Press release
Glufosinate Market is Set Grow to $3.64 Billion at CAGR of 9.3% and Forecast by 2028 | Emerging Players: Bayer AG, YongNong BioSciences Co. Ltd., United Phosphorus Ltd., DuPont de Nemours Inc., Hebei Veyong Biochemical Co. Ltd.
Glufosinate Market Report
The Business Research Company offers in-depth market insights through Glufosinate Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The glufosinate market size has grown rapidly in recent years. It will grow from $2.31 billion in 2023 to $2.55 billion in 2024 at a compound annual growth rate (CAGR) of 10.4%. The growth in the historic period can be attributed to expansion of gm crop adoption, rise in agricultural productivity, global growth in agriculture, resistance management strategies, supportive regulatory environment.
The glufosinate market size is expected to see strong growth in the next few years. It will grow to $3.64 billion in 2028 at a compound annual growth rate (CAGR) of 9.3%. The growth in the forecast period can be attributed to continued weed resistance challenges, market penetration in emerging economies, global population growth, shift in cropping patterns. Major trends in the forecast period include genetically modified (gm) crops, bioherbicides and organic farming, innovation in herbicide technologies, advancements in formulations, sustainable agriculture practices.
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Market Segmentation:
The glufosinate market covered in this report is segmented -
1) By Crop Type: Genetically Modified Crops, Conventional Crops
2) By Formulation: Aqueous Suspension, Liquid, Suspension Concentrate, Soluble (Liquid) Concentrate, Other Formulations
3) By Application: Non-Agricultural, Agricultural, Oilseeds And Pulses, Grains And Cereals, Fruits And Vegetables, Other Applications
Major Driver - Rising Demand For Genetically Modified Crops Fuels Growth In The Glufosinate Market
The demand for genetically modified crops is expected to propel the growth of the glufosinate market going forward. Genetic modification crop involves inserting a specific stretch of genetic material into the plant's genome to provide new or altered features that are utilized to produce ingredients for human use such as corn flour, corn syrup, and corn oil. Glufosinate is a broad-spectrum herbicide that is often used to reduce weeds on genetically modified crops as well as their interactions with microplastics, as a result, demand for genetically modified crops increases the demand for glufosinate. For instance, in January 2021, according to the USDA Foreign Agricultural Service, a US-based intergovernmental organization, the Soybean herbicide-tolerant (HT), a genetically modified plant acreage expanded significantly to 95% in 2021 and 2022. By 2022, herbicide-tolerant (HT) seeds will have been planted on nearly 90% of domestic maize acres. Furthermore, domestic Bt maize acreage increased to 84% in 2022. Therefore, the demand for genetically modified crops is driving the growth of the glufosinate market.
Competitive Landscape:
Major companies operating in the glufosinate market report are Bayer AG, YongNong BioSciences Co. Ltd., United Phosphorus Ltd., DuPont de Nemours Inc., Hebei Veyong Biochemical Co. Ltd., Jiangsu Huangma Agrochemicals Co. Ltd., Nufarm Ltd., Limin Chemical Co. Ltd., Lier Chemical Company Ltd., Shenzhen Sino-Harvest Industry Co. Ltd., BASF SE, Jiangsu Seven Continents Green Chemical Co. Ltd., Inner Mongolia Jiaruimi Fine Chemical Co. Ltd., Simonis BV, UPL Limited, Dow Inc., Zhejiang Yongnong Chem. Ind. Co. Ltd., Shandong Weifang Rainbow Chemical Co. Ltd., Hubei Sanonda Co. Ltd., Jiangsu Changqing Agrochemical Co. Ltd., Jiangsu Yangnong Chemical Group Co. Ltd., Zhejiang Heben Pesticide & Chemicals Co. Ltd., Jiangsu Flag Chemical Industry Co. Ltd., Jiangsu Fengshan Group Co. Ltd., Jiangsu Good Harvest-Weien Agrochemical Co. Ltd., Jiangsu Huaihe Chemicals Co. Ltd., Jiangsu Redsun Group Co. Ltd., Jiangsu Sinorgchem Technology Co. Ltd., Shandong Luba Chemical Co. Ltd., Shandong Qiaochang Chemical Co. Ltd., Zhejiang Xinnong Chemical Co. Ltd.
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Top Trend - Advanced Herbicide For Enhanced Weed Control And Sustainable Agriculture
Major companies operating in the glufosinate market are focused on developing advanced herbicides, such as non-selective herbicides, for enhanced weed control and sustainable agriculture. A non-selective herbicide is a type of herbicide that is designed to control or eliminate a wide range of plant species, without specificity for particular types of plants. For instance, in January 2022, BASF, a Germany-based chemical company, launched the L-Glufosinate 10% SL, a non-selective herbicide for Chinese farmers. BASF's L-Glufosinate is more efficient as it converts inactive D-glufosinate ammonium into the active form. This increased efficiency allows farmers to achieve weed control equivalent to existing products while reducing the required crop protection application by up to 50%. With robust patent protection, BASF aims to enhance competitiveness and promote sustainability in the distribution and application of the new herbicide.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Glufosinate Market Characteristics
3. Glufosinate Market Trends And Strategies
4. Glufosinate Market - Macro Economic Scenario
5. Glufosinate Market Size And Growth
…..
27. Glufosinate Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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