Global Biopesticides Market: Snapshot
Pesticides that are derived from natural sources such as animals, plants, minerals, and bacteria are known as biopesticides. From environmental perspective and the point of ecological chain of crop protection, biopesticides are highly beneficial, and are commonly used to control the progress of pests, insects, pathogens, weeds, and other microorganisms in a crop field. Some of the common examples of biopesticides are microbial pesticides, plant growth regulators, insect pheromones, insect growth regulators, fungal biopesticides, viral biopesticides, and bacterial biopesticides. With biopesticides, farmers can significantly increment their yield as well as the quality of it.
According to the report, the global biopesticides market was worth US$1.96 bn in 2015 and the opportunities are estimated to reach a valuation of US$4.17 bn by the end of 2023, expand at a strong CAGR of 9.9% during the forecast period of 2015 to 2023. This prosperity of the market for biopesticides can be attributed to growing World population, which has consequently incremented the food demand. In addition to that, protecting crops from pests via other alternatives is now perceived as harmful in comparison to biopesticides protected crops. Owing to decreasing arable land and growing awareness regarding the contamination caused by chemical pesticides, the preference of biopesticides is increasing, as they are derived from natural resources. Moreover, regulations on food residues, growing resistance of insects against synthetic pesticides, convenience in handling, relatively low cost, and technological advancements are some of the other factors augmenting the demand in the global biopesticides market.
Ease of Deployment Favoring Bioinsecticides Segment
Based on product type, the market for biopesticides is segmented into biofungicide, bioinsecticide, bionematicides, and bioherbicides. Among these, the segment of bioinsecticides is quickly gaining popularity for the purpose of crop protection. This is a reflection of the resistance shown by insects against pesticides in the recent times. Bioinsecticides are easy to deploy, which is another factor favoring the demand for the same.
On the basis of active ingredient type, the market for biopesticides has been categorized into microbial pesticides, plant pesticides, and biochemical pesticides. Based on crop type, the market has been bifurcated into permanent crops, arable crops, and others including turf and forage grasses and greenhouse crops. Application-wise, the market has been segmented into seed treatment, on-farm application, and post-harvest application.
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Organic Food Trend Driving North America Market
The demand for biopesticides is incrementing across all regions, while North America in particular is quickly turning into a highly lucrative region due to the growing organic food trend. Consumers are now willing to pay extra for food that have not been subjected to chemicals and growing organically using biopesticides and via advanced agricultural techniques. The U.S. is the primary North America market for biopesticides, and the demand is expected to primarily come from the fruits and vegetables segment, which is attributed to increasing awareness pertaining to nutritional benefits of crops produced using biopesticides. North America is expected to remain most prominent regional market for biopesticides throughout the forecast period, followed by Europe, although vast population base and growing awareness in several emerging economies such as India, Japan, Australia, and South Korea is expected to turn Asia Pacific into a lucrative market towards the end of the forecast period.
The competitive landscape of the global biopesticides market is moderately consolidated with top five companies accounting for more than half of the shares. These five companies are Bayer CropScience AG, BASF SE, Valent Biosciences Corp, Arysta LifeSciences, Novozymes A/S, and Dow AgroSciences.
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