Glufosinate Market Growing at Double Digit CAGR of 18.8% to Surpass $2,097 Million

Glufosinate ammonium (glufosinate), a naturally occurring broad-spectrum contact herbicide derived from phosphinothricin, was first commercialized in Japan in 1984. The herbicide did not get as much acceptance as was expected until recently owing to wide usage of glyphosate and paraquat globally. Significant development and commercialization of genetically modified glufosinate-resistant crop pave the path for glufosinate in the agrochemical industry.

According to a new report by Allied Market Research, titled, "Glufosinate Market - Global Opportunity Analysis and Industry Forecast, 2014 - 2022", is projected to reach $2,097 million by 2022. The oilseeds & pulses application segment held about one-fourth share of the overall market in 2015.

Over the years, the number of weeds resistant to glyphosate has increased owing to its wide application on crops. As per industry experts, this shortcoming can be overcome by the use of glufosinate, which reduces weed resistance and also increases the weeding effect. Application of glufosinate herbicides on various crops is generally considered as safe. In addition, it is used in combination with other herbicides to enhance its effectiveness. New companies are entering the market owing to the benefits offered by use of glufosinate and opportunities available in the herbicide industry.

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Key Findings of Glufosinate Market
• Cereals & grains is expected to be the fastest growing segment with a CAGR of 19.4% during the analysis period.
• North America is anticipated to lead throughout 2022, growing at a CAGR of 20% from 2016 to 2022.
• Asia-Pacific is projected to be the fastest growing segment.
• In the year 2015, the soluble (liquid) concentrate was the most widely accepted formulation type and is expected to maintain its lead in the future.
• U.S. was the leading country in the globalglufosinate market in 2015, and is anticipated to maintain its dominance.

At present, U.S. leads the demand for glufosinate, followed by China, Korea, India, Brazil, and others. Rising demand for glufosinate in the U.S. and other countries resulted in short supply subsequently providing opportunity for capacity expansion and new market entrants. However, prices for glufosinate are still expected to remain high due to complexities in the manufacturing process and its limited supply in the industry.

In this industry, all the major players are expanding to meet their growing demand for glufosinate in North America and other developing regions. The major companies profiled in the report include Bayer CropScience, Lier Chemical Company Ltd., Zhejiang Yongnong Chem. Ind. Co., Ltd., Hebei Veyong Bio-chemical Co., Ltd., UPL Ltd., Jiangsu Huangma Agrochemicals Co., Ltd., Inner Mongolia Jiaruimi Fine Chemical Co., Ltd., Hebei Bestar Bio-Technology Co., Ltd., and Jiangsu Sevencontinent Green Chemical Co., Ltd.

The demand for glufosinate herbicides has witnessed tremendous growth driven by the development of genetically modified glufosinate-tolerant crops. In the last five years, significant capacity expansion has been witnessed in the industry and this trend is expected to continue in the future as well. Bayer CropScience is the largest producer of glufosinate and intends to expand its capacity to almost double by end of 2017, owing to strong demand from regions such as North America and Asia-Pacific

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