Key Insights into the Glyphosate Market’s Growth Opportunities for 2024-2033
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What is the Estimated Growth Rate for the Glyphosate Market Between 2024 and 2033?
In recent times, the glyphosate market has experienced substantial expansion. The market size is projected to escalate from $10.06 billion in 2023 to $10.99 billion in 2024, with a compound annual growth rate (CAGR) of 9.2%. Factors contributing to this growth during the historical period include the advent of genetically modified (GM) crops, enhanced agricultural productivity, a surge in no-till farming methods, worldwide agricultural growth, and the cost-efficiency and adaptability of the product.
Over the upcoming years, a significant increase is projected in the glyphosate market size. It is anticipated to escalate to $15.48 billion by 2028, with a compound annual growth rate (CAGR) of 8.9%. Several factors contributing to this growth in the forecast period include the introduction of alternative methods of weed control, strict regulations, environmental concerns, the growing use of precision agriculture, a move towards sustainable agriculture, along with increased public awareness and consumer preferences. The forecast period will also see notable trends such as advancements in herbicide technology, a further shift towards sustainable agriculture, the formulation of resistance management strategies, increased usage of genetically modified (GM) crops, and stricter regulatory oversight and prohibitions.
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What Are the Primary Contributors to the Growth of the glyphosate Market?
An upward trend in the use of fertilizers will spur growth in the glyphosate market. The exponential growth in the world population necessitates increased demand for food, water, and other agricultural products. To cater to this demand, farmers are resorting to advanced farming techniques to optimize crop growth and maximize profits. The use of fertilizers in large volumes for faster crop growth and protection is a common practice among farmers. Citing the Food and Agriculture Organization, the global requirement for fertilizer nutrients, which stood at 185,063 tons in 2016, is projected to rise to 200,919 tons by 2022. Therefore, the growing demand for fertilizers would fuel the growth of the glyphosate market.
Which Key Segments Comprise the Glyphosate Market?
1) By Crop Type: Genetically Modified Crops, Conventional Crops
2) By Form: Liquid, Dry
3) By Application: Grains And Cereals, Pulses And Oilseeds, Fruits and Vegetables, Commercial Crops, Other Applications
What Are the Key Trends Reshaping the Glyphosate Market?
Major players in the glyphosate market are strategically partnering in a bid to invest in innovative solutions and broaden the choice of market for farmers. This strategic collaboration involves companies utilizing each other’s expertise and resources to create mutual success and benefits. For example, in August 2022, Corteva Agriscience, an American global agriculture organization that provides solutions to agricultural problems, formed a partnership with BASF SE, a multinational chemical corporation based in Germany that supplies chemicals and crop protection products. The objective of this partnership is to create future herbicide-resistant soybeans and complementary herbicides appropriate for use by farmers in North America and other parts of the world. This compendium includes traits that tolerate BASF’s Liberty and PPO restricting herbicides, along with Corteva’s Enlist herbicides, glyphosate, and a new herbicide action plan currently being designed at BASF.
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What Are the Top Regions Fueling Growth in the Glyphosate Market?
Asia-Pacific was the largest region in the glyphosate market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the glyphosate market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Glyphosate Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the glyphosate market, its market share, and analyzes key competitors along with their market positions.
The Table Of Content For The Glyphosate Market Include
1. Glyphosate Market Executive Summary
2. Glyphosate Market Segments
3. Glyphosate Market Size And Template Market Growth Rate
4. Key Glyphosate Market Trends
5. Major Glyphosate Market Drivers
……
25. Key Mergers And Acquisitions In The Glyphosate Market
26. Top Glyphosate Companies
27. Glyphosate Market Opportunities And Strategies
28. Glyphosate Market, Conclusions And Recommendations
29. Appendix
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