The global bioherbicides market was estimated to be worth USD 1.74 billion in 2017 and is expected to register a CAGR of 14.5% during the forecast period (2018 – 2023). The factors driving the market include a high demand for environment-friendly herbicides, low R&D costs, and the adoption of organic farming practices.
The awareness about bioherbicide is on the rise among the consumers as an increasing number of people are becoming aware of the hazardous effects of synthetic chemicals on the ecosystem. Also, the evolution of stringent regulatory norms against the use of synthetic chemicals and the phasing out of certain active ingredients, such as glyphosate, in many countries are further accelerating the market for bioherbicides.
The expanding usage of bioherbicides in the industries of leisure and crop control chemicals is generating new opportunities for market growth. Bioherbicides are now finding applications in the treatment of golf courses as well as treatment of other types of grass. Phytophthora plamivora help in controlling milkweed units in citrus orchards, while alternaria eichhorniae are used to control the growth of water hyacinth.
In 2015, North America was the largest consumer of bioherbicides, accounting for almost 30% of the global market. The growing awareness among farmers about organic farming and the environment safety concerns in the region are some of the significant factors driving the market. Initiatives taken by the regional governments towards health and environment safety are likely to play an important role in driving the market in the US and Canada.
Major Players: Agrauxine SA, Koppert Biological Systems, Bayer Crop Science, BASF, Marrone Bio Innovations, and Valent Biosciences, among others.
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