Global bioherbicides market is anticipated to witness growth due to rising awareness towards the hazardous effects associated with synthetically derived agrochemicals. Regulatory framework intended for restricting use of chemical-based agrochemicals such as herbicides is expected to drive market growth. Low cost of synthetically derived herbicides as compared to their bio-based counterparts is anticipated to restrain market growth over the forecast period. Declining crude oil prices on account of rising production output for shale gas and tight oil is anticipated to increase the availability of chemical raw materials for the production of synthetically derived herbicides. This trend is anticipated to challenge market growth for bioherbicides in the near future.
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Increasing spending on development of bio-based agrochemicals in Europe is expected to open new opportunities for bioherbicides market. Rising awareness towards crop protection chemicals in Europe is anticipated to promote market growth for bioherbicides in the near future. Rising demand for biopesticides in South Korea due to presence of R&D infrastructure coupled with growing awareness among farmers towards deploying the use of natural ingredients is anticipated to promote bioherbicides market growth. Growing agriculture sector in India and China is expected to have a positive impact on bioherbicides market. Increasing FDI inflows in agricultural sectors of African countries such as Algeria, Angola, Egypt, Ghana, Nigeria and Libya is anticipated to promote farming at domestic level, which is likely to fuel bioherbicides demand. Abundance availability of farm land for sugarcane and oil seeds in Latin American countries such as Brazil is likely to be favorable factors for bioherbicides market over the forecast period.
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Key market players include Andermatt Biocontrol, Camson Bio Technologies, Hindustan Biotech, Marrone Bio Innovations, Bioherbicides Australia (BHA), BioProdex, MycoLogic Inc., Jiangsu Dongbao Agrochemical Co., Ltd., Bayer and ISAGRO. European Commission framed Horizon Strategy 2020, intended for promoting the industrial development of naturally derived products, which is anticipated to open new market opportunities over the forecast period. Bayer CropScience announced plans to launch new corn herbicide under the brand name “DiFlexx” in August, 2014. The product is intended for use in a broad range of weather and soil conditions and likely to be available in the market by 2015. In January 2015, BioProdex Inc. developed new bioherbicide product under the brand name, SolviNix LC. The product is registered by the EPA under FIFRA Section 3.
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