According to the latest report by IMARC Group, titled “Glufosinate Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” the global glufosinate market size reached US$ 2.0 Billion in 2021. Also known as ammonium salt, glufosinate is a nonselective foliar herbicide utilized during the early development stage of plants. It inhibits glutamine synthetase that disrupts the cell membranes and controls the growth of weeds on agricultural crops. It also protects glufosinate-resistant crops from several plant diseases.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Glufosinate Market Trends:
Due to the continuously growing global population and the rising shortage of food around the world, there is an increase in the demand for genetically modified crops. This represents one of the key factors positively influencing the market. Apart from this, as glufosinate is relatively safer and affordable, it is widely used as an alternative to glyphosate and paraquat worldwide. Furthermore, due to the growing environmental concerns, there is an increase in the adoption of sustainable farming methods. This, coupled with a significant increase in the incidences of fungal infection, is contributing to the market growth. Moreover, government bodies of various countries are introducing reforms to help farmers manage pest outbreaks, get quality seeds, and access adequate credit to invest in production, which is creating a favorable market outlook. Looking forward, IMARC Group expects the market to expand at a CAGR of 9.17% during the forecast period (2022-2027).
- Based on the crop type, the market has been divided into cereals and grains, oilseeds and pulses, fruits and vegetables, and others. At present, oilseeds and pulses hold the biggest market share.
- On the basis of the formulation type, the market has been segmented into aqueous suspension, liquid, suspension concentrate, soluble (liquid) concentrate, and others. Presently, soluble (liquid) concentrate accounts for the majority of the total market share.
- Based on the application, the market has been classified into herbicides, fungicides, desiccant, defoliant, and others. Herbicides currently dominates the market.
- Region-wise, the market has been categorized into North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (the United Kingdom, Germany, France, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and Middle East and Africa. Amongst these, North America enjoys the leading position in the market.
- The competitive landscape of the market has been examined, with some of the key players being 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 and YongNong BioSciences CO. LTD.
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