Glufosinate Ammonium Market to Witness an Outstanding Growth by 2030

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Glufosinate Ammonium Market: Highlights

• Glufosinate ammonium is a highly effective herbicide used to control weeds in more than 100 crops in many countries across the globe. Farmers rely on glufosinate ammonium, as it ensures a high degree of crop safety; it only affects the parts of the plant where it is applied. It is effective against a broad range of weeds, thus eliminating the need to apply several herbicides to control different weeds on a given crop. Its unique mode of action makes it ideal for usage in rotation with other herbicides to mitigate weed resistance.
• Glufosinate ammonium plays a vital role in weed resistance management, helping improve crop health, agricultural yield, and global food security when used as part of an Integrated Weed Management (IWM) program
• Unlike products with a root systemic mode of action, the herbicide can treat new branches emerging from the roots of a tree (suckers) selectively without harming the mother tree or vine. It also controls weeds at the same time. Thus, it as an essential herbicides for crops such as vines, tree nuts, stone fruit, or olives.

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Key Drivers of Glufosinate Ammonium Market

• Growth in usage of herbicides in the agriculture industry is expected to drive the demand for glufosinate ammonium during the forecast period. Fungal infection is one of the major concerns for farmers. It adversely affects the quality and productivity of the produce. Fungal infections are one of the leading causes of crop loss. Such fungal diseases of vegetable plants are especially unfavorable for vegetable gardeners and farmers. Hence, vegetable gardeners and farmers use fungicide treatments, which are essential and more efficient in preventing the spread of fungal infections.
• Glufosinate ammonium is frequently used as a fungicide for cereal crops, vegetables, and fruits. Thus, increase in usage of glufosinate ammonium as fungicide for agricultural applications is likely to boost the market during the forecast period.

Glufosinate Ammonium Market: Application Segment

• Based on application, the global glufosinate ammonium market can be segmented into herbicides, fungicides, desiccant, defoliant, and others
• The herbicides segment is projected to account for significant share of the global glufosinate ammonium market during the forecast period. Global initiatives to improve agricultural productivity and growth in awareness about herbicide are estimated to positively impact the glufosinate ammonium market during the forecast period.
• Expanding at a healthy growth rate, fungicides, desiccant, and defoliant segments are expected to create significant incremental opportunities during the forecast period
• In terms of demand, the others segment is anticipated to expand at a moderate to high pace in the near future.

Glufosinate Ammonium Market: Covid-19 Impact

• The COVID-19 pandemic has had a negative impact on the global economy. It has adversely affected various industrial sectors by hampering the supply chain. Purchase and consumption behavior have changed significantly across various sectors with months of consumer lockdown and closure of international supply chains and retail businesses. This has adversely impacted the global glufosinate ammonium market.
• The combination of extended lockdowns in developed market economies and domestic social distancing has deepened the adverse impact on emerging market economies. The agricultural industry has also been impacted by the extended lockdown. Import/export of major fertilizers has impacted the agricultural industry to some extent, thus affecting the global glufosinate ammonium market.

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Asia Pacific to be Key Region of Global Glufosinate Ammonium Market

• In terms of region, the global glufosinate ammonium market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. In North America, the U.S. aims to promote investments in its end-use industries. This is estimated to boost the glufosinate ammonium market in the country.
• In terms of demand, Asia Pacific held major share of the market in 2019, followed by North America and Europe. Asia Pacific is a highly promising region of the global market. This trend is expected to continue in the next few years due to the large consumption of glufosinate ammonium in the agrochemical industry, particularly in China and India.
• North America and Europe also accounted for vital share of the global glufosinate ammonium market in 2019
• The market in Latin America and Middle East & Africa is estimated to expand at a moderate pace during the forecast period. End-use industries in Mexico have been expanding steadily. The market in the UAE also exhibits significant growth. This is projected to drive the demand for glufosinate ammonium in Latin America and Middle East & Africa during the forecast period.