Asia-pacific biopesticide market to reach $2.58 bn by 2021

According to a report“Asia-pacific Bio Pesticide Market - Industry Analysis, Size, Share, Growth, Trends, and Forecasts (2016–2021) ”,the Bio pesticides market in Asia-Pacific is slated to post a volume CAGR of 17.94% during 2016-2021, the fastest growing region on a global basis. The market is valued at USD 1.26 billion in the year 2016 and expected to reach USD 2.58 billion by 2021.

Asia-Pacific holds the second largest market share. The market is driven by remarkable advancement in biotechnology which has witnessed a new growth paradigm. In terms of consumption and demand for bio pesticides, Asia pacific would remain the largest during the forecast period 2015-2021; Asia Pacific is one the potential markets for growth of bio pesticides. Asia-Pacific accounts around 30% total land available on earth and around 60% of total world population. Growing demand of food crop and large population base fuels the bio pesticides market in Asia Pacific region. Rising healthcare awareness in Asia Pacific region leads to increase in the organic food consumption, this also becomes one of the key reasons for the growth of bio pesticides market.

Asia pacific market growth is driven by rise in demand for organic food and due to the high prevalence of crop diseases both in developed and developing regions. Various research centers all around the world are taking initiatives to improving techniques for the augmentation and application of bio pesticides. Farmers are unaware regarding the benefits of bio pesticides and also reluctant to change from the existing practices of chemical pesticides which are restraining the growth of the market.

Key players in the market are Parry America, Andermatt Biocontrol Ag, Marrone Bio Innovations Inc, Agbitech Pty Limited, Bioworks Inc., Som Phytopharma Limited, Camson Bio Technologies Limited, Hebei Veyong Bio-Chemical Co. Limited, Becker Underwood Inc., Agraquest Inc., Growth Products Limited, Valent Biosciences Corp, Biocare, Natural Industries and Novoenzymes A/S.