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The global glufosinate market to grow by 2022
Posted: May 16,2017
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. Glufosinate finds wide applications in agricultural and non-agricultural sectors. Factors such as its broad weed spectrum and high efficacy has fueled the growth of this market.
On the basis of crop type, the global glufosinate market is segmented into genetically modified crops and conventional crops. The genetically modified crops dominated the market owing to its major use in the production of various products and wider availability. Genetic modified techniques are widely used to make crops herbicide-resistant.
The glufosinate market, on the basis of application, is segmented into agricultural and non-agricultural applications. The demand for glufosinate is expected to increase in the next few years due 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. The grains & cereals segment accounted for the largest market share in 2015.
The forms of glufosinate considered for the study are liquid and dry. Liquid formulation of glufosinate is widely used as it has low temperature stability as compared to dry formulations, which has a long process of usage.
The North American region dominated the market and accounted for the largest share, in terms of both value and volume, in the global glufosinate market, in 2015. The North American market is projected to grow at a CAGR of 9.60% from 2016 to 2022. Factors such as increasing acreage under glufosinate-tolerance crops, and resistance development to glyphosate herbicide products in countries of the North American region are driving the growth of the glufosinate market.
In Europe, glufosinate ammonium is considered as a highly toxic product, thus the European Union has considered banning it from October 2017. The present EU registration for glufosinate ammonium is valid until 31 July 2018. The European Commission, under Regulation 1107/2009 suggested that glufosinate ammonium should be substituted in January 2015. Hence, products that contain glufosinate ammonium are to mandatorily go through comparative assessment by Member States.
The leading players that dominated the glufosinate market include 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). Key players have adopted strategic developments such as new product launches, acquisitions, joint ventures, expansions, collaborations & partnerships, and agreements & investments in order to capture this emerging market.
Source: AgroPages.com MarketsandMarkets (M&M)
