IMARC Group, a leading market research company, has recently releases report titled “Glufosinate Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2024-2032″, The study provides a detailed analysis of the industry, including the global glufosinate market size, share, trends, and growth forecast. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights:
How big is the glufosinate market?
The global glufosinate market size reached US$ 2.5 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 4.7 Billion by 2032, exhibiting a growth rate (CAGR) of 7.3% during 2024-2032.
Factors Affecting the Growth of the Glufosinate Industry:
- Rising demand for bio-based herbicides:
The increasing awareness and concern over environmental sustainability and health issues related to chemical herbicides have significantly driven the demand for bio-based alternatives. Glufosinate, being a non-selective herbicide that degrades relatively quickly in the environment, is seen as a more environmentally friendly option compared to other chemical herbicides like glyphosate. This demand is bolstered by the growing consumer preference for organic and sustainably produced agricultural products. Farmers and agricultural businesses are increasingly adopting integrated pest management (IPM) practices, which emphasize the use of less harmful chemicals. The shift towards sustainable agriculture is further encouraged by governmental and non-governmental initiatives promoting eco-friendly farming practices. This trend has provided a substantial boost to the Glufosinate market as it aligns well with the global push towards reducing the ecological footprint of agricultural activities.
- Expanding global agricultural sector:
The global agricultural sector is expanding, driven by the increasing need to feed a growing population. With the world population projected to reach 9.7 billion by 2050, there is a pressing need to enhance agricultural productivity and efficiency. Glufosinate is valued for its effectiveness in controlling a broad spectrum of weeds, which can significantly impact crop yields if not managed properly. The herbicide's utility in managing herbicide-resistant weed species also adds to its appeal, as these resistant species pose a significant challenge to crop production. The expansion of agricultural lands, especially in developing regions, along with the adoption of modern farming techniques, has created a robust market for herbicides, including Glufosinate. Furthermore, the herbicide's compatibility with genetically modified (GM) crops, which are designed to be tolerant to Glufosinate, has further cemented its place in modern agriculture, particularly in large-scale commercial farming operations.
- Regulatory shifts favoring safer herbicides:
Regulatory changes across various regions have played a pivotal role in shaping the Glufosinate market. Increasingly stringent regulations on the use of hazardous chemicals in agriculture have led to the phasing out or restriction of several traditional herbicides. For instance, the scrutiny and subsequent restrictions imposed on glyphosate, one of the most widely used herbicides, have opened up opportunities for alternatives like Glufosinate. Regulatory bodies such as the Environmental Protection Agency (EPA) in the United States and the European Food Safety Authority (EFSA) in Europe have been proactive in reassessing the safety profiles of various agrochemicals. Glufosinate, with its relatively favorable safety and environmental profile, has gained acceptance and approval in many key agricultural markets. This regulatory endorsement not only boosts its market potential but also instills confidence among farmers and agribusinesses in adopting Glufosinate as part of their crop protection arsenal.
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Glufosinate Market Report Segmentation:
Breakup By Crop Type:
- Cereals and Grains
- Oilseeds and Pulses
- Fruits and Vegetables
- Others
Oilseeds and pulses represent the largest segment because these crops are extensively cultivated and highly susceptible to weed infestations that can significantly reduce yields.
Breakup By Formulation Type:
- Aqueous Suspension
- Liquid
- Suspension Concentrate
- Soluble (Liquid) Concentrate
- Others
Soluble (liquid) dominates the market due to its ease of application, efficient coverage, and quick absorption by plants.
Breakup By Application:
- Herbicides
- Fungicides
- Desiccant
- Defoliant
- Others
Herbicides account for the largest market share because Glufosinate is primarily used as a non-selective herbicide to control a wide range of weeds.
Breakup By Regional Insights:
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Argentina, Colombia, Chile, Peru, Others)
- Middle East and Africa ( Turkey, Saudi Arabia, Iran, United Arab Emirates, Others)
North America leads the market due to the extensive adoption of genetically modified (GM) crops that are resistant to Glufosinate and the region's advanced agricultural practices.
Global Glufosinate Market Trends:
The increased demand for higher agricultural productivity and the intensification of precision farming techniques are providing an impetus to the market growth. Enhanced global trade policies and the expansion of arable land in emerging economies further contribute to the market's expansion. Moreover, the escalating need for sustainable agriculture solutions amidst climate change challenges is creating a positive outlook for market expansion due to Glufosinate's efficacy in combating weeds without leaving harmful residues, coupled with its compatibility with integrated pest management strategies.
Leading Companies Operating in the Global Glufosinate Industry:
- 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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