Market Research Future (MRFR)’s latest analysis projects that the global biopesticides market is expected to witness significant growth during the forecast period 2017 to 2023. The advantages of biopesticides over synthetic pesticides have expedited the momentum of market expansion. The market is anticipated to exhibit a similar trend over 2023.
The thriving agriculture sector coupled with increasing usage of biopesticides for farming are expected to drive the growth of the market. Additionally, the rising demand for organic food, especially from the developed nations, is set to have a favorable influence on the proliferation of the global biopesticides market over the assessment period.
Biopesticides have gained popularity as an effective measure against microbial infections that destroy crops. This, in turn, has accelerated the revenue creation for the market participants by increasing the demand. Furthermore, the initiatives undertaken by the governments across the world for promoting the use of biopesticides is forecasted to catapult the market on an upward trajectory. However, the availability of cheap synthetic pesticides remains an impediment to the biopesticide market expansion.
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Some of the key players profiled in this report are Bayer Crop Science AG (Germany), BASF SE (Germany), Monsanto Company (U.S.), DuPont (U.S.), Syngenta (Switzerland), Certis USA LLC (U.S.), and Novozymes Biologicals (Denmark).
In October 2018, Certis USA, a biopesticide company, was named a member of the year by Biological Products Industry Alliance (BPIA).
In October 2018, Bee Vectoring Technology (BVT), Canadian ag-tech start-up, has developed bee vectored biopesticides as a commercial alternative to pesticide spraying.
In October 2018, Certis USA, a biopesticide company, has completed the construction of its new azadirachtin formulation and packaging facility in Wasco, California for meeting the growing demand for neem-based biopesticides.
By type, The Global Biopesticides Market has been segmented into bioherbicide, bioinsecticide, bio fungicide, and others. Among these, the bioinsecticide segment is likely to register a relatively higher CAGR during the forecast period owing to its convenient usage and easy application.
By form, the biopesticides market is segmented into dry, liquid, and others. The liquid segment has gained higher popularity due to higher shelf life and is estimated to gain traction over the next few years.
By application, the global biopesticides market has been segmented into foliar spray, seed treatment, soil treatment, and others. The foliar spray segment is currently dominating the market and is set to expand substantially over the assessment period.
By crop, the biopesticides market has been segmented into cereals & grains, fruits & vegetables, oilseeds, and others. Among these, the cereals & grains segment holds the maximum share of the global market and is likely to retain a significant share of the market towards the end of the projection period. However, the fruits & vegetables segment is expected to a steep rise in the market growth through the review period.
The global biopesticides market, by region, has been segmented into North America, Europe, Asia Pacific, and the Rest of the World. The rising consumption of organic food in the region is expected to drive the growth of the biopesticide market in the region. The U.S. is projected to emerge as one of the most significant country-level markets of the region.
Europe is another important growth pocket of the global biopesticide market. The factors favoring the expansion of the biopesticides market in the region include rising food safety & quality standards, and the adoption of advanced agricultural techniques among others.
Asia Pacific is set to register a relatively higher CAGR during the assessment period. The fast-developing economies such as India and China are the most significant country-level markets of the regional biopesticides market. Meanwhile, South America is projected to dominate the biopesticide market in the Rest of the World.
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