The global bioherbicide market is expected to witness strong growth during the forecast period between 2021 and 2031.
Bioherbicide is a microorganism that has been deployed in different application areas in a bid to improve crop yield.
Bioherbicides are eco-friendly and so are sometimes referred to as 'naturals' and incur reduced costs than traditional products and do not have any adverse effects on human or crop health.
Some of the microorganisms used include fungi, bacteria, and viruses while some of the insects used to produce bioherbicides include parasitic warps and lady butterflies.
Rising awareness of hazardous effects of chemical pesticides is the key growth driver for global bioherbicide market.
Also, increasing consumer demand for organic fruits and vegetables is expected to fuel the bioherbicide demand and help create revenue-generating opportunities for leading players in overall market, in years to come.
Advancements in genetic engineering practices could help produce improved bioherbicides which could witness increased demand and stimulate the growth in overall market.
Government initiatives and measures, spreading awareness about the benefits of bioherbicide and offering funding to leading players for research and development activities could help propel bioherbicide market, in future.
Agricultural crops segment is expected to emerge as largest contributor, in terms of revenue, to overall market because of increasing bioherbicide demand to help achieve improved crop yield in prominent countries worldwide.
Foliar application segment is anticipated to emerge as largest contributor, in terms of revenue, to overall bioherbicide market owing to increasing adoption of foliar techniques to apply bioherbicides directly on the leave.
The global bioherbicide market is extremely competitive, with the presence of several prominent players. Many of these players are expected to account for a large share in overall market, in the coming years.
Launch of new bioherbicides could help prominent players create revenue-generating opportunities and gain a competitive edge over other players.
Marrone Bio Innovations Inc., in April 2020, announced the launch of bio-based plant health product called Pacesetter, which has proven beneficial in improving plant health and vigor.
Research and development activities could be key, revenue-generating growth strategy for leading bioherbicide market players, in years to come.
Other strategies such as collaborative agreements with smaller players could assist well-established bioherbicide market players in expanding their market presence and increasing their revenue shares.
Some of the leading players in global market include Emery Oleochemicals, Deer Creek Holdings, Marron Bio Innovations Inc., Verdesian Life Sciences LLC, Hindustan Bio-tech, and Special Biochem Pvt. Ltd.
The global bioherbicide market is classified into five regions, namely, North America, Europe, Asia Pacific, Latin America, and Middle East and Africa.
North America is expected to emerge as the leader in global bioherbicide market because of increasing adoption of organic farming methods and presence of numerous prominent players in countries such as the U.S and Canada.
Asia Pacific is anticipated to witness significant growth in global bioherbicide market owing to increasing environmental concerns among customers residing in countries such as India and China.
Leading market players could establish research and development centers in Asia Pacific countries in future owing to ease of availability of key resources such as land and labor.
Europe is projected to witness strong growth in overall market in future due to increasing demand for bioherbicide for agricultural activities in countries such as the U.K. and Germany.
Other regions of the world such as Latin America and Middle East and Africa are projected to witness moderate growth in global market, in years to come, due to reduced presence of prominent players in countries belonging to both the regions.