IndustryARC, in its latest report, predicts that the Glufosinate Market size is forecast to reach US$3.8 billion by 2027 after growing at a CAGR of 10.2% during 2022-2027. Glufosinate is an organic chemical compound (C5H12NO4P), which is originally called phosphinothricin. Glufosinate is mainly used as an effective herbicide in a wide variety of crops and herbs to prevent insects and bugs in both agricultural farms and non-agricultural uses. Glufosinate is also being called ammonium salt, which is a naturally occurring highly efficient herbicide, which is produced using different species of Streptomyces soil bacteria, whereas glufosate and paraquat are the synthetic versions of glufosinate. The report offers a complete analysis of the market, its major segments, growth factors, trends, drivers and challengers, key players and more.
1. Asia-Pacific mainly dominates the Glufosinate market, owing to the growing crop production in the region. The increasing new forms of pests and plant disease, and the need for the farmers to guard their crops against unwanted weeds, fungi, and bacteria are the main factors driving the expansion of the glufosinate market.
2. Moreover, the increasing government investments, schemes, and attention towards the agriculture industry are expected to cause product demand in near future.
3. The liquid segment accounted for a majority share in the global glufosinate market and is expected to dominate the segment over the forecast period.The use of glufosinate in the agriculture segment has increased and is expected to grow at a higher rate as compared to other applications during the forecast period.
4. However, the health concerns related to excess consumption of glufosinate and the stringent regulations imposed by health and food organizations of nations across the world are some of the inhibiting factors in the glufosinate market.
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1. The Liquid Segment held the largest share of 53% in the glufosinate market in 2021. The liquid glufosinate is increasingly used due to the growing need for low-temperature stability in various industrial and non-industrial activities.
2. The Herbicide Segment held the largest share of 44% in the glufosinate market in 2021. The increase in the number of agricultural farmlands to suffice the continuously growing population will drive the market expansion. Glufosinate is especially secure to use herbicide, which helps to regulate the growth of important weeds.
3. The Agriculture Segment held the largest share of 39% in the glufosinate market in 2021. The rising consumption, presence of greater yield, growing demand, and harvest of food grains in several countries will positively contribute to the agricultural segment of the market.
4. According to the Economic Survey of India 2020-21 report, the country’s total food grain production in 2020 was 296.65 million tons, up by 11.44 million tons from 2019 which was 285.21 million tons.
The top 5 players in the Glufosinate industry are –
1. Jiangsu Huangma
2. Dow AgroSciences
3. Hebei Veyong Biochemical Co., Ltd. Co., Ltd.
4. Zhejiang YongNong
5. Nufarm Americas
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