Bioherbicides market size to reach $4.14 billion by 2024

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 the 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 a 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.

The fruit and vegetable sector was the leading application segment and accounted for 27.3% of total revenue in 2015. The turf and ornament segment is anticipated to witness the highest growth: 16% from 2016 to 2024. The product finds its application in gardening, clearing of railway tracks, golf course maintenance which is anticipated to further contribute to expanding the application base in the turf and ornament sector.

Access the report here.