Biopesticides Market was valued at US$1.72 bn in 2014 and is expected to reach US$4.17 bn by 2023, at a CAGR of 9.9% from 2015 to 2023.
Increasing Emergence of New Pests to Boost Biopesticides Market
On the basis of product type, the global biopesticides market is segmented into bioinsecticides, bionematicides, biofungicides, and bioherbicides. Factors such as the increasing number of regulations posed on the utilization of chemical pesticides, the high number of new product introductions, and the rising availability of biopesticides are fuelling the market for biopesticides. Furthermore, factors such as the increasing emergence of new pests and the rising inclination among farmers as well as the general populace towards organic farming have also impacted the market positively. On the other hand, the low shelf life of biopesticides is a key concern for producers and may impede the growth of the market in the coming years. In addition, factors such as the absence of awareness amongst people about the prime advantages related with the usage of biopesticides and the negligence to substitute traditional chemical pesticides with biopesticides for crop protection may also inhibit the growth of the market.
Microbial Pesticides Held a Share of 57.7% in 2014
In terms of active ingredient type, the market is segmented into plant pesticides, microbial pesticides, and biochemical pesticides. Amongst these, in 2014, the segment of microbial pesticides led the market and constituted a share of 57.7% in the market. This segment is predicted to expand at a 9.70% CAGR between 2015 and 2023. Biopesticides are majorly utilized on three types of crops, namely arable crops, permanent crops, and others including greenhouse crops, turf grasses, and forage. Amongst these, biopesticides find major application in the protection of permanent crops. Biopesticides are primarily used for three applications, namely on-farm applications, seed treatment applications, and post-harvest applications.
North America Biopesticides Market Emerges as the Largest Market
On the basis of geography, the biopesticides market is segmented into Europe, North America, Asia Pacific, and Rest of the World (RoW). Amongst these, in 2014, North America led the market and is predicted to experience steady growth owing to the increasing demand for biopesticides from top markets such as Canada and the U.S. Asia Pacific trailed North America and stood as the second largest market for biopesticides the same year. On the other hand, within Europe, Italy, France, and Spain emerged as the prime markets, while the UK and Germany have come up as the prime testing markets for new product launches. The increasing research and development activities by prime players are a chief factor fuelling the European biopesticides market.
The prominent players dominant in the market are Arysta LifeSciences, BASF SE, Valent Biosciences Corp, Dow AgroSciences, Novozymes A/S, and Bayer CropScience AG, among others.