13-Feb-2024 | Zion Market Research
Zion Market Research has published a new report titled “Glyphosate Market for Conventional Crops and Genetically Modified Crop Applications: Global Industry Perspective, Comprehensive Analysis, and Forecast, 2024 – 2032.” According to the report, the global glyphosate market was valued at USD 11.18 billion in 2023 and is expected to reach USD 19.04 billion by 2032, growing at a CAGR of 6.10% between 2024 and 2032. In terms of volume, the global glyphosate market stood at approximately 875.60 kilotons in 2023.
Glyphosate is a compound that has the ability to promote weed resistance properties. Thus, it is primarily used as a weed killer in various applications including agriculture, horticulture, floricultural, and non-agricultural activities such as gardening, construction sites, grounds, etc. It extensively assists in reducing the growth of weeds as well as enhances the yield. Glyphosate, which is a non-selective herbicide, is majorly utilized in agricultural activities by farmers and thus is expected to gain traction over the years to come.
Browse the full "Glyphosate Market for Conventional Crops and Genetically Modified Crop Applications: Global Market Perspective, Comprehensive Analysis, and Forecast, 2024 – 2032" report at https://www.zionmarketresearch.com/report/glyphosate-market
The rising need to control weeds and unwanted plants among farmers to achieve immense yields to satisfy the huge demand for food on a global basis is a prime factor that drives the glyphosate market. Moreover, development in conventional farming and growing penetration of genetically modified crops to gain large yields is likely to drive the market in the near future. However, regulations on the usage of glyphosate imposed by government bodies as it retains some disadvantages to the nutrients of the soil are projected to slow down the demand for glyphosate. Nonetheless, emerging markets in developing countries are likely to set opportunities for the market over the next few years.
Based on application, conventional crops led the global glyphosate market in 2023. It accounted for above 72% share of the total volume consumption of the market in 2023. Moreover, changing the perspective of farming coupled with escalating demand for good yield is expected to accelerate the market’s growth during the coming years. In addition, the genetically modified crops segment is an important outlet that is expected to influence market consumption over the next few years due to the rising massive demand for genetically modified crops in emerging markets of emerging countries.
The Asia Pacific was the foremost market for glyphosate in 2023. It accounted for above 30% share of the total market in 2023. Furthermore, it is anticipated to exhibit great potential to surge the demand for glyphosate due to the growing adoption of genetically modified crops in the region. Moreover, Asia Pacific is the fastest growing market of glyphosate within the forecast period as it is a farming-based region and there is abundant availability of arable land. Furthermore, the increasing penetration of modern farming is expected to influence the growth of genetically modified crops in the region, which in turn is likely to have a positive impact on the demand for glyphosate in the region. The Asia Pacific was followed by North America and Europe and it is predicted to witness significant growth in the near future. Latin America is also expected to reveal great opportunities for the market of glyphosate over the forthcoming years.
Some of the major players in the global glyphosate market include Monsanto Company, Dow AgroSciences LLC, Nantong Jiangshan Agrochemical & Chemicals Co., Ltd., E. I. du Pont de Nemours & Company, Nufarm Ltd., Syngenta AG, BASF, Bayer, Monsanto, Zhejiang Xinan Chemical Industrial Group Company, SinoHarvest, and Anhui Huaxing Chemical Industry Company, among others.
This report segments the global glyphosate market as follows:
Global Glyphosate Market: Application Analysis
Global Glyphosate Market: Regional Analysis
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