Biopesticides Market Overview:
The global biopesticides market is set to grow at an impressive rate during the forecast period (2017-2023), reports Market Research Future (MRFR). Biopesticides are biological pesticides derived from natural materials such as plants, animals, and bacteria. As there is no foreseeable end to the accelerated demand for food due to ever-growing population, biopesticides act as the ideal solution as the practice that aids the fertility and yield of decreasing arable land.
Drivers and Restraints
Numerous advantages of biopesticides prove to be beneficial for the market growth
Several advantages of biopesticides that are expected to fuel the growth of global biopesticides market during the appraisal period include reduced environmental damage, necessity for smaller amounts for effective coverage, and quicker decomposition. In addition, the popularity of biopesticides has increased remarkably in recent years owing to extensive research that has enhanced their effectiveness. Furthermore, the techniques for the mass production, storage, transport, and application of biopesticides have improved and are predicted to offer lucrative opportunities in coming years.
Increasing government initiatives bodes well with the global market growth.
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There is a continuous surge in government efforts in a number of developed nations to make the crop protection more sustainable. These efforts are ably supported by initiatives to discourage the injudicious use of chemical pesticides that cause adverse effect on human health and the ecology.
Lack of awareness in emerging economies holding back the development of global market
There are few nations that are under-developed to some extent and are largely unaware of the benefits of biopesticides. This lack of awareness could potentially impede the market growth in coming years. On the other hand, a number of established companies are constantly focusing on sales and promotion of their products in various regions. High investments for solidifying the market position is one of the most favorable strategies adopted by these vendors. For instance, in August 2018, Bionema Ltd announced the completion of a USD 56 million equity investment, which will be used to develop organic pesticides to reduce the use of chemical pesticide for crop pest control.
Key Players Analysis:
Monsanto Company (U.S.), Syngenta (Switzerland), Bayer Crop Science AG (Germany), DuPont (U.S.), BASF SE (Germany), Novozymes Biologicals (Denmark), Certis USA LLC (U.S.) are some of the key players contributing to the market growth.
Latest Industry News:
July 2018 – Vestaron Corporation has made available its Spear-T bioinsecticide for greenhouse growers, after the final EPA approval of its manufacturing process for a liquid formulation. Spear-T is an insect control solution, which provides the efficacy of synthetic chemistry with the safety benefits of biological. It is designed to be non-toxic to mammals, birds, fish, honeybees, and other insects. It is also used with regular fogging/spraying equipment.
The Biopesticides Market is segmented based on type, form, application and crop.
The types of biopesticides are bioherbicide, bioinsecticide, bio fungicide, and others. Among these, bioinsecticide has been observed to be growing at the fastest rate on account of its convenience to use and easy application.
Form-wise, the biopesticides market is segmented on the basis of dry, liquid, and others. The liquid formulation segment is steadily gaining higher popularity due to its increased shelf life as compared to other forms.
By application, the biopesticides market is segmented into foliar spray, seed treatment, soil treatment, and others. Foliar-applied biopesticides have been observed to be dominating the market and are expected to grow remarkably over the forecast period.
On the basis of crop, the biopesticides market is segmented into cereals & grains, fruits & vegetables, oilseeds, and others. Among these, the cereals & grains segment is leading the market. On the other hand, fruits and vegetables segment is projected to observe a substantial growth over the review period.
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The global biopesticides market is spread across the regions of North America, Europe, Asia Pacific, and rest of the world (RoW).
Among all regions, North America is leading the market with the United States (U.S) as a major contributor to this regional growth. Growing demand for organic food in the countries in North America is fueling the market growth. Moreover, the market in the region is progressing on account of simple registration process and increasing consumer awareness about the ill effects of synthetic pesticides on human health.
Advanced agricultural techniques in Europe is expected to trigger the biopesticides market growth with the highest rate over the appraisal period. Spain, Italy, and France are the major biopesticide markets in this region, as they face increased pressure from authorities for greater sustainability in agriculture.
The Asia Pacific will be subject to the fastest growth rate during the forecast period. In the region, India and China are two of the largest countries in terms of population, and also contribute majorly to the growth of the biopesticides market.
In RoW, South America is expected to dominate the market with high focus on agriculture and use of techniques to yield better crop production.
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