According to the latest report by IMARC Group, titled “Bioherbicides Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global bioherbicides market reached a value of US$ 1,428.1 Million in 2018. Bioherbicides are a kind of pesticides which are used for preventing the growth of unwanted weeds or plants that consume water, sunlight and nutrients meant for crops and inhibit their growth. These herbicides comprise microorganisms such as fungi, bacteria and viruses as well as certain insects like lady butterfly and parasitic wasps. Additionally, they can last long enough in the soil to be effective in the succeeding growing season. Since they do not pose a risk to the crop or human health, they are being increasingly preferred by farmers over conventional herbicides.
The growing awareness about the health risks posed by the use of synthetic herbicides is the key factor driving the market growth. The chemicals present in the synthetic variants harm the crops which, if consumed, affect human health. Consumption of food produced from crops grown using synthetic herbicides is considered to escalate the risk of serious health issues such as cancer. Moreover, shifting preference of the majority of the population toward a nutritional diet is impelling the demand for organic produces, which is encouraging the practice of organic farming across the globe. Also, bio-based herbicides are a cost-effective and eco-friendly option as compared to the conventionally used herbicides, which further contributes to their demand. Apart from this, governments of several countries are encouraging the use of these herbicides which is creating a positive outlook for the market. For instance, the Government of India is providing capital investment subsidy for commercial production units manufacturing organic and bio-fertilizers under the National Project on Organic Production scheme. Additionally, advances in genetic engineering have contributed to the development of highly effective bioherbicides, thus further catalyzing the market growth. On account of the aforementioned factors, the global bioherbicides market size is expected to reach US$ 2,895.2 Million by 2024, expanding at a CAGR of 12.5% during 2019-2024.
- On the basis of the crop type, the market has been bifurcated into agricultural crops and non-agricultural crops. Amongst these, agricultural crops represent the most preferred product type.
- Based on the source, the market has been divided into microbial, biochemical and others. The microbial segment currently holds the dominant market share.
- On the basis of the mode of application, bioherbicides are mostly used for seed treatment. Other major application segments include soil application, foliar and post-harvest.
- Based on the mode of action (MOA), MOA involving photosynthesis holds the dominant market share, followed by MOA targeting enzymes and others.
- On the basis of the formulation, the market has been classified into granular, liquid and others. Currently, granular formulation exhibits a clear dominance in the market.
- On the geographical front, the market has been segregated into Asia Pacific, North America, Europe, Middle East and Africa, and Latin America. At present, Asia Pacific holds the leading position in the market.
- The competitive landscape of the market has also been analyzed in the report with some of the major players being Marrone Bio Innovations Inc., Emery Oleochemicals, Deer Creek Holdings, Verdesian Life Sciences, Certified Organics Australia PTY Ltd, Ecopesticides International, Inc., Special Biochem Pvt. Ltd, MycoLogic, Hindustan Bio-Tech, Bioherbicides Australia PTY Ltd. and Engage Agro USA.
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