The global bioherbicides market is expected to reach USD 4.14 billion
by 2024, according to a new report by Grand View Research, Inc. Growing
eco-friendly weed killer demand on account of increasing organic farming
preference over synthetic methods is expected to remain a key driving factor
for global bioherbicides market. In addition, sustainable crop cultivation
practices development is also anticipated to positively influence the market
growth. High quality and nutritional fruit & vegetable cultivation with the
help of bioherbicides are expected to significantly contribute towards industry
development.
The shift in consumer’s trend
towards nutritional and greener diet has given rise to organically produced
vegetables and food grains demand which in turn is anticipated to drive
industry growth over the forecast period. Easy availability coupled with
affordable prices of synthetic herbicides is expected to a pose challenge to
bioherbicides market. In addition, lack of awareness among farmers is also
anticipated to negatively impact the product preference for cultivation
purposes.
Full research report on Bioherbicides market: http://www.grandviewresearch.com/industry-analysis/bioherbicides-market
Fruit and vegetable sector was
the leading application segment and accounted 27.3% of total revenue in 2015.
Turf and ornament segment is anticipated to witness the highest growth of 16%
from 2016 to 2024. The product finds its application in gardening, clearing of
railway tracks, gold course maintenance which is anticipated to further
contributed expand the application base in turf and ornament sector.
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Further key findings
from the report suggest:
·
Global
bioherbicide market was valued at USD 1.12 billion in 2015 and is expected to
reach USD 4.14 billion by 2024, growing at a CAGR of 15.7% from 2016 to 2024
·
North America was
the leading regional market and accounted for 29.5% of global revenue in 2015.
Government initiatives and increasing consumer awareness regarding health and
environmental issues particularly in the U.S. are expected to drive the
regional market over the forecast period.
·
Asia Pacific is
expected to witness the highest growth of 16.1% from 2016 to 2024. Increasing
product demand in Australia is anticipated to significantly contribute to the
overall regional growth.
·
Key players
operating in the global bioherbicides industry include Bioherbicides Australia
(BHA), Hindustan Biotech, Marrone Bio Inventions, Fitz Chem Corporation, Emery
Oleochemicals, Mycologic Inc and Engage Agro USA.
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