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.
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 study 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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About
Grand View Research:
Grand View Research, Inc. is a U.S.
based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, we offer market intelligence studies
ensuring relevant and fact-based research across a range of industries, from
technology to chemicals, materials and healthcare.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415-349-0058
Toll Free: 1-888-202-9519
Email:
sales@grandviewresearch.com
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