The Global Glufosinate Market was worth USD 1.38 billion in 2016 and estimated to be growing at a CAGR of 9.28%, to reach USD 2.15 billion by 2021.
The market is showcasing evident potential in the mentioned forecasting period. The market continues to gain momentum due to factors such as glufosinate’s high efficacy and broad weed spectrum.
Glufosinate finds varied applications in both agricultural and non-agricultural sectors.
Glufosinate is a kind of herbicide with high effectiveness, generally used for weed control in various types of crops all over the globe.
Farmers rely on Glufosinate because it helps in providing high degree of crop safety and its vast area of effect avoiding the need for different herbicides for different kind of weeds on a given crop.
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The rise in the demand for Glufosinate as a substitute for paraquat and glyphosate has resulted in the Glufosinate market to show immense potential in the recent years. Other major factors driving the market include, steady expansion of herbicide tolerant crops usage, herbicide contribution in securing food bowl, GM crop acceptance and approval trend.
The market also faces some challenges and restraints which hold it back from showing even better growth. Some of the important ones are, toxic effects of Glufosinate, stringent government regulations.
Moreover, the European market has banned the business of Glufosinate.
The Global market for Glufosinate is segmented on the basis of Crop Type, Form and Application. Based on crop type, the market in segmented into two parts namely, genetically modified crops and conventional crops.
The Genetically modified crops dominates the Glufosinate market. By form, the market is segmented into liquid and dry forms.
On the basis of application, the market is segmented into agricultural and non-agricultural. The agricultural segmented is further fragmented into grains & cereals, oilseeds & pulses, fruits & vegetables and others.
Based on geography, the global market is analysed under various regions namely North America, Europe, Asia-Pacific and Rest of the World. The Glufosinate market was dominated by North America, with the overall market share of over 36% globally.
North America was followed by Europe and Asia-Pacific. Latin America is predicted to show highest growth rate in the years to come.
Some of the major companies dominating the Glufosinate market include Bayer AG, The Dow Chemical Company, E. I. du Pont de Nemours and Company, Syngenta AG, UPL, Nufarm Ltd, Jiangsu Huangma Agrochemicals Co Ltd., Jiangsu Seven continent Green Chemical Co Ltd., Hebei Veyong Bio-Chemical Co Ltd., Zhejiang Yongnong Chem.
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