Overview and Scope
Glufosinate is a broad-spectrum herbicide that has caused glyphosate to exert huge selection pressure on weed populations. It is a nonselective foliar herbicide used for broadcast burndown applications of canola, corn, sweet corn, soybeans, and sugar beet before planting or before emergence.
Sizing and Forecast
The glufosinate market size has grown rapidly in recent years. It will grow from $2.31 billion in 2023 to $2.55 billion in 2024 at a compound annual growth rate (CAGR) of 10.4%. The growth in the historic period can be attributed to expansion of gm crop adoption, rise in agricultural productivity, global growth in agriculture, resistance management strategies, supportive regulatory environment.
The glufosinate market size is expected to see strong growth in the next few years. It will grow to $3.64 billion in 2028 at a compound annual growth rate (CAGR) of 9.3%. The growth in the forecast period can be attributed to continued weed resistance challenges, market penetration in emerging economies, global population growth, shift in cropping patterns. Major trends in the forecast period include genetically modified (gm) crops, bioherbicides and organic farming, innovation in herbicide technologies, advancements in formulations, sustainable agriculture practices.
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Segmentation & Regional Insights
The glufosinate market covered in this report is segmented –
1) By Crop Type: Genetically Modified Crops, Conventional Crops
2) By Formulation: Aqueous Suspension, Liquid, Suspension Concentrate, Soluble (Liquid) Concentrate, Other Formulations
3) By Application: Non-Agricultural, Agricultural, Oilseeds And Pulses, Grains And Cereals, Fruits And Vegetables, Other Applications
North America was the largest region in the gulfosinate market in 2023. The regions covered in the glufosinate market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The demand for genetically modified crops is expected to propel the growth of the glufosinate market going forward. Genetic modification crop involves inserting a specific stretch of genetic material into the plant’s genome to provide new or altered features that are utilized to produce ingredients for human use such as corn flour, corn syrup, and corn oil. Glufosinate is a broad-spectrum herbicide that is often used to reduce weeds on genetically modified crops as well as their interactions with microplastics, as a result, demand for genetically modified crops increases the demand for glufosinate. For instance, in January 2021, according to the USDA Foreign Agricultural Service, a US-based intergovernmental organization, the Soybean herbicide-tolerant (HT), a genetically modified plant acreage expanded significantly to 95% in 2021 and 2022. By 2022, herbicide-tolerant (HT) seeds will have been planted on nearly 90% of domestic maize acres. Furthermore, domestic Bt maize acreage increased to 84% in 2022. Therefore, the demand for genetically modified crops is driving the growth of the glufosinate market.
Key Industry Players
Major companies operating in the glufosinate market report are Bayer AG, YongNong BioSciences Co. Ltd., United Phosphorus Ltd., DuPont de Nemours Inc., Hebei Veyong Biochemical Co. Ltd., Jiangsu Huangma Agrochemicals Co. Ltd., Nufarm Ltd., Limin Chemical Co. Ltd., Lier Chemical Company Ltd., Shenzhen Sino-Harvest Industry Co. Ltd., BASF SE, Jiangsu Seven Continents Green Chemical Co. Ltd., Inner Mongolia Jiaruimi Fine Chemical Co. Ltd., Simonis BV, UPL Limited, Dow Inc., Zhejiang Yongnong Chem. Ind. Co. Ltd., Shandong Weifang Rainbow Chemical Co. Ltd., Hubei Sanonda Co. Ltd., Jiangsu Changqing Agrochemical Co. Ltd., Jiangsu Yangnong Chemical Group Co. Ltd., Zhejiang Heben Pesticide & Chemicals Co. Ltd., Jiangsu Flag Chemical Industry Co. Ltd., Jiangsu Fengshan Group Co. Ltd., Jiangsu Good Harvest-Weien Agrochemical Co. Ltd., Jiangsu Huaihe Chemicals Co. Ltd., Jiangsu Redsun Group Co. Ltd., Jiangsu Sinorgchem Technology Co. Ltd., Shandong Luba Chemical Co. Ltd., Shandong Qiaochang Chemical Co. Ltd., Zhejiang Xinnong Chemical Co. Ltd.
The glufosinate market report table of contents includes:
1. Executive Summary
2. Glufosinate Characteristics
3. Glufosinate Trends And Strategies
4. Glufosinate – Macro Economic Scenario
5. Global Glufosinate Size and Growth
…..
32. Global Glufosinate Competitive Benchmarking
33. Global Glufosinate Competitive Dashboard
34. Key Mergers And Acquisitions In The Glufosinate
35. Glufosinate Future Outlook and Potential Analysis
36. Appendix
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