Biomarkers Are Fueling The Growth Of The Biopesticides Market

 
Biopesticides Market

The global Biopesticides Market is estimated to be valued at US$ 6.2 Bn in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Biopesticides are certain types of pesticides derived from such natural materials as animals, plants, bacteria, and certain minerals. Biopesticides which include biological pesticides provide a good solution and effective substitute for chemical pesticides. They are believed to pose minimal risks to human health and the environment. The rising demand for eco-friendly pesticides and awareness regarding residue in food is driving the growth of the market.

Market key trends:
The growing trend of organic farming is estimated to boost the demand for biopesticides over the forecast period. Organic farming prohibits the use of synthetic chemical pesticides and fertilizers. For maintenance of organic certification, farmers are focusing on biopesticides as an alternative to control pests and diseases. As per International Federation of Organic Agriculture Movements, the global certified organic agricultural land has increased from 37.2 million hectares in 2013 to 71.5 million hectares in 2018. Additionally, ongoing R&D activities for development of newer and advanced biopesticide formulations by key players are also fueling the market growth. For instance, in September 2021, Syngenta launched two new biopesticide products Venerate and Sonata which have new modes of action against pests and diseases and provides protection for various crops.
Segment Analysis

The global biopesticides market is segmented into product type, crop type and mode of application. By product type, bio-insecticides dominate the global market and accounted for over 35% share in 2023 due to their effectiveness in dealing with pest attacks on wide range of crops. Bio-insecticides limit collateral damage to non-target organisms and the environment. By crop type, fruits & vegetables accounted for largest share in 2023 as these crops require high degree of protection from pests and pathogens. By mode of application, foliar spray dominates the market due to ease of application on wide array of food crops.

Key Takeaways

The Global Biopesticides Market Demand is expected to witness high growth, exhibiting CAGR of 13% over the forecast period, due to increasing consumer preference for chemical-free agricultural produce and environmentally sustainable agricultural practices. The market size for 2023 is US$ 6.2 Bn.

Regional analysis North America dominates the global biopesticides market and is expected to continue its dominance over the forecast period, owing fastest adoption of biological alternatives to chemical pesticides. Asia Pacific is expected to be the fastest growing market owing to supporting government regulations and increasing awareness about adverse effects of chemical pesticides.

Key players operating in the biopesticides market include DuPont (U.S.), Bayer Crop Science AG (Germany), Monsanto Company (U.S.), BASF SE (Germany), Novozymes Biologicals (Denmark), Syngenta (Switzerland), Certis USA LLC (U.S.). The key players are actively engaged in new product launches and strategic collaborations to expand their market share. For instance, in 2022, Bayer collaborated with Proterra to strengthen biopesticides business.

Read More:

https://www.marketwebjournal.com/biopesticides-market-demand-size-and-forecast/

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