Glyphosate Market revenue to cross USD 18 Billion by 2035, says Research Nester

Key glyphosate market players includes Syngenta Crop Protection, AGBayer AG, DuPont de Nemours, Inc., The Dow Chemical Company, Nufarm Limited, Nantong Jiangshan Agrochemical & Chemicals Limited Liability Co., ADAMA Agricultural Solutions Limited, UPL Limited, India, American Vanguard Corporation and Corteva Agriscience.


New York, July 06, 2023 (GLOBE NEWSWIRE) -- The global glyphosate market is estimated to grow at a CAGR of ~6% from 2023 to 2035. The market is estimated to garner a revenue of ~USD 18 billion by the end of 2035, up from a revenue of ~USD 10 billion in the year 2022. The major growth factor driving the expansion of the market over the forecast period is the large-scale utilization of agricultural land for various purposes across the globe, with glyphosate being a key component of agriculture. According to World Bank data, the world's total agricultural land accounted for 36.9% of the total area in 2018. Glyphosate is a systemic, broad-spectrum herbicide and crop desiccant. It is an organophosphorus compound, specifically a phosphonate, and acts by inhibiting the plant enzyme 5-enolpyruvylshikimate-3-phosphate synthase.

Request Free Sample Copy of this Report @ https://www.researchnester.com/sample-request-4333

It is used to kill weeds, especially annual broadleaf weeds and grasses that compete with crops. Glyphosate is a widely used herbicide that can kill certain weeds and grasses. Glyphosate works by blocking enzymes essential for plant growth. This product is mainly used in agriculture, but it is also used in forestry, lawn care, and garden care. The Environmental Protection Agency (EPA) says glyphosate has "low toxicity to humans." However, other ingredients in glyphosate-based herbicides can make some versions more toxic than others.

Global Glyphosate Market: Key Takeaways

  • Market in Asia Pacific to propel highest growth
  • The agriculture segment to garner the highest growth
  • Market in North America to grow at a highest rate


Global Population Growth to Drive Market Growth

Sales of agricultural glyphosate are expected to increase owing to increased demand for food to meet the needs of the growing population. According to the World Bank, the world population is projected to grow to 7.84 billion by the year 2021 and reach 10 billion by the year 2050. Clearly, with a continuously growing population, the demand for food and agriculture is also expected to increase significantly over the forecast period. Moreover, agriculture is an important sector that contributes significantly to the growth of the global economy. According to World Bank data, it accounted for 4% of gross domestic product (GDP) in 2018, and more than 25% of GDP in some least developed countries. Owing to the widespread use of glyphosate in the agricultural sector, the growth of the agricultural sector across the globe is estimated to be the main factor driving the growth of the glyphosate market notably over the projected period.

Global Glyphosate Market: Regional Overview

The global glyphosate market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.

Adoption of Efficient and Integrated Weed Control Systems to Drive Asia Pacific Market Growth

The glyphosate market in the Asia Pacific region is estimated to garner the largest revenue by the end of 2035. India's agricultural employment share is a major growth driver for glyphosate adoption and market growth. A high employment rate indicates a high rate of glyphosate adoption in agricultural processes. Total agricultural employment in India increased from 37% in 2018–2019 to 38% in 2019–2020. In addition, the region's vast agricultural land is another growth factor driving the use of glyphosate. According to the World Bank, agricultural land in East Asia and the Pacific accounted for about 47.7% of total land area in 2018. In addition, investments in R&D activities and growing GDP levels combined with high chemical consumption are expected to be other growth drivers. Domestic chemical sales in the Asia-Pacific region exceeded USD 3 trillion in 2021. In addition, increasing adoption of effective and integrated weed control systems and solutions is the key factor expected to fuel the growth of the Asia-Pacific glyphosate market during the forecast period. Glyphosate is becoming increasingly popular for weed control in a variety of land and seawater areas to control the unwanted growth of unwanted weeds. Glyphosate is widely used in agricultural canals, canals for irrigation, farms, nurseries, and others.

Request Free Sample Copy of this Report @ https://www.researchnester.com/sample-request-4333

Maturity of the Agricultural Industry to Propel Growth in the North American Region

The glyphosate market in the North American region is estimated to garner the highest CAGR by the end of 2035. The growth of the market in this region can primarily be attributed to the maturity and increasing revenue value of the agricultural industry throughout the region. It was recently calculated that US agriculture, food, and related industries contributed nearly USD 1 trillion to the gross domestic product (GDP) of the year 2020. Moreover, the significantly growing GDP in the North American region is expected to be a key factor influencing the growth of the market in this region. Apart from that, modern farming technology allows farmers to visualize production levels, soil moisture, and sunlight intensity in real-time, speeding up the decision-making process remotely. The data collected from these techniques allows agronomists to better analyze production quality and derive better correlations with treatments. These analyses are further used to educate farmers on the processes used in production, including the use of glyphosate, and thereby improve the quality of the final product. Hence, all of these factors are anticipated to contribute to market growth over the forecast period.

Glyphosate Segmentation by Application

  • Agriculture
  • Household
  • Industrial
  • Others

Amongst these four segments, the agriculture segment is anticipated to hold the largest share over the forecast period. The growth of the segment can be attributed to the majority of employment in agriculture owing to the high demand for food and agricultural products. The World Bank reports that agriculture accounted for at least 27% of total employment in 2019. Agriculture is the art and science of cultivating soil, growing crops, and raising livestock. This includes the preparation of animal and plant products for human use and their distribution on the market. Agriculture provides most of the world's food and textiles. The four main types of agriculture are shifting cultivation, subsistence farming, pastoralism, and intensive farming. Agriculture plays an important role in the economy and is considered the backbone of the economic system in developing countries. Agriculture has been associated with the production of important food crops for decades. Modern agronomy, plant breeding, pesticides such as pesticides and fertilizers, and technological advances have significantly increased crop yields while also contributing to environmental degradation. Selective breeding and modern animal husbandry practices have increased meat production as well, but have raised concerns about animal welfare and environmental damage.

Glyphosate Segmentation by Crop Type

  • Genetically Modified Crops
  • Conventional Crops

Amongst these two segments, the conventional crops segment is anticipated to hold a significant share over the forecast period. Conventional farming uses seeds that have been genetically modified using various traditional breeding methods, except biotechnology, and are not certified organic. Several conventional breeding methods have been used for thousands of years. They are often fast-growing and high-yielding, resistant to pests and diseases, and have large seeds and sweet fruit. Conventional crops are grown simply as raw materials and can enter the commodity stream, where they are mixed with other crops, including genetically modified crops. Alternatively, it can be cultivated to meet the requirements set by the end market. Specific chemical or nutritional requirements mean producers often receive a premium price when conventional crops are destined for their own end markets. The demand for conventional crops is higher across the globe. A recent meta-analysis found that global conventional crops are on average 25% more in demand than organic crops.

Purchase Copy of this Report @ https://www.researchnester.com/purchage/purchase_product.php?token=4333

Glyphosate Segmentation by Form

  • Liquid
  • Dry

Few of the well-known market leaders in the global market that are profiled by Research Nester are Syngenta Crop Protection, AGBayer AG, DuPont de Nemours, Inc., The Dow Chemical Company, Nufarm Limited, Nantong Jiangshan Agrochemical & Chemicals Limited Liability Co., ADAMA Agricultural Solutions Limited, UPL Limited, India, American Vanguard Corporation, Corteva Agriscience, and other key market players.

Recent Development in the Global Glyphosate Market

  • Bayer AG, Bunge and Chevron U.S.A. Inc. have entered into a shareholder agreement in connection with Bayer's acquisition of a 65% majority stake in winter oilseed producer CoverCress, Inc.
  • Syngenta Crop Protection AG he agreed with HL Hutchinsons (HLH) to provide advanced soil mapping and sampling services to agronomists and farmers, first in continental and Eastern Europe.

About Research Nester

Research Nester is a one-stop service provider with a client base in more than 50 countries, leading in strategic market research and consulting with an unbiased and unparalleled approach towards helping global industrial players, conglomerates and executives for their future investment while avoiding forthcoming uncertainties. With an out-of-the-box mindset to produce statistical and analytical market research reports, we provide strategic consulting so that our clients can make wise business decisions with clarity while strategizing and planning for their forthcoming needs and succeed in achieving their future endeavors. We believe every business can expand to its new horizon, provided a right guidance at a right time is available through strategic minds.

 

Coordonnées