Accounting for more than 35% of the global industry share, North America biopesticides market is set to witness profitable growth prospects over the coming seven years. Strict norms and regulations toward food safety and higher demand for organic food has contributed to the regional market expansion. U.S. is one of the leading countries involved in fortifying the regional biopesticides industry share, having generated a revenue of USD 550 million in 2016.
Europe biopesticides market will witness gains over 6.2% up to 2024. Shifting preference for healthy and nutritious food, stringent regulations on the chemical pesticides along with government promotions for farmer education will support the regional demand.
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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. The hazardous effects of chemical pesticides on soil quality and productivity have also become known to consumers of late, which is another factor that is likely to impact global biopesticides industry trends noticeably. Given the widespread product usage across myriad applications, it is no surprise that worldwide biopesticides market has been forecast to surpass a revenue generation of USD 2.5 billion by 2024, having held an initial valuation of USD 1.8 billion in 2016.
Most of the regional governments have been favoring the use of bio-pesticides by implementing supportive regulatory norms to promote sustainable agriculture. Pertaining to favorable government support, farmers have been using bioherbicides in agriculture, which has a long-lasting impact on soil. On that note, biopesticides market size from bioherbicides collected a revenue of USD 100 million in 2016 and will exhibit notable annual growth rate over the years ahead.
Another disadvantage of chemical pesticides, that may, in all likelihood foster the growth of biopesticides market, is the fact that the excessive use of chemical pesticides has led to the depletion of arable land. To control the usage of chemical pest controlling devices and enhance soil productivity, the farming sector is treading toward the usage of bio pesticides.
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Biochemicals are naturally produced pesticides, which are mainly categorized into insect growth regulators, plant growth regulators, minerals, pheromones, organic acid, and plant extracts. Farmers are extensively using biochemicals to improve the consistency factor in crop production, enhance fruit quality, and overcome genetic limitations. On these grounds, it is predicted that biopesticides industry from biochemicals will generate a remarkable valuation by 2024.
Of late, smart farming techniques are gaining popularity among the farmers. The emergence of IoT will also favor expansion of smart farming across the globe, since it offers various benefits such as accurate farm and field evaluation, increased production, water conservation, low operation cost, and remote monitoring capability. The popular foliar spray is one of the inventions of smart farming technology. Foliar spray dominated the overall biopesticides market by covering more than 75% of the business share in 2016 and is slated to record notable CAGR of the coming timeframe.
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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The biopesticides industry is still in the development stage. With regards to the same, launching a range of innovative products has become the key growth strategy adopted by industry giants to improve their business position. One of the key challenges of biopesticides market is for small producers to convince farmers for switching over from recognized synthetic pesticides to biopesticides. Nonetheless, with the numerous awareness programs conducted by regulatory bodies, this restraint is likely to be swamped over time.
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