Biopesticides Market Analysis
The global biopesticides market will touch USD 13.2 billion at a 13.3% CAGR by 2030, as per the recent Market Research Future report.
Growing Need for Organic Food to Boost Market Growth
As organic farming and food production become more prevalent worldwide, there is an increasing need for biological pesticides, which is driving the growth of biopesticides market. Farmers all around the world are employing biopesticides more often to reduce crop degradation brought on by chemical pesticides and to meet rising environmental concerns. As consumers become more aware regarding the chemicals used in food production & the potential health dangers of chemical residue, they are advocating alternatives to chemical-based agriculture.
Opportunities
Stringent Regulations for Environment Pollution to offer Robust Opportunities
The desire for biopesticides over chemical goods is being driven by the fact that they are safer and gentler on the environment over chemical products, and they are frequently designed to solely affect pests. The bio-pesticides leave no residue and have no negative environmental effects. As a result, the market for biopesticides is expanding since numerous governments have implemented rigorous rules for environmental contamination.
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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.