Market Research Report
China Biopesticides market - Growth, Trends and Forecast (2020 - 2025)
|Published by||Mordor Intelligence Pvt Ltd||Product code||389087|
|Published||Content info||120 Pages
Delivery time: 2-3 business days
|China Biopesticides market - Growth, Trends and Forecast (2020 - 2025)|
|Published: June 1, 2020||Content info: 120 Pages||
The Chinese biopesticides market is projected to register a CAGR of 4.6% during the forecast period (2020-2025). The swelling cost of chemical inputs, their adverse effect on soil health and environment, and the increasing awareness regarding balanced plant nutrition are the major factors driving the market demand in the country. The country is adopting the use of microbial for seed treatments, to strengthen crop productivity at an early stage. In response to consumers' demands for healthy food products with minimal environmental impacts, growers are looking for more efficient ways to minimize the negative environmental impact. This is where the biopesticides come into play. Thus driving the growth of the biopesticide market during the forecast period. The major players include Beijing Bioseen Crop Sciences Co Ltd, Beijing Coway BioWorks Biotech Co. Ltd., Bayer Cropscience AG, Zhejiang Qianjiang Biochemical Co Ltd Koppert, and FMC Corporation.
Increased Demand for Organically Grown Products
Organic food products are of particular interest among the food products for a Chinese consumer with increasing awareness regarding the benefits of organic products and growing disposable income. According to the Organic Trade Association, in 2017, organic packaged food sales in China grew by 18.6% from 2016 and organic beverage sales grew by 17.1% during the same period. In 2018, the organic packaged food consumption was USD 3,265.7 million which increased to USD 3,775.4 million in 2019 and the organic beverage consumption increased from USD 49.4 million to USD 56.2 million during the same period. Rising disposable income levels and a growing consumer focus on product quality and food safety are also encouraging consumers to trade up to organic products, particularly in the wake of a number of recent food safety scandals. This, in turn, will boost the biopesticides market during the forecast period, as biopesticides are extensively used for organic crops.
Growing interest in sustainable agriculture
Chinese farmers are ditching chemical agriculture for reasons of personal health, ecological protection, and economic motives, propped up by a range of state supports. Chinese consumers are keen to sink their teeth into chemical-free food, primarily for health reasons. In response to food safety concerns and China's ecological crisis, various levels of government in China now provide a wide range of support to the organic farm. They range from covering the cost of organic certification to finding land, funding on-farm infrastructure and organic fertilizers, to training and marketing assistance. According to the Research Institute of Organic Agriculture (FiBL), in 2016 the organic land in China was 2.2 million ha which increased to 3.1 million ha in 2018. In response to the growing need to meet food sufficiency and the importance of safe farming practices, the organic food industry is growing exponentially which drives the biopesticide market.
The China biopesticide market, companies are not only competing based on product quality and promotion but are also focused on strategic moves, to hold larger market shares. New product launches, partnerships, and acquisitions are the major strategies adopted by the leading companies in the global biopesticide market. In the market studied, companies not only compete on new product launches but also focus on strategic moves, to acquire larger market shares. The results of the market share analysis indicate a fragmented market. The major players include BASF SE, Beijing Bioseen Crop Sciences Co Ltd, Beijing Coway BioWorks Biotech Co. Ltd., Bayer Cropscience AG, Zhejiang Qianjiang Biochemical Co Ltd Koppert, and FMC Corporation. The major acquisitions taking place between companies to develop biopesticides indicates that the focus on bio-based products is increasing rapidly. The players in the market are investing heavily in this market, to diversify their biological research divisions in the expanding market place.