PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1394073
PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1394073
Scope of the Report | |
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Years Considered for the Study | 2023-2028 |
Base Year | 2022 |
Forecast Period | 2023-2028 |
Units Considered | Value (USD) |
Segments | By Type, Crop Type, Source, Mode of Application, Formulation, and Region |
Regions covered | North America, Europe, Asia Pacific, and RoW |
The biorational pesticides market is projected to grow from USD 7.5 billion in 2023 to USD 15.1 billion by 2028 growing at a CAGR of 15.2% during the forecast period. Increased consumer preference for organic food, grown without synthetic chemicals, has fueled the biorational pesticides market. This demand surge arises from global health and environmental consciousness. As consumers seek healthier, chemical-free options, organic farming's rise necessitates biorational pesticides meeting stringent organic standards. These eco-friendly alternatives align with sustainable practices, addressing pest control effectively. The burgeoning organic food market, valued at 135.5 billion USD in 2021 (FiBL & IFOAM - Organics International, 2023), has rapidly escalated the need for biorational pesticides, reflecting their integral role in this expanding sector's growth. This market expansion, evolving from a billion-dollar value in the 1990s to 21 billion USD in 2001, surpassing 100 billion USD in 2018, and achieving 135 billion USD within three years, mirrors the parallel growth and heightened demand for biorational pesticides within the organic food market's burgeoning landscape.
"In 2022, biorational fungicides stood as the second-largest segment within the types of biorational pesticides. "
Within the spectrum of biorational pesticides, the category of biorational fungicides held the notable position of being the second-largest segment among all types of biorational pesticides available in the market. This suggests that among the different classifications of biorational pesticides-such as bioinsecticides, bioherbicides, bionematicides, and others-biorational fungicides occupied a significant share in terms of usage, demand, or market size.
The prominence of biorational fungicides as the second-largest segment implies their substantial adoption and utilization in addressing fungal diseases affecting crops, plants, or agricultural produce. These fungicides, derived from natural sources or employing biological mechanisms, aim to control and manage fungal infections effectively. Their prevalence as the second-largest category within the biorational pesticides domain underscores their importance in safeguarding crops and promoting healthier agricultural practices while aligning with eco-friendly and sustainable pest management strategies.
"Within the crop type segment, the utilization of biorational pesticides in fruits and vegetables holds the most substantial share."
Consumers place a high value on including fruits and vegetables in their healthy diet choices, often preferring to produce free from chemicals, thus fueling the demand for organic or reduced-pesticide fruits and vegetables. Biorational pesticides, being eco-friendly, align well with these preferences. This surge in demand for organically grown fruits and vegetables has led farmers to adopt biorational pesticides as part of their organic farming methods, aiming to meet organic standards for effective pest control.
For example, according to the Organic Trade Association's (OTA) recent Organic Industry Survey, organic fruits and vegetables accounted for 15 percent of the total product market, generating over USD 21 billion in revenue in 2021. This displayed an approximate 4.5 percent increase from 2020. Within this category, fresh produce and dried beans, fruits, and vegetables experienced significant growth, exhibiting 6 and 6.5 percent growth over the year, respectively.
"The biorational pesticides market in Europe is anticipated to maintain consistent growth throughout the forecast period."
Continuous advancements in the formulation and technology of biorational pesticides are enhancing their effectiveness and widening their scope of use, promoting their increased acceptance within European agriculture. With Europe maintaining strict regulations concerning chemical pesticide use, the adoption of biorational pesticides, often in alignment with these rigorous standards, is becoming the favored approach for pest control. As the demand for organic produce rises in Europe, driven by concerns for health and the environment, the compatibility of biorational pesticides with organic farming practices contributes significantly to their market growth.
By Value Chain: Demand Side - 41.0%, Supply-side - 59.0%
By Designation: CXOs - 31.0%, Managers level - 24.0%, Executives - 45.0%
By Region: North America - 24.0%, Europe - 29%, APAC - 32.0%, RoW - 15.0%
The report segments the biorational pesticides market based on formulation, type, crop type, source, mode of application, and region. In terms of insights, this report has focused on various levels of analyses-the competitive landscape, end-use analysis, and company profiles, which together comprise and discuss views on the emerging & high-growth segments of the biorational pesticides market, high-growth regions, countries, government initiatives, drivers, restraints, opportunities, and challenges. A detailed analysis of the key industry players has been done to provide insights into their business overview, solutions, services; key strategies; Contracts, partnerships, and agreements. new product launches, mergers and acquisitions, and recent developments associated with the biorational pesticides market. Competitive analysis of upcoming startups in the biorational pesticides market ecosystem is covered in this report.