The global biopesticide market size is projected to reach USD 10.63 billion by 2027, exhibiting a dramatic CAGR of 13.1 % during the forecast period. Increased demand for organic food worldwide will fuel the market observes, Fortune Business Insights™ in its report, titled “Biopesticide Market-2020-2027”.
Organic foods have gained popularity as they do not contain chemical pesticides and fertilizers and are grown naturally. Moreover, people are aware of its health benefits. For instance, According to Organic Industry Survey 2020, in the U.S., organic food sales hit $50.1 billion, up 4.6% from 2019 as people are health conscious, and the current pandemic situation has also fueled the demand for chemical-free food, thus fueling the market.
The COVID-19 pandemic has led to a severe economic downturn, impacting industries in a variety of ways. However, in these difficult times, the biopesticide industry saw a decline in its production due to the unavailability of raw materials. The supply chain was disrupted as workers were not available due to lockdown.
Based on the product type, the market is divided into bioinsecticide, biofungicide, bionematicide. Based on the source, the market is divided into microbial and biochemical. On the basis of mode of action, it is divided into foliar application, seed treatment, and soil treatment. The market is divided into cereals, oilseed, fruits& vegetables, and other crops by crop. In terms of geography, the market is segmented into, North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
This report includes in-depth information about the biopesticide market. The data present in it is associated with drastic changes in material usage, novel product launches, and technological advancements. It offers dynamics based on multiple factors, such as opportunities, challenges, drivers, and restraints. In addition to that, it will deliver a complete insight from the supply side respondents related to market share, distribution, and size.
Drivers and Restraints:
Environment-Friendly Alternatives to Boost the Market
The synthetic pesticide has caused widespread damage to the environment; thus, several government organizations applied limitation to the use of these chemical pesticides and encouraged eco-friendly pesticides. Herbicides such as glyphosate which releases harmful toxins in the environment is banned in several countries. Thus companies are coming up with alternatives to glyphospahte. For example, in May 2016, Syngeta AG introduced "Acuron”, a herbicide targeted against weeds in corn. Such developments are expected to promote the market positively.
However, these ecofriendly pesticides have a low adoption rate as compared to chemicals ones, and thus many farmers use chemical pesticides to increase their harvest, thus obstructing the market growth.
North America to Lead Backed by Stringent Rules on the Use of Chemical Pesticides
North America is expected to lead the market owing to stringent rules by the government towards using synthetic pesticides to enhance the yield of the crops. For example, in Canada, its Pesticides Management Regulatory Agency published a report on imidacloprid usage. Their report concluded that this pesticide is toxic to beneficial aquatic insects such as mayflies. Based on these findings, Health Canada banned imidacloprid for major agricultural uses in November 2016. Such prohibition has led the demand for green inputs to rise and thus promoting the regional market.
On the other hand, the Asia Pacific market is also rising significantly due to the rapidly growing population in this region. This rising population has led farmers to use eco-friendly pesticides to increase crop yield and keep the land fertile for the next round of cultivation. Besides, in this region, wheat, rice, and soy are highly consumed, so biopesticides are extensively used to increase production, thus promoting the market growth.
Key Players to Launch Biological Pest Control Products to Intensify Competition
Top entities in this market constantly explore avenues to diversify their operations across geographies and bolster their global market position. With biopesticides demand widening, key market players are launching new effective products to establish their foothold in the market. For example, Biovalens launched two new products which were aimed at the biological pest control market. Tricho-Turbo and No-Nema. Tricho-Turbo is a microbiological fungicide used to control soil diseases, along with, it also protects the rhizosphere from soil pathogens and acts as a plant biostimulator. No-Nema is a nematicide, which is formulated with the isolate BV03 of the bacterium Bacillus amyloliquefaciens, used to control worms that feed on the roots of plants
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