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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