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Biorational Products Market Trends and Growth Drivers | 2024 To 2033 Key Players Isagro S. p. A., Summit Chemical Company, Gowan Company LLC, BASF SE, Suterra LLC
Biorational Products Market Share
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According to The Business Research Company's, The biorational market size has grown rapidly in recent years. It will grow from $3.9 billion in 2023 to $4.56 billion in 2024 at a compound annual growth rate (CAGR) of 17.0%. The growth in the historic period can be attributed to increased awareness about environmental concerns , the negative impacts of chemical pesticides , eco-friendly agricultural practices.
The biorational market size is expected to see rapid growth in the next few years. It will grow to $8.37 billion in 2028 at a compound annual growth rate (CAGR) of 16.4%. The growth in the forecast period can be attributed to regulatory support, the push for organic farming, the desire to reduce chemical residues in food. Major trends in the forecast period include advancements in research, increasing adoption of integrated pest management (ipm) strategies, technological advancements, improved formulations.
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Market Drivers and Trends:
Increasing adoption of integrated pest management is driving the demand for biorational products going forward. Integrated Pest Management is a system of managing pests that has been designed to be sustainable. Integrated pest management involves using the best combination of cultural, biological, and chemical measures for particular circumstances, including plant biotechnology as appropriate. The use of biorational products for the management of insect pests has grown intensively, which has increased its popularity. The Government of India has adopted integrated pest management (IPM) as the main plank of plant protection in the Crop Production Programme. For instance, according to the Government of India Ministry of Agriculture and Farmers Welfare, in 2021, crop yield has been increased from 6.72-40.14% in rice and 22.7-26.63% in cotton in integrated pest management fields when compared to non-integrated pest management fields. Therefore, the increasing adoption of integrated pest management will drive the growth of the biorational market.
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
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Major Key Players of the Market:
Isagro S. p. A., Summit Chemical Company, Gowan Company LLC, BASF SE, Suterra LLC, McLaughlin Gormley King Company, Marrone Bio Innovations Inc., Biological Control Products LLC, Russell IPM Ltd., Valent BioSciences LLC, Sumitomo Chemical Company Limited, Certis USA LLC, BioWorks Inc., Koppert Biological Systems B. V., Vestaron Corporation, Andermatt Group AG, AgBiTech Pty Ltd., e-nema GmbH, Novozymes A/S, Nufarm Limited, OHP Inc., Sipcam Agro USA Inc., Verdera Oy, STK Bio-ag Technologies, Cedar Chemicals LLC, Pherobank BV, Exosect Ltd., Shin-Etsu Chemical Co. Ltd., AgriSense-BCS Ltd.
Biorational Market 2024 Key Insights:
• The biorational market size is expected to see rapid growth in the next few years. It will grow to $8.37 billion in 2028 at a compound annual growth rate (CAGR) of 16.4%.
• Growing Adoption Of Integrated Pest Management (IPM) Fuels Demand For Biorational Products In Agriculture
• Innovative Technological Advancements Drive Growth In The Biorational Market
• North America was the largest region in the biorational market in 2023
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