Substitute to glyphosate and paraquat and development of genetically modified glufosinate-tolerant crops drive the growth of the global glufosinate market
PORTLAND, Oregon, Dec. 10, 2019 /PRNewswire/ -- Allied Market Research recently published a report, titled, "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". According to the report, the global glufosinate industry was pegged at $544.8 billion in 2018 and is projected to reach $2.09 billion by 2026, registering a CAGR of 19.0% from 2019 to 2026.
Prime determinants for growing market
Substitute to glyphosate and paraquat and development of genetically modified glufosinate-tolerant crops have boosted the growth of the global glufosinate market. However, the toxicity in flora & fauna hampers the market growth. On the contrary, rising demand from both developed and emerging economies is expected to create lucrative opportunities in the near future.
The oilseed & pulses segment held the largest share in 2018, contributing to around one-fourth of the global glufosinate market. There is significant rise in the commercialization of this type of crop as they are treated as cash-generating crops, which has boosted the growth of the market. However, the cereals & grains segment is expected to register the fastest CAGR of 19.2% during the forecast period, owing to rising commercialization in the genetically modified cereals & grains.
Aqueous suspension segment to manifest the fastest CAGR by 2026
The aqueous suspension segment is projected to register the fastest CAGR of 20.7% during the forecast period, as the aqueous suspension has advantages such as low cost, easy to manufacture, compatible with HDPE packaging. However, the soluble (liquid) concentrate segment held the largest share in 2018, contributing more than half of the global glufosinate market, owing to advantages such as dust absence, easy usage, and its effectiveness.
North America held the largest share
The global glufosinate market across North America held the largest share in 2018, accounting for more than two-fifths of the market, owing to a strong presence of genetically modified glufosinate tolerant crops and the advantages that these glufosinate herbicides have over its predecessors coupled with huge consumer base and the presence of key players in the region. However, the market across the Asia-Pacific region is projected to register the fastest CAGR of 20.3% during the forecast period, owing to rising end users in developing countries such as China, and India.
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