According to Precision Business Insights, the Bioherbicides Market research report provides industry size and growth.
The Bioherbicides Market size was valued at USD 1,251.7 million in 2022 and is expected to grow at a CAGR of 13.8% from 2023-2029. The report analyses the market value forecast and provides the strategic insights into the market driving factors, challenges that are hindering the market revenue growth over forecast period. Herbicide is a pesticide which is used to kill the unwanted plants. Bioherbicides are derived from microbes to prevent the growth of unnecessary plants of weed during the yield of crop. Bioherbicides are majorly derived from fungi, protozoa, bacteria, and phytotoxic extracts of plants. Bioherbicides have several advantages compared with synthetic herbicides. Bioherbicides do not cause any harm to farmers during handling process. In addition, crops harvested by using bioherbicides are safe for consumption. Increase in demand for organic products, need for higher product yield and quality with reduced chemical hazards, government initiations for the eco-friendly farming practices, and increase in awareness among the farmers about the bioherbicides are anticipated to propel the bioherbicides market. In addition, advantages over the synthetic herbicides, low R&D costs, and easier residue management are expected to boost the bioherbicides market research report. However, risk of secreted toxic metabolites by microbes, high cost of the bioherbicides, and lesser availability of products are expected to hinder the growth of bioherbicides market. The global bioherbicides market type is categorized into following-
Source
Mode of application
Formulation
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And lastly, on the basis of geographical regions, the global Bioherbicides market has five major regions- North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America bioherbicides market research report growing at significant rate due to increase in awareness about organic farming, rise in adoption towards eco-friendly farming techniques, increase in the demand for healthy food products, and rise in government support for bioherbicides usage. Europe bioherbicides market research report accounted for significant share due to increase in the usage of bio-herbicides, high-quality fruits and vegetable cultivation, and rise in R&D activities for innovation of newer bioherbicides in the Europe bioherbicides market. Moreover, Asia Pacific bioherbicides market exhibiting significant growth, which is attributed to increase in population depending on the farming majorly in India and China, rise in adoption of organic farming practices, and increase in the demand for high quality and quantity yields are expected to propel growth of the market. Some of the key players in bioherbicides market are Deer Creek Holdings (U.S.), Emery Oleochemicals (Malaysia), Marrone Bio Innovations Inc. (U.S.), Verdesian Life Sciences, LLC (U.S.), EcoPesticides International, Inc. (U.S.), Innovative Biologicals (Canada), MycoLogic Inc. (U.S.), Bioherbicides Australia Pty Ltd. (Australia), and Hindustan Bio-tech (India) to name a few. Some of the notable market developments in Bioherbicides market report include Premier Tech had partnered with agriculture and Agri-Food Canada in 2017, for the development and commercialization of bioherbicide formulated from an indigenous fungus (Phoma macrostoma). Global Bioherbicides market report is growing at a significant rate owing to increase in the awareness about the benefits of bioherbicides over the synthetic herbicides among farming comunity. Increase in the R&D activities by small and big firms for the innovation of newer bioherbicides propels the bioherbicides market research report. Diversification of business segments by registration of bioherbicides in the various markets is a key opportunity for the market players. In addition, government support for the smaller companies for the synthesis of bioherbicides might upsurge the revenue growth of the market. Moreover, acquisitions and mergers, collaborations, patent fillings and product launchings are the strategies followed by companies for dominating the global bioherbicides market report.