Biopesticides Market Outlook
In 2022, the Biopesticides Market Size reached USD 5.5 billion. Forecasts for the biopesticides industry indicate substantial growth, with the market poised to ascend from USD 6.2 billion in 2023 to a significant USD 13.2 billion by 2030. This expansion reflects a noteworthy compound annual growth rate (CAGR) of 13.3% during the forecast period from 2023 to 2030. The drivers propelling this market growth include augmented investment from prominent crop protection companies, heightened environmental consciousness, improved crop quality and yield attributed to biopesticide use, the escalating practice of organic farming, surging demand for organic food, and an increase in government initiatives supporting the biopesticides market.
Rising Demand for Organic Food Fuels Market Expansion
With the increasing global prominence of organic farming and food production, there is a growing demand for biopesticides, propelling the expansion of the biopesticides market. Farmers worldwide are adopting biopesticides more frequently to mitigate crop degradation caused by chemical pesticides and address escalating environmental concerns. As consumers gain awareness of the chemicals used in food production and the potential health risks associated with chemical residues, they are advocating for alternatives to conventional, chemical-based agriculture.
Strict Regulations on Environmental Pollution Provide Robust Opportunities
The preference for biopesticides over chemical alternatives is driven by their safer and more environmentally friendly nature, designed to specifically target pests without leaving residues or negative environmental impacts. Consequently, the biopesticides market is witnessing growth as numerous governments enforce stringent regulations to address environmental contamination concerns.
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Key Players
Eminent industry players profiled in the global biopesticides market report include DuPont (U.S.), Bayer Crop Science AG (Germany), Monsanto Company (U.S.), BASF SE (Germany), Novozymes Biologicals (Denmark), Syngenta (Switzerland), Certis USA LLC (U.S.), and Others.
Restraints and Challenges
Low Shelf Life to act as Market Restraint
The low shelf life of biopesticides, high cost, lack of awareness, and stringent regulation on pesticides may act as market restraints over the forecast period. Besides, the COVID-19 impact may also impede market growth.
Market Segmentation
The global biopesticides market is bifurcated based on type, form, application, and crop.
By type, bioinsecticides will lead the market over the forecast period.
By form, liquid will domineer the market over the forecast period.
By application, soil will spearhead the market over the forecast period.
By crop, vegetables will spur the market over the forecast period.
Regional Analysis
North America to Lead Biopesticides Market
North America dominates the market. The market for biopesticides in North America is being driven by two factors: the rise in interest in ecologically friendly agricultural practices & the loss of several conventional products owing to re-registration and/or performance concerns. More than 60 companies are now working to develop and/or sell biopesticide products in the US alone. The introduction of new products has also raised demand for biopesticides. The North American market will grow at an incredible rate in the future years due to the expanding local and worldwide demand.
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APAC to Have Admirable Growth in Biopesticides Market
From 2022-2030, the APAC market is anticipated to expand at a considerable CAGR, primarily due to growing environmental concerns, increased demand for organic food, and the availability of a simplified registration procedure. Additionally, the India market possessed the quickest growth rate in the Asia-Pacific region and held the greatest market share. The market’s dominance is primarily attributable to the presence of agricultural activities in the Asia-Pacific region and the availability of a variety of microbial & predator biopesticides for various pests, insects, and pollutants that are favored by users for protecting their crops. Asia-Pacific’s agricultural industry is driving up need for biopesticides, which is driving up demand for biopesticide products.
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