The Glufosinate is a naturally befalling herbicide isolated from the two species of Streptomyces fungi. It is broadly utilized as a substitute of glyphosate and paraquat and is consumed to control a wide variability of weeds such as morning glories, hemp sesbania (Sesbaniabispinosa), Pennsylvania smartweed (Polygonum Pensylvanicum), and several others. Its utilization as a crop desiccators facilitates harvesting. Increase in the concern toward broad utilization of agrochemicals in several crops has led to a move toward bio-based solutions, which is projected to boom growth of the glufosinate market.
According to the report analysis, ‘Glufosinate Market by Crop Type (Cereals & Grains, Oilseeds & Pulses, Fruits & Vegetables, and Others), and Formulation Type (Aqueous Suspension, Liquid, Suspension Concentrate, Soluble (Liquid) Concentrate, and Others): Global Opportunity Analysis and Industry Forecast, 2019-2026’ states that in the glufosinate market there are numerous corporate which presently operating more significantly for leading the highest market growth and dominating the handsome value of market share around the globe during the upcoming years while studying the strategies of the competitors, increasing the applications of the glufosinate, delivering the better consumer satisfaction, decreasing the associated prices, implementing the profitable strategies, employing the young work force, and underwriting the effective amount of investment includes Bayer AG, Limin Chemical Co., Ltd., Zhejiang Yongnong Chem. Ind. Co., Ltd., UPL Limited, Lier Chemical Co., Ltd., Jiangsu Seven Continents Green Chemical Co., Ltd., SinoHarvest Corporation, DuPont de Nemours, Inc., BASF SE, Nufarm limited and several others.
Foremost players are implementing the several strategies such as product launch, acquisition to stay competitive in the worldwide glufosinate market. For instance, the UPL established glufosinate based herbicide at the twelfth Brazilian Cotton Congress. This fresh product named as Turnoff herbicide which has grufosinate as an energetic ingredient. This will strengthen the product portfolio of the corporate.
However, the worldwide glufosinate market is sectored into crop type, formulation type, and region. Depending on crop type, the glufosinate market is divided into cereals & grains, oilseeds & pulses, fruits & vegetables, and several others. On the basis of formulation type, it is classified into aqueous suspension, liquid, suspension concentrate, soluble (liquid) concentrate, and numerous others. Region wise, the market is analyzed around North America, Europe, Asia-Pacific, and LAMEA.
The worldwide glufosinate market was worth at USD 544.8 million in 2018, and is predicted to reach USD 2,097.7 million by 2026, increasing at a CAGR of 19.0% from 2019 to 2026.In addition; the major factors projected to influence the requirement for glufosinate in the future are its broad weed spectrum and great efficacy. Utilization of the glufosinate is noticeably safe on crop plants when compared with the other herbicides, and it can be utilized in the combination with other herbicides, which creates it a lucrative choice for both manufacturers and farmers. Glufosinate herbicides cause toxicity in animals and flora & fauna, which is projected to restrict the growth of the market.
Nonetheless, it is projected that the North America has the greatest market share in terms of crop type. This is accredited to the existence of the production facilities and largest customer base in the region. Asia-Pacific noted the wildest increasing rate in the glufosinate market throughout the forecast period of 2019-2026. Therefore, in the near years, it is anticipated that the market of glufosinate will increase around the globe over the upcoming years more significantly.
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Ankur Gupta, Head Marketing & Communications