In terms of revenue, the Global Biopesticides Market is expected to reach USD 12.2 Billion by 2028, growing at a CAGR (Compound Annual Growth Rate) of 15.00% from 2022 to 2028.
The two major factors propelling the market's growth are significant growth in the agriculture industry and the increasing use of organic farming techniques. Biopesticides are used more frequently to increase soil fertility and prevent plant infestation, owing to increased concerns about soil health, agricultural sustainability, and environmental safety. The market is also growing due to increasing consumer awareness of the adverse ecological effects of utilizing synthetic pesticides and other agricultural additives.
Key Highlights from Report:
● Among the Formulation Type, the liquid formulation segment is anticipated to dominate the Biopesticides Market during the forecast period. The liquid formulation is usually sprayed, leading to Biopesticides' even application.
Additionally, they are believed to be more beneficial because liquid formulations make the active microbial components more viable than dry ones. As a result, they are anticipated to grow more quickly over the projection period.
● The Foliar Spray segment accounted for the largest market share of the mode of application segment. Microbial pesticides are sprayed directly into the leaves of plants in foliar sprays to combat insects and mites. It is the most effective tool to control pests in the short term.
● In addition, the Foliar Application provides a quick means of correcting pest attacks when visible on the plant. Fast, effective, and convenient application, along with the rise in demand for horticultural crops, is driving their market growth. Thus, foliar spray dominates the market and is expected to do so in the coming years.
● North America held the largest Biopesticides Market share and is anticipated to be the most profitable market during the forecast period.
● Farmers in this region are also being prompted to use Biopesticides by rising customer demand for organic food and worries about residue levels in food. Hence, driving the market growth in the region.
The development of synthetic crop protection products is expensive. In divergence to Biopesticides, which are comparatively less costly and have short development processes, manufacturing a conventional synthetic product necessitates extensive Research and Development (R&D) operations and stringent regulatory approvals.
Due to its cost-effectiveness, small businesses and startups are entering this industry with constrained research budgets. This has resulted in fierce rivalry among key competitors in the Biopesticides industry. In addition, key businesses are striving toward more sustainable alternatives to chemical pesticides, as seen by the prolonged timescale for their introduction.
North America market is anticipated to observe considerable market growth, with the highest growth rate during the forecast period. The significant market share is mainly attributable to the growing environmental concerns regarding the effects of chemicals, the rise in demand for organic foods, and the ease of registration.
In addition, the presence of numerous important players in the area and farmers' increasing adoption of environmentally friendly farming practices all contribute to the growth of the North America Biopesticides Market.
The Global Biopesticides Market is Segmented as follows:
- Crop Type
- Cereal & Grains
- Oilseeds & Pulses
- Fruits & Vegetables
- Other Crop Types
- Formulation Type
- Liquid Formulation
- Dry Formulation
- Microbial Pesticides
- Biochemical Pesticides
- Plant-Incorporated Protectants
- Mode of Application
- Seed Treatment
- Soil Treatment
- Foliar Spray
- Other Modes of Application
- Bio Insecticides
- Bio Fungicides
- Bio Herbicides
- Others (including Plant Growth Regulators)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
List of the Key Players of the Global Biopesticides Market is:
Certis USA LLC, Syngenta International AG, Nufarm Ltd, Bayer AG, Novozymes A/S, Gujarat State Fertilizers & Chemicals Ltd., FMC Corporation, Agri Life, Symborg S.L., Biotech International Limited, T. Stanes & Company Limited, Summit Chemical Inc., BioSafe Systems LLC
The Global Biopesticides Market Scope can be Tabulated as below:
|Market Size Provided for Years||2017 - 2030|
|Historic Years||2017 - 2021|
|Forecast Years||2023 - 2030|
|Regions & Counties Covered||
|Report Coverage||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis|