Glyphosate Market Growth Driven by Rising Adoption of Genetically Modified Crops and Soil Health Improvement Strategies

InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Glyphosate Market- (By Crop Type (Genetically Modified Crop, Conventional Crop), By Application (Agriculture, Household, Industrial, Others), By Function (Weed Management Solution, Improve Soil Health, Improved Planting Efficiency, Others)), Trends, Industry Competition Analysis, Revenue and Forecast To 2031."

According to the latest research by InsightAce Analytic, the Global Glyphosate Market is valued at US$ 10.66 Bn in 2022, and it is expected to reach US$ 19.68 Bn by 2031, with a CAGR of 7.2% during a forecast period of 2023-2031.

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Glyphosate, a widely used herbicide, plays a significant role in food crop production by effectively controlling weeds. Its chemical properties enable efficient weed management with minimal risk. The herbicide is typically applied to plant foliage, where it is absorbed and utilized by the plants as a nutrient source.

The growth of the glyphosate market is further supported by the adoption of advanced agricultural techniques. As the global population continues to rise, there is an increased demand for food, energy, water, and agricultural products, driving up prices for these commodities. To meet this demand, farmers are utilizing modern farming equipment to optimize crop production and maximize profitability. Glyphosate remains a popular choice for weed and grass control, with some farmers applying it at the highest safe dosage to maximize crop yields. These factors are contributing to the growth of the glyphosate market.

However, challenges such as the emergence of glyphosate-resistant weeds and the ban on genetically modified crops in certain regions are expected to hinder market growth. Additionally, concerns regarding the potential harmful effects of glyphosate on human health and the environment are anticipated to create resistance to its widespread use, which could slow the market's expansion during the forecast period.

List of Prominent Players in the Glyphosate Market:
• Adama Agricultural Solutions Ltd
• American Vanguard Corporation
• Anhui Huaxing Chemical Industry Company
• BASF SE
• Bayer Cropscience AG
• Corteva Agriscience
• Dow AgroSciences Australia Ltd.
• E.I. Du Pont De Nemours & Company
• Excel Crop Care Limited
• HPM Chemicals & Fertilizers Ltd.
• Indofil Industries Ltd.
• Jiangsu Good Harvest-Weien Agrochemical Co., Ltd
• King Quenson Industry Group
• Monsanto Company
• Nantong Jiangshan Agrochemical & Chemical, Inc.
• Nufarm Ltd.
• Sikko Industries Ltd
• Sinochem Corporation
• SinoHarvest
• Syngenta AG
• UPL Limited
• Zhejiang Xinan Chemical Industrial Group Company, Ltd

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Market Dynamics:
Drivers:
The increasing demand for glyphosate is primarily driven by its growing recognition as an effective soil improver. Its widespread use in maintaining soil fertility, enhancing water quality, and preventing soil erosion is significantly contributing to the market's growth. Additionally, glyphosate offers several advantages over traditional mechanical tillage, including reduced soil and environmental degradation, as well as lower operational costs, which further boost its market expansion. The agricultural sector's increasing reliance on glyphosate to control broadleaf weeds and enhance crop yields is expected to further stimulate demand, ensuring a steady growth trajectory for glyphosate products in the coming years.

Challenges:
Key challenges impacting the glyphosate market include its high costs, stringent regulatory frameworks, and the dynamic nature of emerging markets, which have been further complicated by disruptions such as lockdowns and isolation. Additionally, animal studies have raised concerns about the potential risks of glyphosate overdose, including birth defects, liver disease, and reproductive disorders, which could hinder market growth. The ongoing debate surrounding genetically modified crops and the public controversy surrounding their use may also restrict the market's expansion.

Regional Trends:
The Asia-Pacific region is expected to hold a dominant share of the global glyphosate market, with a high compound annual growth rate (CAGR) forecasted for the near future. This growth is driven by the increasing prevalence of weeds, the widespread adoption of genetically modified crops, and the growing acceptance of modern agricultural practices. As awareness of the risks associated with chemical pesticides grows, there is also a rising demand for more sustainable glyphosate-based techniques.

In addition, Europe holds a significant share of the market, supported by government initiatives that promote the use of glyphosate in tree care, the region's emphasis on agricultural advancement, and the resultant demand for glyphosate to improve soil quality. Furthermore, the presence of key industry players and increasing collaborations among major stakeholders provide opportunities for further market penetration and expansion within Europe, thereby contributing to the global growth of the glyphosate market.

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Recent Developments:
• In March 2022, BASF and Corteva Agriscience agreed to cross-license soybean traits and develop complementary herbicide technologies (including glyphosate tolerance) to enable both companies to offer novel soybean weed management solutions to farmers around the world.
• In Aug 2021, Jiangshan earned the position of the second-largest global supplier of glyphosate subsequent to its acquisition of Fuhua Tongda. Following the conclusion of the acquisition, Jiangshan acquired full ownership of Fuhua Tongda.

Segmentation of Glyphosate Market-
By Crop Type -
• Genetically Modified Crop
• Conventional Crop
By Application -
• Agriculture
• Household
• Industrial
• Others
By Function -
• Weed Management Solution
• Improve Soil Health
• Improved Planting Efficiency
• Others
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• Southeast Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of the Middle East and Africa

Read Overview Report- https://www.insightaceanalytic.com/report/glyphosate-market/2103

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This release was published on openPR.