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Global biopesticides market projected to reach $8.8 bn by 2022
Nov. 21, 2016
The global biopesticides market is projected to grow at a CAGR of 17.4% to reach USD 8.82 Billion by 2022. The market growth is driven by the rise in need for organic food, promotions by government organizations for the adoption of biopesticides, low cost of biopesticides as compared to that of chemical pesticides food security for the growing population, advancement in farming practices and technologies, growth in demand for fruits & vegetables, and ease of application of biopesticides.
On the basis of type, the biopesticides market is led by the bioinsecticides segment, followed by the bioherbicides, biofungicides, and bionematicides segments, respectively. The bioinsecticides segment is projected to be the fastest-growing type in the biopesticides market, due to the high crop loss by pests and diseases.
Biopesticides are used on all crop types, the ones considered in the study are grains & oilseeds, fruits & vegetables, and others, which include turf, plantation, sugar crops, cotton, and ornamental crops. The market for fruit & vegetable crops accounted for the largest share and is also projected to be the fastest-growing. This is mainly due to a high demand for fruits & vegetables by the growing population across the world.
The different modes of applications for biopesticides are foliar spray, soil treatment, seed treatment, and post-harvest. Foliar spray is highly used for applying biopesticides. To improve quality of crops and increase productivity of plants, foliar spray is effectively used to control pests on crops. The increases in acceptance of biological microbes and smart farming techniques have proven to be a major driving factors for the foliar application.
In 2015, North America accounted for the largest market share in the biopesticides market, followed by Europe and Asia-Pacific. U.S. and Canada constituted the largest country-level markets in the North American region in 2015. Increase in awareness about the benefits of biopesticides, among the cultivators and rise in population is leading to the growth of the market in this region. The biopesticides market in the Asia-Pacific region is projected to grow with investments from several multinational manufacturers. The market is projected to grow due to the increase in agricultural technologies and agricultural exports of key products. Moreover, extensive R&D initiatives have been undertaken for exploring the new varieties of biopesticides to be used on different pest management and soil fertility to increase the yield.
Factors such as growth of agrochemical industry and high cost of biopesticides leading to rise in agricultural cost of production are restraining the growth of the market. Key players identified in the global biopesticides market include Bayer CropScience (Germany), BASF SE (Germany), Monsanto Company (U.S.), Marrone Bio Innovations Inc. (U.S.), Certis USA LLC (U.S.), and Koppert Biological Systems (Netherlands).Most key participants have been exploring new regions through new product launches, collaborations, and acquisitions across the globe, to avail a competitive advantage through combined synergies. Since 2011, the biopesticides market has witnessed an increase in demand, especially in countries such as the U.S. Canada, Spain, Brazil, India, and China.
Source: MarketsandMarkets (M&M)
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