Biopesticides Market - Global Industry Analysis 2023

The global biopesticides market is partially consolidated with the top five players accounting for about half the market share. Some of the big names operating in the market are BASF SE, Arysta LifeSciences, Valent Biosciences Corp, Bayer CropScience AG, and Dow AgroSciences, Novozymes A/S. They have invested heavily in research and development of new biopesticides, particularly biochemical pesticides, microbial pesticides, and plant-pesticides.

The global market for biopesticides is regulated tightly by government. The U.S. Department of Agriculture and Department of Food and Drugs Administration were the first to formulate rules pertaining to pesticides. Later the Environmental Protection Agency (EPA) had been tasked with formulating rules and monitoring the market. The EPA has significantly supported research and development activities in the U.S. and this would likely lead to the unveiling of new biopesticides in the near future. Sensing opportunity in the market, prominent agrichemical companies have forayed into it through partnerships, licensing deals, and acquisitions.

The global market for biopesticides was worth US$1.96 bn in 2015 and is predicted to attain a value of US$4.17 bn by 2023 by clocking a CAGR of 9.9% from 2015 to 2023.

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Spiking Demand for Organic Food Makes Microbial Pesticides the Dominant Segment

Among the various types of active ingredients used in biopesticides, the microbial pesticides lead the market. This is because in the past couple of years, many manufacturers have embarked upon the discovery of microbial biopesticides driven by the demand for organic food products. The segment is expected to expand at a healthy CAGR of 9.70% between 2015 and 2023.

Geographically, the global market for biopesticides can be divided into North America, Europe, Asia Pacific, and the Rest of the World. North America, among them, dominates the market with a leading share. In the near future too North America is expected to see steady growth powered by demand from the U.S. and Canada. Asia Pacific trails North America in terms of market share. In Europe, the countries of Spain, Italy, and France have emerged as prime markets, while the U.K. and Germany have emerged as hotspots for testing market receptiveness of new products. Strong emphasis on research and development activities by prominent players are primary factors fuelling the European biopesticides market.

High Toxicity of Chemical Pesticides Aids Uptake of Biopesticides

The soaring popularity of organic farming has primarily fuelled the global biopesticides market. Their popularity has resulted from the fact that biopesticides are essentially biological agents for controlling weeds, diseases, and pests in crops. “They are usually extracted from bacteria, animals, plants, and minerals. Their unique perceived benefits are that they are less toxic to humans and are highly effective in smaller quantities. Biopesticides are environment-friendly and are great alternatives to the traditional chemical pesticides. Biopesticides, being easily decomposable, do not leave any dangerous residue behind,” explains the analyst of the report. The increasing concerns about environment and the health hazards posed by chemical pesticides, coupled with regulations framed against them, have led to the significant uptake of biopesticides.

Other factors driving demand in the global biopesticides market are their increasing availability and new products being unveiled every now and then. Emergence of new species of pests is also boosting the market. Hampering growth in the market is low shelf life of biopesticides, lack of awareness about its benefits, and the reluctance of switch to biopesticides from chemical pesticides.

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This release was published on openPR.