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 share, size, 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 focus on environmental sustainability and health concerns related to traditional chemical herbicides has led to a surge in demand for bio-based alternatives. Glufosinate, known for its rapid environmental degradation and non-selective nature, is seen as a more eco-friendly option compared to other chemical herbicides like glyphosate. This shift is fueled by a rise in consumer preference for organic and sustainably produced agricultural goods. Farmers and agricultural enterprises are increasingly incorporating integrated pest management (IPM) practices, which prioritize the use of less harmful chemicals. Governmental and non-governmental initiatives supporting eco-friendly farming have further accelerated this trend, aligning the Glufosinate market with the global movement towards reducing agriculture's environmental impact.
- Expanding global agricultural sector:
The global agricultural industry is experiencing growth driven by the need to feed a rapidly expanding population, projected to reach 9.7 billion by 2050. Enhancing agricultural productivity and efficiency is becoming increasingly critical. Glufosinate is highly valued for its effectiveness in controlling a wide range of weeds, which can severely affect crop yields if not managed properly. Its ability to manage herbicide-resistant weed species adds to its appeal, addressing a significant challenge in crop production. The expansion of agricultural lands, particularly in developing regions, along with the adoption of modern farming techniques, has created a robust demand for herbicides like Glufosinate. Additionally, its compatibility with genetically modified (GM) crops, which are engineered to be tolerant to Glufosinate, has solidified its role in modern agriculture, especially in large-scale commercial farming.
- Regulatory shifts favoring safer herbicides:
Changes in regulatory landscapes across various regions have significantly influenced the Glufosinate market. Stricter regulations on the use of hazardous chemicals in agriculture have led to the restriction or phasing out of several traditional herbicides. For example, the increasing scrutiny and limitations on glyphosate, one of the most widely used herbicides, have opened up opportunities for alternatives like Glufosinate. Regulatory bodies such as the U.S. Environmental Protection Agency (EPA) and the European Food Safety Authority (EFSA) have been actively reassessing the safety profiles of various agrochemicals. With its relatively favorable safety and environmental profile, Glufosinate has gained acceptance and approval in many key agricultural markets. This regulatory support not only enhances its market potential but also boosts confidence among farmers and agribusinesses in using Glufosinate as a part of their crop protection strategies.
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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 as these crops are widely cultivated and highly susceptible to weed infestations that can greatly reduce yields.
Breakup By Formulation Type:
- Aqueous Suspension
- Liquid
- Suspension Concentrate
- Soluble (Liquid) Concentrate
- Others
The soluble (liquid) formulation 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 hold the largest market share since Glufosinate is primarily used as a non-selective herbicide to control a broad spectrum 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, largely due to the extensive use of genetically modified (GM) crops that are resistant to Glufosinate and the region's advanced agricultural practices.
Global Glufosinate Market Trends:
The rising demand for increased agricultural productivity and the growing adoption of precision farming techniques are key drivers of market growth. Enhanced global trade policies and the expansion of arable land in emerging economies also contribute to the market's expansion. Furthermore, the growing need for sustainable agriculture solutions in response to climate change is fostering a positive outlook for the Glufosinate market. Its effectiveness in weed control without leaving harmful residues, along with its compatibility with integrated pest management strategies, further supports this growth.
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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