Philippines Glyphosate Market size is anticipated to grow at a CAGR of 3.9% during 2023-2029F

Based on application, genetically modified (GM) crops attained the largest revenue share in the Philippines Glyphosate Market – 6Wresearch

In terms of applications, genetically modified (GM) crops have emerged as the highest revenue shareholder in the market in 2022, owing to the increasing production of herbicide-tolerant GM crops. Moreover, the Philippines government has recently approved Golden Rice, Bt EggPlant, and Bt Corn which would drive the demand for glyphosate for weed management in the coming years.

According to 6Wresearch, the Philippines Glyphosate Market size is anticipated to grow at a CAGR of 3.9% during 2023-2029F. In the coming years, the market is expected to grow on the back of the country’s agricultural production which is expected to expand up to 2.5% in 2023, according to the Department of Agriculture (DA) and glyphosate is particularly utilized in crops such as corn, sugarcane, rice for weed management. Further, the government initiative, National Agriculture and Fisheries Modernization and Industrialization Plan (NAFMIP) worth $45 billion which focuses on modernization and industrialization plan for the agriculture sector would create lucrative opportunities for glyphosate-based herbicides in the agricultural sector during the forecast period. GM maize cultivation has increased significantly, with acreage rising by an average of 31.2% annually. By 2019, one-third of all Filipino maize farmers, or about 460 thousand families were planting GM maize on about 835,000 hectares with total welfare gain from adopting GM maize amounting to $189.4 million. The adoption of genetically modified (GM) crops, particularly glyphosate-tolerant crops, has significantly driven the demand for glyphosate as more farmers are expected to use the chemical across fields to clear the weeds without damaging the crops.

According to Shubham Deep, Senior Research Analyst, 6Wresearch, the genetically modified (GM) segment will continue to rise in the market due to the government approval of many genetically modified crops.

The Philippines Glyphosate Market (2023-2029) report provides an in-depth analysis with 10 figures and 3 tables, covered in 58 pages. The report comprehensively covers the market by application. The report provides a detailed as well as unbiased analysis of the ongoing drivers, opportunities/high growth areas, and trends of the sector which are projected to support the stakeholders to align as well as devise their market strategies as per the latest and future market dynamics.