Bioherbicide Market size is growing at a higher CAGR 7.1 % during the forecast period.
Bioherbicides are bio-based weed control agents that are made from microbes and certain types of insects. They are environmentally-friendly and cost-effective compared to conventional herbicides. The insects used for producing bioherbicide include parasitic wasps and lady butterfly. While on the other hand; the type of microorganisms used includes bacteria, viruses, and fungi. Bioherbicides can last across crop cycles until all unwanted crops are weeded out.
Rising awareness regarding the advantages of advances in genetic studies, technological advancements, and government initiatives to promote the adoption of biologicals for integrated pest accelerates the market other. However, the low availability of bioherbicides restricts the growth of this market.
Chemical herbicides reduce the fertility of the soil, pollute the underground water, as well as cause adverse health effects, including birth defects, cancer, and disruption of the endocrine (hormone) system. In addition to this, government initiatives for reducing the use of chemical pesticides provide an impetus to market growth.
On May 20, 2020, Pesticide Area Network (PAN) approved the proposal of the Indian government to ban 27 pesticides including 2,4-D, acephate, atrazine, benfuracarb, butachlor, and others due to their harmful effects on human health and the environment. Apart from this, the Secretariat of Environment and Natural Resources (SEMARNAT) and Mexico’s Environment Ministry, announced that the use of glyphosate-based herbicides will be terminated in the country by 2024.
The rising number of health-conscious population, increasing environmental concerns, and support provided by the governments across the globe through subsidies and premium market environments have increased the demand for organic products. This has further provided a plethora of opportunities to farmers all over the world to produce crops with the help of organic methods. As per the 2020 Organic Industry Survey, which was released by the Organic Trade Association, in the U.S, organic food sales hit 50.1 USD billion, up by 4.6% from the previous year.
In addition to this, the sales of organic fruit and vegetables in the year 2019 were up by approximately 5%, hitting USD 18 billion. Furthermore, in India, around 1.70 million metric tons of certified organic products were produced in the year 2018, according to India Brand Equity Foundation (IBEF). Moreover, the organic food products market is also projected to benefit from the subsidies, R&D programs, and financial aids, which are conducted by different government and non-government organizations to help traditional farmers switch to organic farming.
The agricultural crop segment is anticipated to lead the bioherbicides market on account of the increasing consumption of bioherbicides for cultivation. As per the report shared by the United Nations, the Department of Economic and Social Affairs (UN DESA), the global population is expected to reach 8.5 billion in 2030 and 9.7 billion in 2050, which will increase the demand for cereals, oilseeds, and vegetables that will boost the use of bioherbicides for better crop yield.
The Organization for Economic Co-operation and Development has projected that global cereal production is predicted to expand by 13% by 2027, which will propel the growth of the bioherbicides market. In addition to this, according to Trade Map, the total value of cereals imported worldwide increased from 110.16 million in 2017 to 119.13 million in 2018. The growing demand for fruits and vegetables, along with the debouching trend of organic farming is projected to increase the demand for bioherbicides. According to the Agricultural and Processed Food Products Export Development Authority's (APED) Agri Exchange, the fruits and vegetable segment in the food processing industry accounted for 282.5 million metric tons of production in the year 2017 and 2018, which will further increase in the coming years.
Asia-Pacific holds the largest share in the bioherbicide market during the forecast period on account of the demand for bioherbicides to eliminate weeds without affecting crop health. As per the report shared by the Ministry of Commerce and Industry, India, food processing in India contributed around USD 3.92 billion to India's exports in the year 2018. It also stated that the total consumption of the food and beverage segment on a domestic level is expected to reach 1.142 trillion by 2025.
Furthermore, the rising health concerns due to sedentary lifestyles and the adoption of organic methods of farming in order to eat healthily is anticipated to boost the market growth. As per the Research Institute of Organic Agriculture, the organic area in Asia increased by 25% in 2017 and reached around 6.1 million hectares, which was accounted for 0.4% of the total agricultural area in the region. The growing agricultural practices and requirement of high-quality agricultural produce have significantly driven the demand for bioherbicides in the region.
In addition to this, the densely populated and agriculturally-dependent emerging nations like India and China and support from the government provide an impetus to the market growth. For instance, in India, the government's ParamparagatKrishiVikasYojana (PKVY), the National Project on Organic Farming (NPOF), and the National Mission of Sustainable Agriculture (NMSA) are contributing to the growth of the market.
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