Global Biopesticides Market Worth USD $5.3 Billion By 2020
The global value market for biopesticides is expected to grow at a CAGR (2015 to 2020) of 16.7% owing to its less-toxic nature.
In 2014, North America dominated the global biopesticides value market with 40% share, followed by Europe and Asia-Pacific with approximately 24% and 21% shares respectively.
Due to poor knowledge among farmers, the global biopesticides market is currently facing issues; however, the market for biopesticides is on rise due to its ability of targeting pests without affecting the environment.
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In terms of value, the global market for biopesticides is expected to grow from $2.1 billion in 2014 to $2.4 billion in 2015 at a year-on-year (YOY) growth rate of 15.4%. In addition, the market is expected to grow at a five-year CAGR (2015 to 2020) of 16.7%, to reach $5.3 billion in 2020.
Bayer, BASF, Dow Agro Sciences, Monsanto, Novozymes, Syngenta, Sumitomo are some of the major manufacturers of biopesticides across regions.
This market research report explains the current market for biopesticides in terms of value. The report also highlights the major drivers, challenges and company profiles related to this market.
Biopesticides are derived from natural materials such as, plants, animals and bacteria. They are less toxic than conventional pesticides and affect only the target pest and closely related organisms for which other birds, insects and mammals are not much affected. Biopesticides are also required in very small quantity while crop yields remain high. Also, they decompose quicker than the conventional pesticides. Due to reduced environmental damage and lessened risk to human health, the use of biopesticides are increasing along with stringent government regulations and increasing demand for organic products.
Global Market Forecast for Biopesticides, By Type:
1. The global market for bioinsecticides is expected to grow from $x.x billion in 2014 to $x.x billion in 2015 at a year-on-year growth rate of xx.x%.
2. The global market for biofungicides is expected to grow from $xxx.x million in 2014 to $xxx.x million in 2015 at a year-on-year growth rate of xx.x%
3. The global market for bioherbicides is expected to grow from $xxx.x million in 2014 to $xxx.x million in 2015 at a year-on-year growth rate of xx.x%.
4. The global market for bionematicides is expected to grow from $xxx.x million in 2014 to $xxx.x million in 2015 at a year-on-year growth rate of xx.x%.
5. The global market for other biopesticides is expected to grow from $xx.x million in 2014 to $xx.x million in 2015 at a year-on-year growth rate of xx.x%
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