The demand for biopesticides from bio agrochemical companies and growers is consistently increasing. The stringent rules and regulations on pesticide residues in developed regions are the primary reason for the growing use of biopesticides. The awareness among people about the benefits of using chemical-free and organic products is increasing.
Changes in the environment and technological advancements have modified the biopesticides outlook positively. Biopesticides contribute as pest control products for the crops. These factors are predicted to propel the global biopesticides market in the coming years.
Advent of New Pests to Benefit Global Biopesticides Market
The global market for biopesticides stood at US$1.96 bn in 2015 and is predicted to reach US$4.17 bn by 2023. The market is predicted to exhibit a CAGR of 9.90% from 2015 to 2023. Growing environmental regulations and the rising demand for organic foods are two of the key factors expected to propel the global market.
Biopesticides have taken over conventional pesticides. The advent of new biopesticides, the toxicity of crop protection products, innovative product practices, the rising availability of biopesticides, and the steady introduction of new product offerings are some of the factors expected to propel the global market for biopesticides in the coming years. Key companies are engaged in manufacturing new biopesticides in the global market. With new product launches, the global market is expected to be highly competitive. However, the rising product launches and new technologies are likely to provide many business opportunities to the startups.
The global biopesticides market is segmented on the basis of region, product type, active ingredient type, crop type, and application. Biopesticides find application in seed treatment, during farming, and post-harvest. Organized research and development has led to improved formulation techniques, which have enabled the mass production of biopesticides.
Rising Consumption of Organic Food to Boost Demand for Biopesticides
The demand for organic food is increasing consistently across the globe. Biopesticides are being increasingly used for protecting vegetables, fruits, and other crops from insects. The rising use of biopesticides for plant disease management is predicted to propel the global market.
The global biopesticides market is highly regulated by government rules and regulations. Pesticide regulations across the globe were first set by the U.S. Department of Agriculture and Department of Food and Drugs Administration but are now monitored by the Environmental Protection Agency (EPA). The EPA has been consistently encouraging research and development activities in the U.S. This is expected to encourage key participants in the global market to introduce new biopesticides. Regionally, the global biopesticides market is divided into Asia Pacific, North America, Europe, and Rest of the World.
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Key players such as AgBiTech Pty Ltd, BASF SE, Valent Biosciences Corp, Dow AgroSciences, Syngenta Crop Protection, LLC, Becker Underwood Inc., Arysta LifeSciences, Bayer CropScience AG, and Novozymes A/S are concentrating on enhancing their research and development activities for the discovery of new biopesticides. In the coming years, the key focus of organizations operating in the global market is to produce more microbial pesticides, biochemical pesticides, and plant-pesticides.