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According to the latest report by IMARC Group, titled “Bioherbicides Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, the global bioherbicides market reached a value of US$ 2.09 Billion in 2021. 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 painted 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.
Market Trends:
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 is expected to reach US$ 4.35 Billion by 2027, expanding at a CAGR of 13.2% during 2022-2027.
Market Summary:
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