According to a new report published by Allied Market Research titled, " Glufosinate Market by Crop Type and Formulation Type: Global Opportunity Analysis and Industry Forecast, 2019–2026," the glufosinate market accounted for revenue of $544.8 million in 2018 and is anticipated to generate $2,097.7 million by 2026. The market is projected to experience growth at a CAGR of 19.0% from 2019 to 2026.
Glufosinate is a non-selective, contact herbicide, with some systemic action. It is used to control the growth of undesired plants, such as weeds, in more than 100 crops globally. Nowadays, farmers rely on glufosinate because it helps in providing protection to the crops. Glufosinate is used in three situations as an herbicide such as directed sprays for weed control, in genetically modified crops, and as a crop desiccation to facilitate harvesting. This can also be used as fungicide for the protection of crops against diseases.
Glufosinate is a plant protection product which works by preventing an enzyme central to plant metabolism. It is effective against broad range of weeds which eliminates the need to apply several herbicides to control different weeds on crops. By crop type, the oilseeds and pulses is the major contributor in the glufosinate market share.
Factors such as steady expansion of use of herbicide-tolerant crops, applied on specific part of crops are expected to drive the growth of the glufocinate market globally. Also, the rise in demand for glufosinate as a substitute for paraquat and glyphosate fuel the growth of the market. Stringent governmental regulations in some regions and toxic effects on animals limit the growth of the market. Rapid growth in developing countries is expected to be the upcoming opportunity in the glufosinate market.
On the basis of crop type, oilseeds and pulses was the major revenue contributor in 2018 and is expected to be the largest on during the forecast period. As in most of the developing regions across the globe oilseeds and pulses are produced as a cash generating crops. There is an increase in the commercialization of this type of crop, which will results in the growth of the market.
On the basis of formulation type, the soluble (liquid) concentrate segment dominated the global glufosinate market by accounting for the highest revenue in 2018. This formulation has grown in people acceptance owing to advantages such as dust absence, easy usage, and its effectiveness. Soluble concentrate is applicable to most types of crops and hence it is accepted widely across the globe.
On the basis of the region, the glufosinate market size is analyzed across four major regions. North America has the dominant market share in 2018 and anticipated to maintain its dominance during the forecast period. This is attributed to numerous factors such as a huge consumer base and the presence of key players in the region. Moreover, Asia-Pacific glufosinate market is anticipated to grow at a noteworthy rate. This is owing to rise in end-users in developing countries such as China and India.
Bayer AG, Limin Chemical Co., Ltd., Zhejiang Yongnong Chem. Ind. Co., Ltd., UPL Limited, Lier Chemical Co., Ltd., Jiangsu Seven Continents Green Chemical Co., Ltd., SinoHarvest Corporation, DuPont de Nemours, Inc., BASF SE, and Nufarm limited are the key player profiles included in the report.
Other players operating in the value chain include Syngenta, United Phosphorous, Inner Mongolia Jiaruimi Fine Chemical Co. Ltd., Jiangsu Huangma Agrochemicals Co., Ltd. and others.
Key Findings of the Glufosinate Market:
- By crop type, the oilseeds and pulses segment emerged as the global leader by acquiring around 25% market share in 2018, and is anticipated to be the largest market during the forecast period
- By formulation type, the soluble (liquid) concentrate segment was the largest revenue contributor in 2018
- North America is the major consumer of glufosinate among other regions. It is accounted for around 42.77% of the global market share in 2018 as a result of rapid growth in crop protection across the region
- Bio-based glufosinate herbicide products are being introduced due to technological development and its incorporation in the herbicide manufacturing methods which is further developing the growth trajectory of the market