According to the recently released Glyphosate Market Report, the global glyphosate market value is projected to reach USD 2019 billion by the end of 4,5. Revenue from sales of glyphosate products is likely to grow by about 4% per annum between 2019-2029
Growth in genetically modified crops is driving the glyphosate market, especially in developing regions, Persistence Market Research writes in its report.
In East Asia, South Asia and other developing regions, farmers are using GMO seeds to increase yields quickly and, accordingly, for higher profits.
In turn, the holders of the GM seed market are producing more glyphosate-tolerant seeds, closing the circle. Weed control is known to be much easier on glyphosate-tolerant crops.
The greatest growth was shown by products with glyphosate in granular form.
The granular form of glyphosate is readily soluble in water and also requires minimal packaging, which reduces the cost of the product for both growers and farmers. Granules are easier to transport than liquid form.
These factors are expected to drive increased sales of granular glyphosate. The glyphosate pellet segment is estimated to have approximately 40% of the value of the glyphosate market by the end of 2019 and is expected to grow at a CAGR of about 5% between 2019 and 2029.
Glyphosate market in US and Europe is facing downward trend due to strict regulatory rules
The glyphosate market is facing many obstacles in North America and Europe due to some government regulations.
More than 13 people have complained about Monsanto, claiming that exposure to the Roundup brand's glyphosate herbicide caused them or their loved ones to develop non-Hodgkin's lymphoma.
More than 30 health professionals have advocated a ban on glyphosate, and a report by the International Agency for Research on Cancer on glyphosate has identified the chemical as possibly carcinogenic to humans.
These are the main reasons why many countries and governments restrict the use of glyphosate or tighten the rules for its use, to the point of completely banning glyphosate-containing drugs in the future.
Key players in the glyphosate market
Key players in the glyphosate market highlighted in the report include the following companies: DowDuPont, Nufarm, BASF.SE, UPL Ltd, HELM AG, Bayer AG, Rolfes Agri Ltd, Wynca Group, ADAMA Ltd, Albaugh LLC, GOOD HARVEST, Drexel Chemical Company, ECOGAURD, Bharat Group, Crystal Crop Protection Limited., Aristo Biotech, HPM Chemicals & Fertilizers Ltd., Kalyani Industries Ltd., Crop Chemicals India Ltd. other.
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