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Biopesticides Market to Witness Unprecedented Growth in Coming Years

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Biopesticides Market to Witness Unprecedented Growth in Coming Years

June 01
17:52 2020
Biopesticides Market to Witness Unprecedented Growth in Coming Years

MarketsandMarkets™
The biopesticides market is projected to reach USD 6.4 billion by 2023, at a CAGR of 15.99% during the forecast period.

The report Biopesticides Market by Type (Bioinsecticides, Biofungicides, and Bionematicides), Source (Microbials, Plant Extracts, and Beneficial Insects), Mode of Application, Formulation, Crop Application, and Region -Global Forecast to 2023″, The biopesticides market is projected to reach USD 6.4 billion by 2023, at a CAGR of 15.99% during the forecast period. The market is driven by factors such as increased pest resistance, bans on synthetic pesticides, and advancements in integrated pest management solutions.

Biopesticides are types of pesticides derived from natural substances, such as plant extracts, microbials, and beneficial insects. The market has been evolving for decades, and with the growing demand for high yield and efficient crop protection inputs, technological advancements have been booming in the market. Traditionally, synthetic chemicals, such as pyrethroids and glyphosates, were applied for protection against pests. However, the rising concerns regarding the harmful effects of chemical pesticides on the environment encouraged national government across all regions to lay specific standards on chemical introduction, and as an alternative, emerged the significance of biopesticides such as bioinsecticides and bio fungicides.

Biopesticides Market

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Driver: Lower raw material costs and efficient regulatory approvals

The compounds most commonly used for preparing biopesticides are naturally sourced. This reduces the chances of strict regulatory control. The raw materials for biopesticide formulation are also easily available at low costs or can be developed through in-house operations.

Biopesticide products enhance the overall quality of the crop through effective and efficient crop pest management, thereby enabling farmers to demand higher prices for their produce. Farmers belonging to this economic stratum cannot afford expensive chemical pesticides. Thus, many such countries in the region are experiencing increasing demand for cheaper sources of pest control such as biopesticides.

Furthermore, obtaining regulatory approval for biopesticide products is easier and faster owing to their sustainable environmental benefits. Various organizations are actively involved in regulating the global biopesticides market. For instance, the Environment Protection Agency (EPA) is engaged in the evaluation and approval of safer and effective pesticides and provides a transparent decision-making process. This allows easy market entry to new players, which is driving the global market.

Opportunity: Rapid growth in bio-control seed treatment solutions

In the face of the growing environmental concerns, pollution potential, and health hazards from many conventional agrochemicals, the demand for natural biopesticides has been rising steadily in all parts of the world. Biocontrol seed treatments are growing in popularity owing to their lower or no toxicity and favorable effect on yield. They provide much more targeted activity and improve the efficiency & nutrient uptake of crops. Biocontrol seed treatments have certain advantages over chemical seed treatments; for instance, biocontrol seed treatments leave no harmful residue and allows safe re-entry into the fields for the farmers immediately after application. Various market players are exploring opportunities in seed treatment within crop production by developing various biopesticide products to suit various crops in different regions.

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The North American region dominated the global biopesticides market in 2018.

The biopesticides market in North America is projected to witness significant growth during the forecast period due to the prospect of organic farming, availability of water & land, entrepreneurial farmers, and efficient infrastructure. North America was the largest consumer of biopesticides and is a key exporter of agricultural products. The region is mainly dominated by large-scale operations, primarily exports, with an organized distribution chain.

This report includes a study of the development strategies, along with the product portfolios of leading companies. It also includes the profiles of leading companies such as Bayer CropScience (Germany), Syngenta (Switzerland), BASF (Germany), Marrone Bio Innovations (US), Isagro (Italy), Valent BioSciences Corporation (US), Certis (US), Koppert (Netherlands), Bioworks (US), Stockton Group (Israel), FMC Corporation (US), and UPL (India).

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