Glufosinate market is set to attain substantial traction from 2021 to 2027 on account of the rapidly growing agrochemical sector and the surging need to protect crops from diseases. The rising technological advancements in the agriculture sector have led to the emergence of genetically modified crops. In addition, the mount in the number of farmlands will drive the market expansion.
Glufosinate is mainly a safe to use herbicide, which helps to control the growth of important weeds and is applied to immature plants at their early development stage to retrieve better results. Excessive demand for horticulture will additionally contribute to shaping the glufosinate market growth curve.
Based on form, the liquid glufosinate is pegged to observe notable gains through 2027 owing to the increasing need for low-temperature stability in various industrial and non-industrial verticals. Liquid glufosinate is easy to use and is increasingly employed in agricultural areas for weed control whilst having a minimal direct effect on animals. The growing popularity of agrochemicals and the higher need for product safety will bolster the glufosinate market proliferation.
In terms of application, the agricultural sector is anticipated to grow exponentially. The agricultural segment includes oilseeds & pulses, grains & cereals, plantation crops, fruits & vegetables, and pastures. Among these, the demand for glufosinate in grains & cereals will reach a substantial revenue owing to the influx of C5H12NO4P tolerant crops. The rising consumption and the presence of greater yield in most APAC countries will positively contribute to the application outlook of the market.
With regards to region, the North America will gain notable proceeds on account of the alleviating popularity of bio-based agro solutions and the higher yield of glufosinate-tolerance crops. This has led to the rise in the number of research activities and programs in the region. For instance, a research carried out in Mississippi County in February 2021, showed that the palmer amaranth seed was resistant to glufosinate. Furthermore, the presence of a large number of production facilities and industry players are other ideal factors supporting the growth of the regional glufosinate market.
The glufosinate industry amalgamates the presence of leading industry participants, including Zhejiang Yongnong Chemical, Jiangsu Sevencontinent Green Chemical, Veyong, the DOW Chemical (Dow Inc.), Du Pont, United Phosphorus, Syngenta (ChemChina), Jiangsu Huangma Agrochemicals, and Nufarm.
These major s manufacturer, to acquire a majority stake in the company’s synthesis business and formulation facilities.
Impact of COVID-19 outbreak on the glufosinate market forecast
The current COVID-19 pandemic hindered the business operations of numerous industries and drew tremendous challenges to the global economy. The demand for glufosinate also experienced some stagnation on account of the disrupted food market and irregular store visits chains which pushed consumers to change their consumption patterns. However, the relevant progressions and investments in the agriculture sector as well as the surging need for crop protection in the present day will favor the market growth in the post-pandemic era.