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Biopesticides Market: Meticulous Research® Uncovers the Factors Leading to Market Growth at a CAGR of 11.7% to Reach $9.6 Billion by 2028

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Biopesticides Market: Meticulous Research® Uncovers the Factors Leading to Market Growth at a CAGR of 11.7% to Reach $9.6 Billion by 2028

October 14
13:28 2021
Biopesticides Market: Meticulous Research® Uncovers the Factors Leading to Market Growth at a CAGR of 11.7% to Reach $9.6 Billion by 2028
In terms of size, the Biopesticides Market is expected to reach $9.6 billion by 2028, at a CAGR of 11.7% during the forecast period 2021 to 2028. Also, in terms of volume, the biopesticides market is expected to record a CAGR of 9.6% from 2021 to 2028 to reach 558.4 KT by 2028.
Biopesticide Market by Product Type (Bioinsecticides, Bioherbicides, Biofungicides), Origin (Microbial, Biochemical), Formulation (Liquid, Dry), Mode of Application (Foliar Spray, Seed Treatment), Crop Type, and Geography – Global Forecast to 2028. Biopesticides Market is expected to reach $9.6 billion by 2028, at a CAGR of 11.7% during the forecast period 2021 to 2028.

The Asian market is expected to offer immense growth opportunities for players operating in this market, as China and India use more biopesticides. The market competitiveness of biopesticides has been increasing with the growing demand for organic food in these countries as in organic production systems; biopesticides represent the most significant crop protection tools because a grower has to produce a quality crop without chemical residue. In 2020, the Ministry of Agriculture of Brazil published the record of two biological pesticides. One is based on garlic extract, which can control nematodes (soil pests that attack plant roots), and the other is a mite that controls the whitefly, a pest that attacks potatoes, tomatoes, and beans, among other crops.

With the Chinese government’s move to stimulate agricultural development to alleviate poverty, the combination of science and technology with the growing interest in biopesticides has appeared and, as a result, has been promoted rapidly. In China and other developing nations, the environmental hazards caused by chemical pesticides have driven them to biopesticides. As a part of China’s plan of zero growth of pesticides consumption up to 2020, more efforts are undertaken to develop biopesticides. In 2020, China reduced plant protection chemicals to ward off weeds and pests by 20% and non-organic fertilizers by 50%.

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In addition, in 2016, Brazil’s National Health Surveillance Agency (Anvisa) cleaned up the registration line of agrochemical products of original biological products for use either in conventional agriculture or organic agriculture. The goal is to promote the expansion of the use of biological products and to reduce the use of agrochemicals with more toxicity. Thus, the increasing demand for organic food, high prevalence of crop diseases, and government and research institute initiatives to develop biopesticides make Asia-Pacific and Latin American regions a land of opportunities for the biopesticides market.

According to this latest publication from Meticulous Research®, the global biopesticides marketis expected to grow at a CAGR of 11.7% from 2021 to 2028 to reach $9.6 billion by 2028. Also, in terms of volume, the biopesticides market is expected to record a CAGR of 9.6% from 2021 to 2028 to reach 558.4 KT by 2028.

The growth of this market is backed by the increasing investment from leading crop protection companies, growing awareness about environmental safety, higher crop quality and yield with the use of biopesticides, growing organic farming & demand for organic food, and rising government initiatives.

To provide efficient analysis, Meticulous Research® has segmented this market based on product type (bioinsecticides, bioherbicides, biofungicides, bionematicides, and other biopesticides), origin (microbial, biochemical, and PIP), by formulation (liquid biopesticides and dry biopesticides), mode of application (foliar spray, seed treatment, soil treatment, root treatment, post-harvest application, and other modes of application), crop type (fruits & vegetables, cereals & grains, oilseeds & pulses, and other crops), and geography (North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa). The study also evaluates industry competitors and analyzes the market at the country level.

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Geographically, the global biopesticides market is divided into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. North America is estimated to account for the largest share of the global biopesticides market in 2021, followed by Europe and Asia-Pacific, owing to the rising concerns over harmful chemicals on the environment, increasing demand for organic food, and the presence of a streamlined registration process. Also, the presence of a large number of key players in North America and the growing adoption of eco-friendly farming methods by farmers further supports the growth of the North American biopesticides market.

Based on product type, the bioinsecticides segment is estimated to account for the largest share of the global biopesticides market in 2021. Moreover, this segment is further expected to remain the largest product type through 2028 in the biopesticides market due to the growing awareness regarding the environmental hazards of chemical insecticides, a high prevalence of insect-based infections, and the rising number of insecticide-resistant pests.

Based on origin, the microbial biopesticides segment is estimated to account for the largest share of the global biopesticides market in 2021. Moreover, this segment is expected to record the highest CAGR during the forecast period, as microbial origin pesticides are composed of naturally occurring viruses, fungi, or bacteria. They are mostly preferred for organic and residue-free food production. Further, factors such as the higher advantage of selectivity; high effectivity; no adverse effects on humans, plants, and animals; and ease of use are driving the growth of the microbial biopesticides market across the globe.

Based on formulation, the liquid biopesticides segment is estimated to account for the larger share of the global biopesticides market in 2021. Moreover, this segment is further expected to record the highest CAGR during the forecast period owing to the liquid biopesticides’ longer duration of effectiveness (up to 6 months) compared to dry biopesticides (up to 3 months) and their better performance in disease control.

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Based on mode of application, in 2021, the foliar spray segment is estimated to account for the largest share of the global biopesticides market. This segment’s large share is mainly attributed to the uniform distribution of biochemicals, highest biopesticide use efficiency, and minimum to no wastage of biopesticides achieved using the foliar spray technique.

Based on crop type, the fruits & vegetables segment is estimated to account for the largest share of the global biopesticides market in 2021, owing to the increasing fruit & vegetable production across the globe, growth in organic farming globally, and the growing number of diseases affecting fruit & vegetable crops.

The key players profiled in the global biopesticides market research report are Bayer AG (Germany), Marrone Bio Innovations, Inc. (U.S.), Certis USA L.L.C. (A Part of Mitsui & Co.) (U.S.), The Dow Chemical Company (Part of Dow Inc.) (U.S.), Andermatt Biocontol AG (Switzerland), BASF SE (Germany), Som Phytopharma India Limited (India), Syngenta AG (Part of ChemChina) (Switzerland), International Panaacea Ltd (IPL)(India), The Stockton (STK) Group (Israel), BioWorks, Inc. (U.S.), Novozymes A/S (Denmark), Koppert B.V. (Netherlands), W. Neudorff GmbH KG (Germany), InVivo Group (France), Valent U.S.A. LLC (part of Sumitomo Chemical Co., Ltd.) (U.S.), FMC Corporation (U.S.), and Gowan Company, LLC. (U.S.), among others.

TOP 10 COMPANIES IN BIOPESTICIDES MARKET

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