The biopesticides market creates lucrative growth opportunities
Increase in investment in R&D and emerging developments in biopesticides manufacturing technology are anticipated to create lucrative opportunities for growth
PORTLAND, OR, UNITED STATES, September 13, 2021 – Biopesticides Market is projected to reach $11,176 million by 2022, growing at a CAGR of 16.9% from during the forecast period. Based on the crop type, orchards segment occupied major share of the global market.The microbial pesticides (i.e., products that contain a microorganism, such as a bacterium or fungus as the active ingredient) and the biochemical pesticides, (i.e., products that contain naturally occurring substances, such as insect sex pheromones, certain plant extracts, and fatty acids) provide crop protection without any harmful residues.
Biopesticidal products provide viable alternatives in situations where conventional chemical pesticides and genetically modified crops are subject to regulatory restrictions driving the market growth. Biopesticides comply with market-imposed requirements for pest management programs by food processors and retailers for organic food. Furthermore, biopesticides are environment-friendly and meet stringent organic farming requirements driving the market growth. Biopesticides are exempted from Maximum Residue Limit (MRL) that are applicable to synthetic pesticides and are expected to to encourage the development of insect, fungal, and bacterial resistance.
The microbial biopesticides segment accounted for the highest share, both in terms of value and volume, owing to the increase in usage of bacterial biopesticides in the agriculture and horticulture industry. This segment is also expected to grow at the highest rate during the forecast period.
Increase in investment in R&D and emerging developments in biopesticides manufacturing technology are anticipated to create lucrative opportunities for the market growth.
North America dominated the global biopesticides market with highest share, in terms of both revenue and volume. This was attributed to the high percentage of manufacturers and stringent governmental regulations, customer demands, and available land for cultivation. In addition, Asia-Pacific is expected to grow with the highest rate, registering value CAGR of 21.7% throughout the forecast period, owing to extensive demand from the developing countries, such as India and China.
KEY FINDINGS OF THE STUDY
• North America dominated the global biopesticides market in 2015, accounting for one-third share of the market, in terms of revenue.
• In 2015, microbial pesticides segment accounted for around 90% of the global market, and is anticipated to witness highest growth during the forecast period.
• On the basis of crop type, the orchards segment accounted for more than half of the share in 2015, and is anticipated to maintain its lead during the forecast period.
• Germany generated more than one-fifth of the total revenue in the Europe biopesticides market in 2015, and is expected to show highest growth rate.
• Asia-Pacific biopesticides market is expected to grow at the highest rate.
The key players of biopesticides market profiled in this report are Actagro LLC., Ag Biochem Inc., Agbitech Pty Ltd., Bio-Tech Ltd., Amit Biotech, Amvac Chemical, Andermatt Biocontrol Ag, Arbico Organics, Bayer Aga, and Basf Corp. (Formerly Becker Underwood Inc.).
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