The global glufosinate market is projected to grow at a CAGR of 9.25% to reach USD 2.34 Billion by 2022 in terms of value
Seattle, WA -- (SBWIRE) -- 03/16/2017 -- The Report "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", is projected to reach USD 2.34 Billion by 2022. 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 are widely accepted in agricultural and non-agricultural applications and play a vital role in weed controlling. Its usage is growing in recent years because it is considered as a suitable substitute for glyphosate and paraquat. The proportion of glyphosate-resistant weeds has been growing over the past few years because of its extensive usage. Farmers consider glufosinate as a better alternative in the non-selective herbicides market to protect and maintain crop yield. Furthermore, the USFDA considers glufosinate as a safer option compared to other herbicides available in the U.S. market such as paraquat. Hence, glufosinate should be viewed as a business opportunity in the next five years.
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Genetically modified crops segment, with respect to crop type, is projected to dominate the glufosinate market
The usage of genetically modified crops is increasing because of its cost-effective characteristic. Genetically modified crops have wide usage applications for glyphosate and glufosinate for weed controlling purposes. Herbicide-tolerant crops consistently occupied the largest planting area of biotech crops. Increase in the area under cultivation of herbicide-tolerant crops will drive growth in glufosinate market since glyphosate-resistant weeds are gradually growing across regions.
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Agricultural applications are driving the glufosinate market globally
The agricultural applications segment accounted for a larger share in the glufosinate market in terms of both, value and volume, in 2015. Glufosinate is used in no-tillage agriculture, which helps farmers in controlling grasses and broad-leaved weeds in a range of agricultural and horticultural crops. It is also used as a desiccant on agricultural crops. Furthermore, the introduction of genetically modified glufosinate-tolerant crops will increase the use of glufosinate on various agricultural applications such as grains, cereals, and oilseeds. Considering the high costs of glufosinate, its usage for non-agricultural applications is limited.
North America: Lucrative market for opportunities for glufosinate
In 2015, the North American region accounted for the largest share of the global glufosinate market in terms of value and volume. The glufosinate market in North America is also projected to grow at a significant CAGR during the forecast period. This region comprises developed economies such as U.S. and Canada, where the U.S. is a key producer of various agricultural applications. There is growing awareness observed in the U.S. with regard to glufosinate products. Glufosinate is registered for use in crops such as almonds, apples, bananas, berries, canola, corn, cotton, grapes, potatoes, rice, soybean, and tree nuts in the U.S. which has resulted in the growth of the market in this region.
This report includes a study of marketing and development strategies, along with the product portfolios of leading companies. It includes the profiles of leading companies 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).
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