Glufosinate Market by Crop Type (Genetically Modified Crops, Conventional Crops), Form (Liquid Formulation, Dry Formulation), Application (Agricultural, Non Agricultural), and Region - Global Forecast to 2022
“Glufosinate market is projected to grow at a CAGR of 9.25% in terms of value.” The glufosinate market is estimated to be valued at USD 1.37 billion in 2016, and is projected to grow at a CAGR of 9.25% from 2016 to 2022. The demand for glufosinate is projected to grow as it acts as a key substitute for glyphosate and paraquat. With the increase in glyphosate-resistant weeds, the demand for alternative herbicides has increased in the crop protection chemicals area. This has increased the demand for glufosinate herbicides in crop cultivation, especially for glufosinate-tolerant crops, which include soybean, canola, maize, and cotton. Moreover, the U.S. FDA considers glufosinate as safer compared to other herbicides available in the U.S. market such as paraquat. Various regulations on crop protection chemicals, especially the proposed ban in the European region for glufosinate, acts as a major restraint for this market. Furthermore, higher prices of end products compared to other herbicides also acts as a restraint for the glufosinate market.
“Grains & cereals segment is projected to be the fastest-growing segment in the glufosinate market.”
The introduction of genetically modified glufosinate-tolerant crops will increase the use of glufosinate on various agricultural applications such as grains & cereals, oilseeds & pulses, and fruits & vegetables. In the agricultural applications segment, the grains & cereals subsegment is estimated to account for the largest share. The use of glufosinate is growing and it is replacing glyphosate and paraquat because of growing weed resistance to glyphosate and paraquat.
“South America is projected to be the fastest-growing region in the glufosinate market.”
The South American region is projected to be the fastest-growing market for glufosinate, in terms of both value and volume, during the forecast period. Herbicide-resistant genetically modified crops are widely planted and cultivated in South America. Farmers are adopting various approaches for weed control. Glufosinate is used as a substitute for glyphosate-resistant cropping along with other herbicides such as paraquat and 2, 4-D in South America. Availability of arable land and expansion of farmlands in Brazil and Argentina are driving the growth of this market.
Break-up of primaries:
By Company Type: Tier 1 – 25 %, Tier 2 – 45%, and Tier 3 – 30%
By Designation: C level – 28%, Director level – 22%, and Others – 50%
By Region: North America - 25%, Europe – 23%, Asia-Pacific – 35%, South America - 10%, and RoW – 07%
The glufosinate market is dominated by key players such as Bayer AG (Germany), The Dow Chemical Company (U.S.), E. I. du Pont de Nemours and Company (U.S.), Syngenta AG (Switzerland), and UPL (India). Other players include Nufarm Ltd (Australia), Jiangsu Huangma Agrochemicals Co, Ltd. (China), Jiangsu Sevencontinent Green Chemical Co., Ltd. (China), Hebei Veyong Bio-Chemical Co., Ltd. (China), and Zhejiang Yongnong Chem. Ind. Co. Ltd. (China).
The report analyzes the glufosinate market across different industry verticals and regions. It aims at estimating the market size and future growth potential of this market across different segments such as crop type, form, application, and region. Furthermore, the report also includes an in-depth competitive analysis of the key players in the market along with their company profiles, SWOT analyses, recent developments, and key market strategies.
Key Benefits of Buying the Report:
The report will help the market leaders/new entrants in this market by providing them the closest approximations of the revenue numbers for the overall glufosinate market and submarkets. This report will help stakeholders to better understand the competitive landscape and gain more insights to better position their businesses and make suitable go-to-market strategies. The report also helps the stakeholders to understand the market and provides them information on key market drivers, restraints, challenges, and opportunities.