The global biopesticides market is set to gain traction from the increasing research activities that are being conducted by several companies to develop novel microbial products. Fortune Business Insights™ published this information in a new report, titled, “Biopesticides Market Size, Share & Industry Analysis, By Type (Bioinsecticide, Biofungicide, Bionematicide, and Others), Source (Microbials and Biochemicals), Mode of Application (Foliar Application, Seed Treatment, Soil Treatment, and Others), Crop (Cereals, Oilseeds, Fruits & Vegetables, and Others), and Regional Forecast, 2020-2027.” The report further states that the biopesticides market size was valued at USD 4.40 billion in 2019 is projected to reach USD 10.63 billion by 2027, exhibiting a CAGR of 13.1% during the forecast period.
Drivers & Restraints-
Rising Practice of Organic Farming to Accelerate Growth
The introduction to organic farming across the globe is set to be a major driver for the biopesticides market growth in the near future. It is considered to be an ideal alternative to the traditional farming techniques that would aid in reducing the overall impact on the environment. The governments of several countries are also taking numerous initiatives to promote the usage of biopesticides. Apart from that, there is a high demand nowadays from the consumer for synthetic pesticides-free food products. However, in the developing economies, there is a higher adoption of chemical agri-inputs, as compared to biopesticides. It may hinder growth.
Cereals Segment to Grow Steadily Backed by High Cultivation Worldwide
Based on crop, the market is divided into fruits & vegetables, oilseeds, cereals, and other crops. Out of these, the cereals segment held 19.01% in terms of biopesticides market share in 2019. This growth is attributable to the rising cultivation of cereals worldwide as they provide high profit. Biopesticides are extensively used for their cultivation process owing to their cost-effective and eco-friendly properties.
Increasing Cultivation of Row Crops to Favor Growth in Asia Pacific
In 2019, North America procured USD 1.66 billion in terms of revenue and is set to account for a considerable proportion of the market. This growth is attributable to the increasing number of strict regulations imposed on the usage of synthetic crop protection chemicals for protecting the environment. Asia Pacific, on the other hand, is anticipated to grow significantly in the coming years because of the greater usage of bio-based crop protection chemicals for the production of row crops, such as rice, soy, and what in this region.
Key Companies Aim to Cater to High Demand by Collaborating & Enhancing Portfolios
The high demand for biopesticides is causing key companies to focus on diversifying their existing product offerings. To do so, some of them are launching new biopesticides, whereas some of the others are engaging in partnerships and collaborations. Below are two most recent industry developments:
- July 2020: BASF SE announced the launch of Velifer, its latest biological pest control in Australia. It is capable of preventing insects from becoming resistant to pesticides.
- March 2020: Marrone Bio Innovations joined hands with Anasac to distribute and produce Grandevo and Venerate biopesticides in Chile.
Fortune Business Insights™ lists out the names of all the renowned biopesticides companies operating in the global market. They are as follows:
- Syngenta AG (Basel, Switzerland)
- Bayer CropScience (Leverkusen, Germany)
- BASF SE (Ludwigshafen, Germany)
- DowDupont (Delaware, United States)
- Marrone Bio Innovations (Davis, United States)
- Koppert (Rodenrijs, Netherlands)
- Valent BioSciences (Illinois, United States)
- BioWorks Inc. (New York, United States)
- Isagro S.p.A(Italy)
- Certis USA LLC., (Columbia, United States)