Players exhibiting prominence in the global biopesticides market include Monsanta, BioWorks, Inc., AgriChem, Nufarm Agricultural Products, FMC Corporation, Syngenta, and Certis USA L.L.C., finds Transparency Market Research (TMR). The presence of robust sales and promotional channels in various countries help the top players cement their position in the global market, with many seeking to gain small shares in various regional markets in the coming years. In these regions, the entry of new players at the local scale is likely to make the landscape more fragmented over the years. Furthermore, new entrants may pose a threat to established players. Several players are also focusing on innovations in various product categories to stay ahead of their competitors.
The global biopesticides market was worth US$3.3 billion in 2017 and the opportunity in the market is projected to surge to a valuation of US$9.5 billion by 2025. The market is anticipatedto rise at a colossal CAGR of 19.6% during the forecast period from 2017–2022..
The key product types are plant-incorporated protectants (PIPs), bionematicides, biofungicides, bioherbicides, and bioinsecticides. Of these, bioherbicides accounted for the leading shares in 2016 and is expected to hold its dominance in the global market throughout the assessment period. Their widespread uptake in major regional markets, notably parts of Europe and North America, is likely to keep the segment at the forefront.
Regionally, North America is projected to lead the pack by contributing leading revenue in the global market throughout the forecast timeline. This regional market is expected to touch a valuation of US$3,667.5 million by 2025 end. Howbeit, Europe and Asia Pacific are expected to be potentially lucrative markets likely to present lucrative growth prospects in the coming years. In particular, in Asia Pacific substantial governmental efforts to adopt sustainable and eco-friendly methods of production in agriculture are aiding in the rapid expansion of the regional market.
Eco-Friendly Methods for Improving Crop Yields Drive Global Demand
The global drive for biopesticides stems from the need for sustainable methods for improving the crop yields in a rapidly shrinking area of arable land in various parts of the world. The staggering rise in global food demand to feed a burgeoning worldwide population is a noteworthy factor bolstering the demand for eco-friendly pest management practices. In recent years, the use of biopesticides has garnered wide success in crop protection systems in several developed economies. Their use are increasingly preferred over conventional pesticides and chemicals in the global agricultural practices as a part of integrated pest management in a number of industrialized nations.
The rising adoption of eco-friendly practices in agricultural inputs is bolstering the demand for biopesticides. Derived from living micro-organisms or natural substances, biopesticides offer several attractive advantages such as targeted activity, sustainable crop protection, and higher efficacy of action on pest populations. There is substantially rising government efforts in a number of developed nations to make the crop protection more sustainable. This is supported by initiatives to discourage the injudicious use of chemical pesticides causing adverse effect on human health and the ecology. The resurgence of pest caused by indiscriminate use of synthetic chemical pesticides is another worrying concern stoking the demand for biopesticides in emerging and developed economies. Relentless research and development activities in developed regions to realize the potential of biopesticides bodes well for the overall market.
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Marked Efficacy in Bolstering Fruit Production Open Lucrative Prospects
Several countries in Southeast Asia, notably China and India, are exploring the potential of biopesticides as a part of alternative pest management practices to minimize the adverse environmental effects of agricultural expansions. This is a notable trend accentuating the regional market.
However, the limited awareness about the use of biopesticides, especially in less developed regions, is expected to cripple the growth of the market to an extent. Nevertheless, the rising adoption of eco-friendly agricultural inputs to maximize crop yields will boost the global market. Furthermore, a rapidly rising fruit production in Europe and North America and the notable efficacy of biopesticides in food crops will fortify their uptake in agricultural practices. The intensive government support in key economies of these regions to encourage the use of biopesticides over broad-spectrum chemical pesticides will also unlock exciting prospects for market players
Transparency Market Research (TMR) is a U.S.-based provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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