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(HomeGarden247.com, June 12, 2018 ) Monsanto was the first to introduce glyphosate in the global market under the trade name of “Roundup” way back in 1974. N-phosphomethyl glycine is the chemical formula of the organophosphorus compound and its major application is that of killing grasses and weeds that grow and compete with the original food crop.
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The Global Glyphosate market is estimated to have a value of USD 8.70 billion in 2016. With a CAGR of 6.4%, the market size is expected to grow rapidly to cross USD 11.86 billion by 2022. The market growth can be attributed to the rapid rise in the total population of the world which has thereby lead to a proportionately huge demand for food. Land and crop resources have to be utilized effectively to cater to this huge demand and glyphosates help the farmers in doing the same.
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Market Underlying Factors
The use of glyphosate leads to the inhibition of production of amino acids by the target plants which inhibits their growth and eliminates them. Glyphosate works by affecting the EPSPS enzyme which is produced exclusively by microbes and plants. Further, there are no side effects of the herbicide on mammals as they lack the EPSPS enzyme. The genetic modification of crops also aids the original crop in staying resistant and safe from being unintentionally harmed by glyphosate.
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As of now, Asia Pacific with its huge amount of farm crops and use of Glyphosate accounts for the largest share of global Glyphosate market accounting for more than 38% of the global market share, followed by North America and Europe.
The major market contributors for the Global Glyphosate market are Syngenta AG (Switzerland), Zhejiang Xinan Chemical Industrial Group Co., Ltd. (China) , Nufarm limited (Australia), E.I. Du Pont De Nemours & Company (U.S.), Monsanto company (U.S.), Adama Agricultural Solutions Ltd (Israel), The Dow Chemical Company (U.S.), Nantong Jiangshan Agrochemical & Chemical, Inc. (China), UPL Limited (India), and Bayer AG (Germany).
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