
Glyphosate Market
The glyphosate market size is expected to see strong growth in the next few years. It will grow to $15.48 billion in 2028 at a compound annual growth rate (CAGR) of 8.9%. The growth in the forecast period can be attributed to emergence of alternative weed control methods, stringent regulations and environmental concerns, increased adoption of precision agriculture, shift towards sustainable agriculture, public awareness and consumer preferences. Major trends in the forecast period include technological advancements in herbicides, shift towards sustainable agriculture, resistance management strategies, increasing adoption of genetically modified (GM) crops, regulatory scrutiny and bans.
Market Overview -
The glyphosate is used in the agriculture industry to control weeds in a variety of crops, such as grains, pulses, cereals, fruits, tubers, vegetables, and other crops. Glyphosate is a low-toxicity chemical formulation that is effective for weed control. These chemicals are directly sprayed on the leaves, which are further absorbed by plants as nutrients.
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Rising Fertilizer Demand Driving Glyphosate Market Growth
The increase in demand for fertilizers will propel the growth of the glyphosate market. The growing world population will be demanding more food, water, and agricultural products, so to meet this demand, farmers are using modern agricultural methods to grow plants and crops to earn maximum profits. Farmers are using maximum quantities of fertilizers to protect and grow crops faster. For instance, according to the Food and Agriculture Organization, the global demand for fertilizer nutrients was estimated to be 185,063 tons in 2016, and it is expected to reach 200,919 tons by the end of 2022. Thus, an increase in demand for fertilizers will drive the glyphosate market.
Competitive Landscape -
Major companies operating in the glyphosate market report are Sinochem Corporation Limited, BASF SE, Dow AgroSciences LLC, Syngenta Group AG, Bayer CropScience AG, Corteva Agriscience LLC, United Phosphorous Limited, UPL Limited, Food Machinery and Chemical Corporation, Adama Agricultural Solutions Ltd., Luxi Chemical Group Co. Ltd., Nufarm Limited, Zhejiang XinAn Chemical Industrial Group Co. Ltd., Wynca Group Limited, King Quenson Industry Co. Ltd., Hubei Sanjiang Fine Chemical Co. Ltd., Nantong Jiangshan Agrochemical & Chemicals Co. Ltd., Anhui Huaxing Chemical Industry Co. Ltd., Fuhua Group Co. Ltd., American Vanguard Corporation, Jiangsu Good Harvest-Weien Agrochemical Co. Ltd., Excel Crop Care Limited, Willowood Industries Limited, Jiangsu Xinyu Agrochemical Co. Ltd., Anhui Zhongnong Chemical Co. Ltd., Monsanto India Limited, Sinoharvest Corporation, Shandong Lvye Chemical Co. Ltd., Shandong Lianfeng Pesticide Co. Ltd., Henan Yuxing Agrochemical Co. Ltd., Jiangsu Huaxing Chemical Co. Ltd., Shandong Shuangfeng Chemical Co. Ltd.
Transformative Collaboration In Glyphosate Market
Major companies operating in the glyphosate market are adopting a strategic partnerships approach to invest in innovative solutions and expand market options for farmers. Strategic partnerships refer to a process in which companies leverage each other's strengths and resources to achieve mutual benefits and success. For instance, in August 2022, Corteva Agriscience, a US-based global agriculture company providing solutions to agricultural challenges, partnered with BASF SE, a German-based multinational chemical company that offers chemicals and crop protection products. This collaboration aims to develop future herbicide-tolerant soybeans and complementary herbicides for farmers in North America and beyond. This package encompasses traits conferring tolerance to BASF's Liberty and PPO inhibiting herbicides, as well as Corteva's Enlist herbicides, glyphosate, and a novel herbicide mode of action currently in development at BASF.
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Key Segments -
The glyphosate market covered in this report is segmented -
1) By Crop Type: Genetically Modified Crops, Conventional Crops
2) By Form: Liquid, Dry
3) By Application: Grains and Cereals, Pulses and Oilseeds, Fruits and Vegetables, Commercial Crops, Other Applications
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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