IMARC Group, a leading market research company, has recently releases report titled “Glufosinate Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” The study provides a detailed analysis of the industry, including the global glufosinate market share, size, trends, and growth forecast. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How big is the glufosinate market?
The global glufosinate market size reached US$ 2.3 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 3.8 Billion by 2028, exhibiting a growth rate (CAGR) of 5.2% during 2023-2028.
Factors Affecting the Growth of the Glufosinate Industry:
- Increasing Adoption of Genetically Modified (GM) Crops:
A significant driver for the glufosinate market is the rising adoption of genetically modified crops that are tolerant to glufosinate. These crops allow farmers to use glufosinate more effectively as it kills weeds without harming the crop itself. This characteristic makes it a highly sought-after herbicide for GM crop cultivation, especially in major agricultural countries. As the global demand for high-yield crops continues to grow, so does the reliance on GM crops and compatible herbicides like glufosinate, fueling the market’s expansion.
- Growing Demand for Effective Weed Control Solutions:
The need for effective and efficient weed control solutions in agriculture is another major factor driving the glufosinate market. Glufosinate is known for its broad-spectrum weed control, which is essential for maintaining crop health and maximizing yields. With the increasing challenge of weed resistance to other herbicides, glufosinate has become a preferred alternative for many farmers. Its ability to control a wide range of weeds, coupled with its relatively safer profile compared to other herbicides, makes it an increasingly popular choice in integrated weed management strategies.
- Environmental and Regulatory Considerations:
Environmental concerns and regulatory policies significantly influence the glufosinate market. As global awareness of environmental safety and sustainable agricultural practices grows, there is a shift towards herbicides that are less harmful to the environment. Glufosinate is often perceived as a more environmentally friendly option compared to other herbicides, leading to its increased acceptance. Additionally, regulatory approvals and restrictions play a critical role in shaping market dynamics. In regions where glufosinate use is approved and promoted as part of sustainable farming practices, its market sees substantial growth, whereas stringent regulations in certain areas can limit its usage and market expansion.
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Glufosinate Market Report Segmentation:
Breakup By Crop Type:
- Cereals and Grains
- Oilseeds and Pulses
- Fruits and Vegetables
Oilseeds and pulses constitute the largest market segment by crop type in the global glufosinate market, as glufosinate is widely used in these crops due to its effectiveness in controlling a broad spectrum of weeds without harming the crop itself.
Breakup By Formulation Type:
- Aqueous Suspension
- Suspension Concentrate
- Soluble (Liquid) Concentrate
Soluble (liquid) concentrate formulations dominate the glufosinate market by formulation type because of their ease of application, effective absorption, and convenience in handling and storage, making them a preferred choice for farmers.
Breakup By Application:
Herbicides represent the largest market segment by application for glufosinate, as it is primarily used as a non-selective herbicide, highly effective in controlling a wide variety of weeds, thereby ensuring higher crop yields.
Breakup By Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
North America is the largest market by region for glufosinate, driven by the extensive adoption of advanced agricultural practices, the high prevalence of genetically modified crops, and stringent regulatory frameworks for weed control in major agricultural economies like the United States and Canada.
Global Glufosinate Market Trends:
The increasing shift towards sustainable and environmentally friendly farming practices is driving the demand for glufosinate as it’s considered a relatively safer herbicide compared to other chemical alternatives which represents one of the key factors driving the growth of the market across the globe. This trend is complemented by the rising adoption of genetically modified (GM) crops that are tolerant to glufosinate, allowing for more efficient weed control without damaging the crops.
In addition to this, there’s a growing focus on integrated weed management practices, where glufosinate plays a crucial role due to its broad-spectrum weed control capability. The ongoing development and commercialization of new glufosinate formulations offer higher efficacy, lower toxicity, and improved environmental profiles which are contributing to the growth of the market. The market is also witnessing strategic collaborations and expansions among key players, aimed at enhancing production capabilities and expanding geographical reach.
Who are the key players operating in the industry?
The report covers the major market players including:
- BASF SE
- DuPont de Nemours Inc.
- Hebei Veyong Bio-Chemical Co. Ltd (Limin Group Co. Ltd.)
- Jiangsu Sevencontinent Green Chemical Company Limited
- LIER Chemical Co. Ltd.
- Nufarm, SinoHarvest
- UPL Limited
- YongNong BioSciences CO. LTD
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