Allied Market Research recently published a report, titled, "Glufosinate Market by Crop Type (Cereals & Grains, Oilseeds & Pulses, Fruits & Vegetables, and Others), and Formulation Type (Aqueous Suspension, Liquid, Suspension Concentrate, Soluble (Liquid) Concentrate, and Others): Global Opportunity Analysis and Industry Forecast, 2019–2026". According to the report, the global glufosinate industry was pegged at $544.8 billion in 2018 and is projected to reach $2.09 billion by 2026, registering a CAGR of 19.0% from 2019 to 2026.
Prime determinants for growing market
Substitute to glyphosate and paraquat and
development of genetically modified glufosinate-tolerant crops have boosted the
growth of the global glufosinate market. However, the toxicity in flora &
fauna hampers the market growth. On the contrary, rising demand from both
developed and emerging economies is expected to create lucrative opportunities
in the near future.
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Oilseeds & pulses segment dominated the market
The oilseed & pulses segment held the largest
share in 2018, contributing to around one-fourth of the global glufosinate
market. There is significant rise in the commercialization of this type of crop
as they are treated as cash-generating crops, which has boosted the growth of
the market. However, the cereals & grains segment is expected to register
the fastest CAGR of 19.2% during the forecast period, owing to rising
commercialization in the genetically modified cereals & grains.
Aqueous suspension segment to manifest the fastest
CAGR by 2026
The aqueous suspension segment is projected to
register the fastest CAGR of 20.7% during the forecast period, as the aqueous
suspension has advantages such as low cost, easy to manufacture, compatible
with HDPE packaging. However, the soluble (liquid) concentrate segment held the
largest share in 2018, contributing more than half of the global glufosinate
market, owing to advantages such as dust absence, easy usage, and its
effectiveness.
North
America held the largest share
The global glufosinate market across North America held the largest share in 2018,
accounting for more than two-fifths of the market, owing to a strong presence
of genetically modified glufosinate tolerant crops and the advantages that
these glufosinate herbicides have over its predecessors coupled with huge
consumer base and the presence of key players in the region. However, the
market across the Asia-Pacific region
is projected to register the fastest CAGR of 20.3% during the forecast period,
owing to rising end users in developing countries such as China, and India.
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Major market players
- Bayer AG
- Zhejiang Yongnong Chem. Ind. Co.,
Ltd.
- Limin Chemical Co., Ltd.
- UPL Limited
- Jiangsu Seven Continents Green
Chemical Co., Ltd.
- Lier Chemical Co., Ltd.
- DuPont de Nemours, Inc.
- Nufarm limited
- BASF SE
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