According to a recently published report on the glyphosate market, it is predicted that by the end of 2019, the value of the global glyphosate market will reach $ 4,5 billion. Glyphosate product sales revenue is likely to increase by about 4% per year from 2019-2029
The increase in the area under genetically modified plants stimulates the glyphosate market, especially in developing regions, Persistence Market Research writes in its report.
In East Asia, South Asia, and other developing regions, farmers use GMO seeds to quickly increase yields and, consequently, to obtain higher profits.
In turn, the holders of the GM seed market produce more glyphosate-resistant seeds, closing the circle. As is known, weed control on glyphosate-resistant crops is much simpler.
The greatest growth was shown in 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 producers and farmers. Granules are easier to transport than liquid form.
These factors are expected to drive sales growth for the granular form of glyphosate. The glyphosate granule segment is estimated to occupy approximately 40% of the cost in the glyphosate market by the end of 2019 and is expected to grow at an average annual growth rate of approximately 5% between 2019 and 2029.
The glyphosate market in the US and Europe is facing a downward trend due to strict regulatory rules
The glyphosate market is facing many obstacles in the regions of North America and Europe due to some government regulations.
More than 13 people complained to Monsanto, claiming that exposure to the Roundup glyphosate-containing herbicide caused non-Hodgkin's lymphoma to them or their loved ones.
More than 30 health professionals have advocated banning glyphosate, and a report by the International Agency for Research on Cancer on glyphosate has determined that this chemical is 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 up to the complete prohibition of glyphosate-containing drugs in the future.
Key Glyphosate Market Players
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. and others.
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