In terms of value, the global biopesticides market is projected to expand at a CAGR of 14.2% from 2019 to 2027, according to a new research report titled ‘Biopesticides Market – Global Industry Analysis, Value, Share, Growth, Trends, and Forecast, 2019–2027’ published by Transparency Market Research (TMR) In terms of value, the global biopesticides market is expected to reach US$ 6.8 Bn by 2027.
The market is driven by the rise in demand for bio-based products across the globe. North America held significant share of the global biopesticides market in 2018. However, the biopesticides market in Asia Pacific is estimated to expand at a rapid CAGR of 14.8% during the forecast period, owing to the increase in demand for efficient agrochemicals the region. Based on source, the microbial pesticides segment accounted for key share of the global biopesticides market in 2018. Bioherbicides is a prominent product segment of the global biopesticides market.
Rise in Demand for Microbial Pesticides and Bioherbicides to Boost Market
Based on source, the microbial pesticides segment accounted for major share of the biopesticides market in terms of value and volume in 2018. This can be ascribed to the low prices of microbial biopesticides and their low toxicity. These biopesticides possess better performance properties in terms of precise pathogen and pest control on targeted organisms. Based on product, the bioherbicides segment constituted key share of the market due to their excellent properties of weed control. Growth of the bioherbicides segment is driven by the rise in adoption of bioherbicides in integrated weed control processes.
Reluctance in Adoption of Modern Pesticides among End-users to Restrain Market
Conventional techniques dominate the agriculture sector in most of the developing countries. Farmers are also unaware about the ill-effects of chemical-based pesticides such as soil infertility and environmental pollution. Thus, the rate of adoption of advanced products is sluggish in agriculture and agriculture-related industries, primarily in developing economies. Lack of effective distribution network has also adversely affected the availability of biopesticides in local markets. These factors are anticipated to hamper the biopesticides market in the near future.
Bacillus thuringiensis (Bt) based Biopesticides Offer Key Opportunities
Bacillus thuringiensis (Bt) is a naturally occurring bacterium in soil. It is toxic to certain pests when sprayed on plants. Several subspecies of Bt bacterium are employed in the development of products such as insecticides, fungicides, nematicides, herbicides, and plant-incorporated protectants. Extensive research is being carried out on Bt to extend its toxicity in order to widen its effectiveness over a broad spectrum of species. Furthermore, easy adoption of Bt based biopesticides in IPM systems to enhance crop yield is anticipated to create opportunities in emerging countries in Asia Pacific and Latin America.
North America Accounts for Major Share in Terms of Volume and Value
North America was the prominent region of the global biopesticides market, accounting for more than 30% share in terms of volume and value in 2018. Rise in awareness about the harmful effects of chemical-based agro products and increase in demand for organic food are key factors driving the biopesticides market in the region. However, the biopesticides market in Asia Pacific is anticipated to expand at considerable pace during the forecast period. Increase in demand for food yield due to the ever-growing population has boosted the demand for efficient agrochemicals in the region. Thus, cost effectiveness and excellent performance in terms of pest & pathogen control is anticipated to fuel the demand for biopesticides during the forecast period.
Global Biopesticides Market is Fragmented
The global biopesticides market is fragmented with the presence of large numbers of global and local players. Key players operating in the global market include Certis USA L.L.C., Bayer AG, Syngenta International AG, FMC Corporation, Novozymes A/S, Gujarat State Fertilizers and Chemicals Ltd, AGRICHEM, Symborg S. L., Biotech International Ltd, T. Stance & Company Ltd, Summit Chemical LLC, and BioSafe Systems LLC.