DUBLIN, Nov. 28, 2023 /PRNewswire/ -- The "Philippines Glyphosate Market Outlook: Market Forecast By Application and Competitive Landscape" report has been added to ResearchAndMarkets.com's offering.
Philippines Glyphosate Market size is anticipated to grow at a CAGR of 3.9% during 2023-2029F
The Philippines Glyphosate Market registered a growth of 17.72% in value shipments in 2022 as compared to 2021 and an increase of 12.41% CAGR in 2022 over a period of 2017.
In the Glyphosate Market Philippines is becoming less competitive as the HHI index in 2022 was 5009 while in 2017 it was 2700. Herfindahl Index measures the competitiveness of exporting countries. The range lies from 0 to 10000, where a lower index number represents a larger number of players or exporting countries in the market while a large index number means less numbers of players or countries exporting in the market.
The Philippines has reportedly relied more on imports to meet its growing demand in the Glyphosate Market. India is unable to meet its increasing needs of this product with domestic production hence we see the trend is shifting towards import shipment to meet its demand The import factor of the Glyphosate Market in 2022 was 252.47 while in 2017 it was 102.51.
China, Malaysia, Indonesia, Germany, and Japan were among the top players in the market in 2022, where China acquired the largest market share of 69.9% with a shipment value of 83.51 million USD 2022 China also offered the product below the average market price thus having a competitive advantage over others In 2017 China had the largest market share of 47.88% with the shipment value of 24.09 million USD. The country was offering its product with an average price that is lower than the average market price offered in the country. As Chinaprice is lower than the average price, it provided a significant edge over another competitor in 2017.
Philippines Glyphosate Market Synopsis
The Philippines glyphosate market was majorly driven by the adoption of genetically modified (GM) technology with the amount of acreage increasing by approximately 31.2% annually. The increasing popularity of herbicide-tolerant GM crops has contributed to an increase in the demand for glyphosate as it is the preferred herbicide for weed management.
In 2020, the glyphosate market witnessed a decline due to the global pandemic leading to a total economic shutdown and a temporary halt in major operations in many sectors to curb the spread of the virus, however With an ease in trade restrictions market has back to its pre COVID growth trajectory.
Further, the Philippine Association of Feed Millers Inc. is planning a National Corn Development Program, which covers the entire value chain and focuses on reducing its dependence on imports and is further projecting local corn produce for feeds to reach 7.56 million metric tons by 2023 which would contribute to the glyphosate demand in the future as farmers would use more herbicides to grow crop faster and increase crop production.
In the Philippines, currently, more than 27.5 million people are engaged in agriculture, and it generates 9.6% of the country's GDP on average, thereby agriculture sector plays a vital role in country's growth, and crop production is expected to grow substantially, the demand for glyphosate would increase to control weeds and grasses that could negatively impact crop yields.
Glyphosate has faced scrutiny and debate globally due to concerns about its potential impact on the environment and human health and the use of glyphosate is subject to regulations under government agencies, such as the Fertilizer and Pesticide Authority (FPA)
Market by Applications
With the increasing adoption of genetically modified plantations in order to enhance production in a short period of time, genetically modified crops have acquired maximum share and manufacturers are developing more glyphosate-resistant GMO seeds allowing farmers to use glyphosate to protect plants from weeds and other natural effects.
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