PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1250689
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1250689
According to Stratistics MRC, the Global Biopesticides Market is accounted for $5.32 billion in 2022 and is expected to reach $13.39 billion by 2028 growing at a CAGR of 16.6% during the forecast period. Biopesticides are pesticides derived from natural sources such as plants, animals, and microorganisms (biopesticides). Biopesticides are used in agricultural practises to manage insects, diseases, weeds, nematodes, and other pests, as well as to improve plant health and productivity. Non-target creatures, such as wildlife and beneficial insects, are not harmed by biopesticides. Biopesticides are replacing synthetic pesticides in many crops, which have a huge impact on agricultural and sustainability practises.
According to Surveys, organic farming is practised in 181 countries, and as of the end of 2017, 69.8 million hectares were under organic management, a 20 percent increase over 2016 of 11.7 million hectares, the highest increase ever noted.
Ever-rising demand for organic food
Organic farming is increasingly being marketed as a superior option to conventional farming in terms of lowering total environmental impact. The optimistic growth trajectory of organic agriculture is predicted to promote future growth of biopesticides due to stronger demand dynamics for natural plant protection solutions. The government's and other stakeholders' significant emphasis on organic and sustainable agricultural methods has raised acceptability of bio-based crop protection agents.
Sub-optimal commercialization of product
The product's low adoption rate in developing countries compared to chemical agri-inputs may limit market expansion. The traditional and conventional agri-inputs industry is well-structured on a worldwide scale, with leading heavyweights prominently present. Yet, the biopesticides area is characterised by multiple start-ups that struggle with significant funding, appropriate infrastructure, and market penetration. These tiny players' R&D activities also fail to understand the demand dynamics of a certain location, which might further limit market expansion.
Phase-out of key chemical active ingredients
The use of synthetic pesticides has caused extensive and pervasive environmental damage. As a result, numerous government agencies have banned or limited the use of certain active chemical compounds in order to avoid their negative impact on the environment and human and animal health. Some countries and government entities are extremely supportive and provide grants to leverage the use of bio-based crop protection agents to reduce the environmental impact of pesticides. The growing concern about the use of chemical pesticides is projected to boost sales of alternate sustainable solutions, such as biopesticides.
Lack of awareness of biopesticides
Lack of awareness about the use of biopesticides is a significant barrier to market expansion. The main issue for pesticide makers is a lack of understanding among growers about the use and benefits of biopesticides. Farmers in emerging economies are frequently misinformed about the proper application of pesticides to their crops, which can result in incorrect pesticide selection or application in terms of amount, security, or frequency. As a result, these variables are likely to have a negative influence on the global economy throughout the projection period.
The rapid spread of the corona virus pandemic is disrupting the worldwide market as governments impose lockdowns and restrict the movement of their citizens. The logistical and economic effects of the epidemic continue to pose a challenge to the worldwide economy. Yet, the effects vary per ma rket and are not always bad. For example, the temporary shutdown of Chinese biopesticide production plants can assist producers in India, Europe, and North America in filling the hole and increasing order intakes. However, supply chain disruptions have made it difficult for some businesses to get raw materials; in particular, those reliant on Chinese raw supplies are anticipated to experience serious logistical difficulties.
The bioinsecticides segment is expected to be the largest during the forecast period
The bioinsecticides segment is estimated to have a lucrative growth. Bioinsecticides are being more commonly employed as a result of increased pest resistance and a rebound in agricultural production. Several insect pests are known to impair plant growth as well as crops after harvest or while in storage, resulting in agricultural loss. Insect pest infestation reduces agricultural marketability as well. The demand for alternate pest management measures is being driven by regulatory bans and the phase-out of critical active components. As a result, bioinsecticides, which do not kill bugs' natural enemies, contaminate the environment, or leave residues in goods, dominate the market.
The foliar spray segment is expected to have the highest CAGR during the forecast period
The foliar spray segment is anticipated to witness the fastest CAGR growth during the forecast period. Farmers typically use foliar spray because it aids in pest management in the afflicted sections of the plant. It is regarded to be more effective because it is easy to use and safe to use. Because of increased mechanisation in agriculture, such as aerial spraying of crop protection agents utilising aeroplanes and drones, the market for foliar spray methods of application is expanding. Foliar spray treatment is also a simple strategy that can be used to treat specific plant diseases and deficiencies both curatively and preventively.
North America is projected to hold the largest market share during the forecast period owing to stringent rules and regulations regarding the usage of synthetic crop protection chemicals to protect the environment from hazardous effects. The rigorous search for greener crop inputs is pushing product sales in the regional marketplace. Furthermore, the strong emphasis on using microbe-based insecticides for yield enhancement and pest-resistance advancements is projected to positively impact market growth and product demand.
Europe is projected to have the highest CAGR over the forecast period, due to the growing demand for food safety and quality, increasing consumer demand for organic products, thus encouraging organic farming practices, and rising government initiatives in promoting biocontrol products. Among the European nations, France is one of the fastest-growing users. The government has adopted an efficient regulatory framework and drug approval system, which promoted the rapid development of the market.
Some of the key players profiled in the Biopesticides Market include Som Phytopharma India Ltd, Novozymes A/S, BASF SE, Biobest Group NV, Syngenta AG, Certis USA L.L.C, Nufarm, Valent Biosciences LLC, Marrone Bio innovations, FMC Corporation, Andermatt Biocontol AG, International Panaacea Ltd, Koppert B.V., Gowan Company, LLC. And The Dow Chemical Company
In January 2022, Syngenta Crop Protection AG announced the acquisition of two next-generation bioinsecticides, NemaTrident and UniSpore, from leading biocontrol technology developer Bionema Limited.
In March 2021, Bayer AG announced the launch of Vynyty Citrus, a new biological and pheromone-based crop protection product to control pests on citrus farms.
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Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.