IndustryARC, in its latest report, predicts that Glufosinate Market size is forecast to reach US$3.8 billion by 2027 after growing at a CAGR of 10.2% during 2022-2027. It is predicted that the demanding agriculture industry will contribute hugely to the glufosinate market growth during the forecast period. The report offers a complete analysis of the market, its major segments, growth factors, trends, drivers and challengers, key players and more.
Key takeaways:
This IndustryARC report on the cobalt Glufosinate Market highlights the following areas –
1. Asia-Pacific mainly dominates the Glufosinate market, owing to the growing crop production in the region. The increasing new forms of pests and plant disease, and the need for the farmers to guard their crops against unwanted weeds, fungi, and bacteria are the main factors driving the expansion of the glufosinate market.
2. Moreover, the increasing government investments, schemes, and attention towards the agriculture industry are expected to cause product demand in near future.
3. The liquid segment accounted for a majority share in the global glufosinate market and is expected to dominate the segment over the forecast period.
4. The use of glufosinate in the agriculture segment has increased and is expected to grow at a higher rate as compared to other applications during the forecast period.
5. However, the health concerns related to excess consumption of glufosinate and the stringent regulations imposed by health and food organizations of nations across the world are some of the inhibiting factors in the glufosinate market.
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Segmental Analysis:
1. The liquid segment held the largest share of 53% in the glufosinate market in 2021. The liquid concentration of glufosinate dominated the global glufosinate market, owing to its advantages like mixing readily with water, being non-volatile, not abrasive, ease of transport and storage, and easy application.
2. the Japanese government is on a journey to increase agricultural exports from USD 8.5 billion in 2020 to USD 18.5 billion by 2025 and USD 46.1 billion by 2030 by expanding the financial resources available to agricultural and food producers and exporters.
3. The herbicide segment held the largest share of 44% in the glufosinate market in 2021. Herbicide contribution in the agriculture industry is fuelling the growth of the glufosinate market globally, as it finds its application in young crops and herbs during their early stages of development to acquire the full productivity of product applied.
4. The agriculture segment held the largest share of 39% in the glufosinate market in 2021. The demand for glufosinate is predicted to expand within the next few years of the forecast period, thanks to the growing yield of agricultural crops such as corn, soybean, beans, canola, sugar beets, sugar cane, and sweet potato that are genetically modified to tolerate glufosinate, due to which the agricultural sector is expected to contribute significantly to the glufosinate market.
5. According to the Economic Survey of India 2020-21 report, the country’s total food grain production in 2020 was 296.65 million tons, up by 11.44 million tons from 2019 which was 285.21 million tons.
Competitive Landscape:
The top 5 players in the Glufosinate industry are –
1. Jiangsu Huangma
2. Dow AgroSciences
3. Hebei Veyong Biochemical Co., Ltd. Co., Ltd.
4. Zhejiang YongNong
5. Nufarm Americas
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