(MENAFN- GlobeNewsWire - Nasdaq) New York, Aug. 04, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Glufosinate Global Market Report 2023" -
, Limin Chemical Co Ltd., Lier Chemical Company Ltd., SinoHarvest, BASF SE, The Monsanto Company, Jiangsu Seven Continents Green Chemical Co Ltd., Inner Mongolia Jiaruimi Fine Chemical Co Ltd., and Simonis BV.
The global glufosinate market is expected to grow from $2.09 billion in 2022 to $2.31 billion in 2023 at a compound annual growth rate (CAGR) of 10.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The glufosinate market is expected to reach $3.27 billion in 2027 at a CAGR of 6.8%.
The glufosinate market consists of sales of L-glufosinate ammonium (active) and D-glufosinate ammonium (inactive).Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Glufosinate is a broad-spectrum herbicide that has caused glyphosate to exert huge selection pressure on weed populations. It is a nonselective foliar herbicide used for broadcast burndown applications of canola, corn, sweet corn, soybeans, and sugar beet before planting or before emergence.
North America was the largest region in the gulfosinate market in 2022. The regions covered in glufosinat report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main glufosinate market crop types are genetically modified crops, and conventional crops.GM crops are plants that have been genetically engineered to change their DNA sequences to give a desirable attribute.
The various formulations are aqueous suspension, liquid, suspension concentrate, soluble (liquid) concentrate, and others applied in non-agricultural, agricultural, oilseeds and pulses, grains and cereals, fruits and vegetables, and others.
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, Canada planted approximately 10.9 million hectares of genetically engineered (GE) crops in 2020, mainly canola, soybeans, corn, sugar beets, and some alfalfa. Soybean HT acreage expanded significantly to 95% in 2021 and 2022. By 2022, HT seeds will have been planted on nearly 90% of domestic maize acres. Furthermore, domestic Bt maize acreage increased from about 8% in 1997 to 19% in 2000, rising to 84 percent in 2022. Therefore, the demand for genetically modified crops is driving the growth of the glufosinate market.
Technological advancements are a key trend gaining popularity in the glufosinate market.Companies operating in the glufosinate market are adopting new technologies to sustain their position in the market.
For instance, in August 2020, UPL Australia Pty Ltd., an Australia-based provider of sustainable agriculture products, launched Fascinate DRY Herbicide new high-strength glufosinate herbicide. It is uniquely designed with surfactant technology that provides broad-spectrum weed control of grasses, broadleaf weeds, and vines. It is a high-load and non-selective post-emergent herbicide that has good solubility without separating or depositing sediment, which makes it easy to use in the paddock.
In September 2020, BASF SE, a European-based chemical company, acquired Glu-L technology for L-glufosinate ammonium from AgriMetis for an undisclosed amount.This acquisition broadens, diversifies, and enriches BASF's portfolio by providing farmers with a more efficient solution and enhanced formulation for weed control.
AgriMetis LLC is a US-based company that produces crop protection products in the glufosinate market.
The countries covered in the glufosinate market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The glufosinate market research report is one of a series of new reports that provides glufosinate market statistics, including glufosinate industry global market size, regional shares, competitors with a glufosinate market share, detailed glufosinate market segments, market trends and opportunities, and any further data you may need to thrive in the glufosinate industry. This glufosinate market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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