Press release
Biopesticides Market Expected to Reach $11,176 Million by 2022 | Key Players: Actagro LLC., Ag Biochem Inc., Agbitech Pty Ltd., Bio-Tech Ltd., Amit Biotech, Amvac Chemical, Andermatt Biocontrol Ag, Arbico Organics, Bayer Aga
Biopesticides Market was valued at $3,738 million in 2015, and is projected to reach $11,176 million by 2022, growing at a CAGR of 16.9% from 2016 to 2022. Based on the crop type, orchards segment occupied major share of the global market in 2015.
The microbial pesticides (i.e., products that contain a microorganism, such as a bacterium or fungus as the active ingredient) and the biochemical pesticides, (i.e., products that contain naturally occurring substances, such as insect sex pheromones, certain plant extracts, and fatty acids) provide crop protection without any harmful residues.
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Biopesticidal products provide viable alternatives in situations where conventional chemical pesticides and genetically modified crops are subject to regulatory restrictions driving the market growth. Biopesticides comply with market-imposed requirements for pest management programs by food processors and retailers for organic food.
Top key players:
• Actagro LLC.
• Ag Biochem Inc.
• Agbitech Pty Ltd.
• Bio-Tech Ltd.
• Amit Biotech
• Amvac Chemical
• Andermatt Biocontrol Ag
• Arbico Organics
• Bayer Aga
• Basf Corp.
Furthermore, biopesticides are environment-friendly and meet stringent organic farming requirements driving the market growth. Biopesticides are exempted from Maximum Residue Limit (MRL) that are applicable to synthetic pesticides and are expected to to encourage the development of insect, fungal, and bacterial resistance.
The microbial biopesticides segment accounted for the highest share, both in terms of value and volume, owing to the increase in usage of bacterial biopesticides in the agriculture and horticulture industry. This segment is also expected to grow at the highest rate during the forecast period.
Key Findings of the Biopesticides Market:
• North America dominated the global biopesticides market in 2015, accounting for one-third share of the market, in terms of revenue.
• In 2015, microbial pesticides segment accounted for around 90% of the global market, and is anticipated to witness highest growth during the forecast period.
• On the basis of crop type, the orchards segment accounted for more than half of the share in 2015, and is anticipated to maintain its lead during the forecast period.
• Germany generated more than one-fifth of the total revenue in the Europe biopesticides market in 2015, and is expected to show highest growth rate.
• Asia-Pacific biopesticides market is expected to grow at the highest rate.
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