Liquid biopesticides market will witness growth over 6.2% due to its relatively increased shelf life. Water-based formulations consist inert ingredients including stabilizers, surfactants, stickers, coloring agents, anti-freeze compounds, and additional nutrients.
Bioinsecticides will witness CAGR over 6% up to 2024. Rising pests and insects attack levels due to continuous climatic changes coupled with increasing demand for organic pest control are the key driving factors of the industry growth.
Fruits & vegetables accounted for over 70% of the industry share in 2016. Rising awareness regarding nutritional values of food and healthy diet will support the product penetration in this segment. Increasing demand for organic fruits & vegetables will drive the product demand in this segment.
Biopesticides market size from microbial sources was valued more than USD 1 billion in 2016. Microbial products are widely used in habitats, where chemical pesticides are prohibited including stream or lake borders, recreational areas and schools.
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Various regulatory organizations across the globe have kickstarted research and development programs with an aim to develop advanced technology. Denmark, for instance, has commenced the Green Growth policy, which provides financial support to the developers to invent new plant protection items. Numerous EU countries have been launching such national programs to promote consumption of bio-products. On these grounds, Europe biopesticides market will collect substantial revenue with an annual growth of more than 6.2% over the coming seven years. France and Germany will contribute noticeably toward the regional biopesticides market growth.
A paradigm shift has been observed in consumer focus toward the consumption of organic food, since the last decade. North America, in particular, has witnessed a significant demand for organic food. North America biopesticides industry covered more than 35% of the regional share in 2016 and will generate considerable revenue by the end of 2024. Deployment of strict food safety rules and regulations across this region will propel the industry growth.
The deployment of soil aggregates has risen considerably over time, and has been primarily responsible for Biopesticides Market expansion. The use of the bio pesticides has increased significantly owing to the growing requirement to improve soil fertility. In addition, improving crop production has also become a mandate, pertaining to the ever-growing population and the subsequent requirement for food. This is undoubtedly, one of the most essential drivers fueling biopesticides industry share.
U.S. biopesticides market generated over USD 550 million in 2016. Shifting preference towards organic food along with rising consumer awareness about health and environment will drive the demand. Germany market will witness growth over 6% up to 2024. Government as well as institutional initiatives and promotions for product usage will positively influence the product demand in this region.
ADAMA, Dow, BASF, Syngenta, Bioworkers, Bayer, DuPont, Nufarm, Koppert, Futureco Bioscience and Valent BioSciences are major industry players.
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Industry giants are investing intensively in R&D activities to modify the farming techniques, which will favorably stimulate biopesticides industry share. BioWorks Inc., Syngenta, BASF, Bayer, DuPont, Stoller, Koppert, ADAMA Agricultural Solutions, Valent BioSciences Corporation, Dow, Futureco Bioscience, and Nufarm Limited are few of the key participants in biopesticides market.
The changing consumer preferences toward organic food pertaining to its health benefits have pressurized the wholesale and retail sectors to provide pesticide-free fruits and vegetables. As per reliable studies, organic food & beverage market is slated to collect a revenue of more than USD 300 million by 2024. Speaking of health benefits, fruits and vegetables dominated the overall biopesticides market in 2016 by accounting more than 70% of the revenue contribution. Escalating concerns among the consumers about benefits of pesticide-free products along with growing awareness about nutritional importance of food and healthy diet will enhance industry growth.
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