Glyphosate Market is Expected to Achieve US$ 9,784.2 Million at CAGR of 4.8% by 2034

The global glyphosate market is predicted to expand at a compound annual growth rate of 4.8% from 2034 to USD 9,784.2 million due to the chemical's growing use in agriculture and other industries. The glyphosate market is projected to be worth USD 6,123.4 million globally by 2024.

The market for glyphosate is anticipated to expand as a result of its growing application in soil enhancement, erosion control, water quality, fertility, and its benefits over mechanical tillage, which include reduced damage to the environment and soil as well as cost.

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Glyphosate is a weed killer that is gaining popularity since it is less costly and better for the soil and environment than mechanical tillage techniques. Since inorganic crop development happens organically, herbicide-tolerance technology is establishing itself in the agriculture industry and driving market progress. The market benefits from increased crop quality, the expansion of the farming industry, and the rising demand for organic food.

In agriculture, glyphosate, a low-toxicity pesticide, is used to manage weeds in crops like cereals, grains, legumes, fruits, vegetables, and tubers. When it's sprayed on leaves, plants immediately absorb it as nutrients. There are two sorts of crops that employ glyphosates: crops that are genetically engineered and traditional crops. The market for these crops includes businesses that sell genetically engineered crops for the purpose of controlling weeds.

Glyphosate product sales are rising as a result of the growing demand in emerging economies for genetically modified crops. The primary forces behind this increase include evolving harvesting patterns, expanding agricultural acreage, and modern farming techniques. GMO plantations are being chosen by farmers in an effort to boost output and profit margins.

"The glyphosate market is driven by the rising demand for high-value crops, which forces producers to accelerate product development and broaden their service offerings. But the advent of weeds resistant to herbicides is impeding the glyphosate industry's capacity to expand globally and meet the increasing demand," says a Fact.MR analyst.

Key Companies Profiled in This Report

Kalyani Industries Ltd
Crop Chemicals India Ltd.
ECOGAURD
Bharat Group
Crystal Crop Protection Limited
Aristo Biotech
HPM Chemicals & Fertilizers Ltd
Wynca Group
ADAMA Ltd
Albaugh LLC
GOOD HARVEST
ENVIRO BioChem
Drexel Chemical
DowDuPont
Nufarm
BASF.SE
UPL Ltd
HELM AG
Bayer
Rolfes Agri

Key Takeaways from the Market Study

Through 2034, the global glyphosate market is anticipated to grow at a CAGR of 4.8%.
Through2034, the glyphosate market in North America is anticipated to grow at a CAGR of 5.8%.
Through2034, the glyphosate market in East Asia is anticipated to grow at a CAGR of 5.5%.
In 2024, the US glyphosate industry will command a commanding 75.2% of the market.
By 2024, the Chinese glyphosate industry is predicted to reach a 70.3% market share.

Growing Demands for Non-Selective Herbicides Command the Global Glyphosate Industry

The market for glyphosate products has expanded as a result of advancements in global agricultural development, sophisticated farming methods, changing harvesting patterns, and the growing demand for genetically modified crops. Herbicide-tolerant plant commercialization is generating profitable opportunities for industry participants and driving up the price of glyphosate.

Pharmaceuticals, agricultural products, and food components are produced dependent on the main players in the herbicide business. Market players need to clearly communicate the value proposition and unique features of their products if they hope to fully realize the economic potential of glyphosate. Research & development spending has the potential to improve product quality and usefulness. Establishing strategic alliances with non-selective herbicide industry participants can facilitate the establishment of distribution networks and a consistent clientele.

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Country-wise Insights:

It is anticipated that the glyphosate market in North America will have expanded by 5.8% by 2034. Growing demand for broad-spectrum herbicides in major countries like the US and Canada is the primary driver of the increase. Crop herbicide solutions are expected to account for 75.2% of the US market by 2024. Meanwhile, it is projected that East Asia's market for non-selective herbicides would expand rapidly, with a 5.5% CAGR by 2034. China has become a major player in the East Asian crop protection chemicals market, with a projected market share of 70.3% by 2024.

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This release was published on openPR.