Biopesticides Market: Growing Popularity of Organic Foods and Innovative Product Launches to Boost Market By 2024

The global biopesticides market is fairly consolidated with the top five companies accounting for a combined share of over 50% in 2014, finds Transparency Market Research (TMR). Some of the leading players in this market include BASF SE, Valent Biosciences Corp, Arysta LifeSciences, Bayer CropScience AG, Novozymes, and Dow AgroSciences. The top players are actively investing in research and development of new products, particularly microbial and biochemical pesticides. The leading companies are increasingly mobilizing their capital through acquisitions, licensing deals, and partnership agreements to consolidate their shares.

Owing to an evolving regulatory environment, a large number of chemical pesticide manufacturers have made a foray into the biopesticides sector. In the past few years, intensifying regulatory pressures have led major agro-chemical companies to diversify their assets from chemicals to biopesticides. The global biopesticides market stood at US$1.72 bn in 2014 and is anticipated to reach US$4.17 bn by 2023, expanding at a CAGR of 9.9% during 2015–2023.

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Spiraling Investment in Development of Microbial Pesticides to Bolster Uptake

Based on the type of active ingredients used in biopesticides, the major types are microbial pesticides, plant-pesticides, and biochemical pesticides; among these, the microbial pesticides dominate the market. In the recent years, several manufacturers have invested heavily in the production and marketing of microbial biopesticides, which has triggered the growth of the segment. The microbial pesticides segment is anticipated to rise at an impressive CAGR of 9.70% during 2015 - 2023.

Based on geography, the major regions for the growth of the biopesticides market are Asia Pacific, North America, and Europe; of these, North America dominates the global biopesticides market. The North America market contributed the highest revenue by occupying a share of 41.7% in 2014. The considerable growth of the regional market is driven by the spike in demand for organic food and stringent regulations on the use of chemical pesticides in farming and agriculture.

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Regulatory Pressures on Use of Toxic Chemicals in Agriculture Trigger Adoption of Biopesticides

The biopesticides market is primarily driven by the spiraling demand for chemical-free foods, especially organic foods and the growing environmental regulations on the use of chemical pesticides in various regions. The increasing adoption of biopesticides in crop production and pest management programs is fuelled by the numerous benefits they offer over chemical pesticides.

Biopesticides are preferred over traditional chemical pesticides to improve the quality of crops and enhance farming yield since they are cost-effective, have high host specificity, and are biodegradable, causing minimal impact to ecology. In addition, a surge in research and development of new products, especially in developed regions such as the North America and Europe is expected to boost the market in the coming years. Furthermore, the advent of innovative farming practices and increasing popularity of genetically modifies crops are encouraging developments in the market.

However, the limited awareness on the use of biopesticides, their short shelf life, and the marked reluctance of farmers to use biopesticides are the factors likely to hinder the growth of the market to some extent. Nevertheless, increasing regulatory pressures on the use of toxic agrochemicals in emerging and established markets and new product launches by several agrochemical companies are expected to unlock exciting opportunities for players.

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