n n n ‘. concat(e. i18n. t(“search. voice. recognition_retry”),’n
DUBLIN, Nov. 28, 2023 /PRNewswire/ — The report “Philippines Glyphosate Market Outlook: Market Forecasting Through App and Competitive Landscape” has been added to the ResearchAndMarkets. com offering.
The length of the Philippines glyphosate market is expected to grow at a CAGR of 3. 9% between 2023 and 2029.
The Philippine glyphosate market recorded a 17. 72% expansion in shipment price between 2022 and 2021 and a 12. 41% increase in CAGR in 2022 during the 2017 period.
In the glyphosate market, the Philippines is becoming less competitive as the HHI index in 2022 was 5,009, while in 2017 it was 2,700. The Herfindahl Index measures the competitiveness of exporting countries. The diversity is from 0 to 10,000, where a decreasing index represents a greater number of exporting players or countries in the market, while a higher index means a smaller number of exporting players or countries in the market.
Reportedly, the Philippines has become more reliant on imports to meet its developing demand in the glyphosate market. India cannot meet its developing desires for this product with domestic production, so we see that the trend is moving towards imports to meet its demand. . The import of glyphosate market in 2022 was 252. 47 while in 2017 it was 102. 51.
China, Malaysia, Indonesia, Germany, and Japan were among the major players in the market in 2022, where China acquired the largest share of the market of 69. 9% with a shipping cost of $83 million. In 2022, China also presented the product below the average market value. thus having a competitive merit over the others. In 2017, China had the largest market share at 47. 88%, with a shipping cost of $24. 09 million. The country presented its product with an average value lower than the average market value presented in the country. As the Chinese value is lower than the average value, it offered significant merit over its competitor in 2017.
Overview of the glyphosate market in the Philippines
The Philippine glyphosate market has been primarily driven by the adoption of genetically modified (GM) technology, with acreage expanding by approximately 31. 2% year-over-year. The growing popularity of genetically modified and herbicide-tolerant crops has contributed to increasing the demand for glyphosate, as it is the herbicide for weed control.
In 2020, the glyphosate market experienced a decline due to the global pandemic, leading to a general shutdown of the economy and a temporary suspension of primary operations in many sectors to curb the spread of the virus. However, with the easing of industry restrictions, the market has resumed the pre-COVID expansion trajectory.
In addition, the Philippine Feed Producers Association Inc. It is planning a national maize progression programme, covering the entire price chain and focusing on reducing its dependence on imports. In addition, it projects that local corn production for animal feed will reach 7. 56 million metric tons through 2023, which would contribute to the long-term demand for glyphosate as farmers would use more herbicides to accelerate the growth of their crops and increase their production. .
In the Philippines, currently, more than 27. 5 million people are engaged in agriculture and it generates an average of 9. 6% of the country’s GDP. Therefore, the agricultural sector plays an important role in the country’s expansion, and agricultural production is expected to increase significantly. However, the demand for glyphosate would increase to control weeds and grasses that could negatively affect crop yields.
Glyphosate has come under scrutiny and debate globally due to considerations about its potential effects on the environment and human health. The use of glyphosate is subject to regulations from government agencies, such as the Fertilizer and Pesticide Authority (FPA).
In-app marketplace
With the increasing adoption of genetically modified plantations to produce in a short period of time, GM crops have gained a maximum percentage and brands are creating GM seeds that are more resistant to glyphosate, allowing farmers to use glyphosate to protect plants from weeds and other plant substances. Belongings.
Key Draw of the Report
Impact of COVID-19 on the market.
Market figures for 11 years.
Historical knowledge from 2019 to 2022.
Base Year: 2022
Forecast knowledge until 2029.
Key performance indicators (KPIs) that impact the market.
Major and upcoming projects.
Report Highlights
Overview of the Glyphosate Market in the Philippines
Philippine Glyphosate Market Outlook
Philippines Glyphosate Market Forecast
Historical Knowledge and Profit Forecast of the Glyphosate Market in the Philippines, for the Period 2019-2029F
Market Drivers and Restraints
Evolution and Trends of the Glyphosate Market in the Philippines
Historical market knowledge and earnings forecasts, through application, for the 2019-2029F era
Evaluation of market opportunities.
Classification of the Philippine glyphosate market, via the company
Competitive Benchmarking
Company Profiles
Key Policy Recommendations
Company Profiles
BASF Philippines Inc.
UPL Philippines Inc.
Eisenberg
Bayer Philippines Inc.
Corteva Agriscience Philippines
Texicon Agriventures Corporation
Heads the Agricultural Products Corporation
Vast Agro Solutions Inc.
Jiangxi Huihe Chemical Co. , Ltd.
Agchem Manufacturing Company
For more information on this report, https://www. researchandmarkets. com/r/myltdo
About ResearchAndMarkets. com ResearchAndMarkets. com is the world’s leading source of foreign market research and market insight reports. We provide you with the latest knowledge on foreign and regional markets, key industries, largest companies, new products and the latest trends.
Media Contact:
Research & MarketsLaura Wood, Director principalepress@researchandmarkets. com for E. S. T. hours, call 1-917-300-0470 for U. S. For U. S. and Canada, call toll-free 1-800-526-8630 For GMT time, call 353-1-416-8900 U. S. Fax. U. S. : 646-607-1907 Fax (outside the U. S. ) : 353-1-481-1716
Logo: https://mma. prnewswire. com/media/539438/Research_and_Markets_Logo. jpg
Show content: https://www. prnewswire. com/news-releases/philippines-glyphosate-market-outlook-to-2029-ease-in-trade-restrictions-fuels-glyphosate-market-recovery-301999728. html
SOURCE Research & Markets