Glufosinate Market Forecasts to 2028 – Global Analysis By Form (Dry, Liquid), Application (Herbicides, Defoliant, Desiccant), Formulation Type, End User, and By Geography
According to Stratistics MRC, the Global Glufosinate Market is accounted for $2.14 billion in 2021 and is expected to reach $4.51 billion by 2028 growing at a CAGR of 11.2% during the forecast period. Glufosinate is safe to use herbicide, which control the growth of important weeds and is applied to immature plants at their early development stage to retrieve better results. Farmers rely on glufosinate, as it ensures a high degree of crop safety; it only affects the parts of the plant where it is applied.
Market Dynamics:
Driver:
Increasing crop production
Glufosinate plays a significant role in providing crops with the nutrients they require to develop and improve crop yield, attributable to which it is often utilized during crop production. With the total population continually increasing, enough crops should be grown every year to feed everyone, which is the reason crop production is increasing over the world. Agricultural growth has increased dramatically in recent years, although the most of this growth has been driven by expanded yield per unit area rather than increasing farmed area. To further develop the crop yield within the same area of arable lands and provide crops with proper nutrients the demand for glufosinate will increase, which will drive the market.
Restraint:
Acute hazards related to glufosinate
Glufosinate is an organophosphorus chemical that is predominantly a foliar-active herbicide with low systemic activity and has been related to a variety of human health and environmental effects. Glufosinate can cause a range of impacts from substantial, but temporary eye injury, skin irritation, and respiratory failure, to death through dermal absorption or ingestion. Any contact with the drug can result in negative consequences. These effects might differ relying on glufosinate formulations and technical grade glufosinate. Thus, these acute hazards related to glufosinate is restraining the glufosinate market.
Opportunity:
Agricultural initiatives by the government
Governments are investing heavily in agricultural projects and investments since it is one of the best methods to improve environmental sustainability. The new procedures aim to increase agricultural exports in the next few years, assuming a stable trade policy regimen. Consequently, the agriculture sector is extended in various places because of the government's various agricultural programs. Furthermore, with the rising agricultural sector, the demand for glufosinate will also increase, which will provide ample opportunities for market growth.
The agricultural segment is expected to be the largest during the forecast period
The agricultural segment is estimated to have a lucrative growth due to the growing yield of agricultural crops such as corn, soybean, beans, canola, sugar beets, sugar cane, and sweet potato that are genetically modified to tolerate glufosinate. The increasing consumption and the presence of greater yield in most of the countries will positively contribute to the application segment.
The liquid segment is expected to have the highest CAGR during the forecast period
The liquid segment is anticipated to witness the fastest CAGR growth during the forecast period owing to the increasing need for low-temperature stability in various industrial and non-industrial verticals as it has a long process of usage. Liquid glufosinate is easy to use and is increasingly employed in agricultural areas for weed control whilst having a minimal direct effect on animals.
Region with highest share:
Asia Pacific is projected to hold the largest market share during the forecast period due to rise in consumer base in the region. The global glufosinate herbicides are majorly used in oilseeds & pulses and cereals & grains crop types. Countries contributing majorly to the global glufosinate market in Asia-Pacific are China, India, and South Korea.
Region with highest CAGR:
North America is projected to have the highest CAGR over the forecast period owing to increasing acreage under glufosinate-tolerance crops, and resistance development to glyphosate herbicide products, alleviating popularity of bio-based agro solutions and the higher yield of glufosinate-tolerance crops in countries of the North American region. This has led to the rise in the number of research activities and programs in the region.
Key players in the market
Some of the key players profiled in the Glufosinate Market include Zhejiang Yongnong Chem. Ind. Co. Ltd., UPL, The Dow Chemical Company, Syngenta AG, Nufarm Ltd, Limin Chemical Co., Ltd, Jiangsu Huangma Agrochemicals Co, Ltd., Hebei Veyong Bio-Chemical Co., Ltd., E. I. du Pont de Nemours and Company and Bayer AG.
Key Developments:
In September 2020, BASF has acquired the proprietary Glu-L™ technology for L-glufosinate ammonium from AgriMetis™. With this BASF Agricultural Solutions will offer its customers an even more efficient product to protect against unwanted weeds with an improved formulation.
Crop Types Covered:
• Conventional Crops
• Genetically Modified Crops
Formulation Types Covered:
• Suspension Concentrate
• Soluble (Liquid) Concentrate
• Aqueous Suspension
Forms Covered:
• Dry
• Liquid
Types Covered:
• 50%TK
• 95%TC
Applications Covered:
• Desiccant
• Insecticides and Fungicides
• Herbicides
• Defoliant
End Users Covered:
• Non-Agricultural
• Agricultural
Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
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Comprehensive profiling of additional market players (up to 3)
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Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
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