[URL=https://www.industryarc.com/Report/16014/glufosinate-ammonium-market.html?utm_source=briefingwire&utm_medium=pressrelease&utm_campaign=paidpressrelease]Glufosinate ammonium market[/URL] size is forecast to reach US$592.6 million by 2026, after growing at a CAGR of 9.8% during 2021-2026. Glufosinate ammonium, often known as phosphinothricin, is a widely used and very effective herbicide. Several kinds of Streptomyces soil bacteria manufacture these organic herbicides. It inhibits the function of glutamine synthetase (GS), an enzyme required for glutamine synthesis and ammonia detoxification. Bialaphos, a naturally occurring herbicide, can also be converted directly to glufosinate by plants.Key Takeaways
Asia-Pacific dominates the glufosinate ammonium market owing to the increasing crop production in the region. For instance, according to the Economic Survey of India 2020-21 report, the country's total food grain production in FY20 was 296.65 million tonnes, up 11.44 million tonnes from FY19's 285.21 million tonnes.
The necessity of farmers to protect crops from unwanted weeds, fungi, and bacteria and to get generate capital from the yield are the major factors driving the growth of the glufosinate ammonium market.
Furthermore, increasing government investments in the agriculture industry is expected to augment the product demand in near future.
However, the health concerns related to excess consumption of glufosinate ammonium and the stringent regulations imposed by health and food organizations of nations across the world are some of the inhibiting factors in the glufosinate ammonium market.
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Glufosinate Ammonium Market Segment Analysis – By Geography
Asia-Pacific region held the largest share in the glufosinate ammonium market in 2020 up to 36%. The agriculture industry is flourishing in the region, which is accelerating the demand for glufosinate ammonium in the region. For instance, according to Invest India, the production of horticulture crops in India reached a record 326.6 million metric tonnes (MMT) in 2020-21 (an increase of 5.81 million metric tonnes over FY20. The Japanese government hopes to increase agricultural exports from 922.3 billion yen (US$8.5 billion) in 2020 to 2 trillion yen (US$18.5 billion) by 2025 and 5 trillion yen (US$46.1 billion) by 2030 by expanding the financial resources available to agricultural and food producers and exporters.
Glufosinate Ammonium Market Drivers
Increasing Agricultural Initiatives by the Government
Increasing Crop Production Within the Same Area of Arable Land
Glufosinate Ammonium Market Landscape
Glufosinate ammonium market top companies include Bayer CropScience, Syngenta, Monsanto Company, BASF SE, Lier Chemical, Jiangsu Huangma, Dow AgroSciences, Hebei Veyong Biochemical Co., Ltd., Zhejiang YongNong, Jiaruimi
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