Biopesticides Market Estimated To Witness High Growth Owing To Increasing Concern Towards Environment And Sustainability
The biopesticides market is estimated to be valued at US$ 6.2 Bn or 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 pest control formulations made from natural materials like animals, plants, bacteria and certain minerals. They are an important part of integrated pest management (IPM), which is a pest control strategy that utilizes natural chemical, physical and biological pest control methods. Biopesticides provide a good solution for controlling agricultural pests and eliminating crop diseases without harming people or the environment. Some common biopesticide products include microbe-based biopesticides, plant-incorporated protectants, biochemical biopesticides.
Market Dynamics:
Growing environmental concerns regarding the residue of chemical pesticides and increasing demand for organic food are expected to drive the growth of the global biopesticides market over the forecast period. Consumers are shifting towards organic food products owing to rising health concerns due to chemical pesticide residues. Moreover, stringent government regulations on the use of chemical pesticides and promotion of biopesticides as a eco-friendly substitute are also helping the market gain growth momentum. Additionally, increasing awareness among farmers about less toxicity and non-harmful nature of biopesticides are estimated to boost adoption. However, high production costs and limited knowledge about biopesticide applications may limit their use in developing countries.
SWOT Analysis
Strength: Biopesticides are considered environment friendly as they are made from natural materials like plants, bacteria, certain minerals etc. They have minimal environmental impact and are less toxic to humans as compared to chemical pesticides. Biopesticides provide effective long term protection from pests for crops.
Weakness: The manufacturing cost of biopesticides is higher than chemical pesticides. Their effectiveness heavily depends on environmental conditions like temperature, humidity etc. More research is required for their large scale production.
Opportunity: Stringent government regulations restricting the use of chemical pesticides provide major growth opportunities for biopesticides. Organic farming is growing rapidly worldwide creating demand. New biopesticide products are being developed targeting specific pests.
Threats: Subsidies and other support for chemical pesticide producers can limit market acceptance of biopesticides. Natural biological control agents like diseases and insect pests may develop resistance over time reducing product effectiveness.
Key Takeaways
The Global Biopesticides Market Demand is expected to witness high growth, exhibiting a CAGR of 13% over the forecast period, due to increasing demand for chemical free and environment friendly crop protection solutions. Consumers' growing preference for organic food is driving significant market expansion worldwide.
Regional analysis
North America dominates currently due to stringent regulatory norms in countries like the U.S. and Canada regarding chemical pesticide usage. Asia Pacific region is projected to grow at the fastest pace owing to rising health concerns and expansion of organic agricultural practices in nations such as China and India.
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), and Certis USA LLC (U.S.). Product innovation and expansion into emerging markets through collaborations are core strategies among key players.
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