Biopesticides Market Forecast
Biopesticides market exhibit a remarkable ability to affect only the target pest and closely related organisms, a significant factor contributing to the market's growth. The escalating global population and the surging demand for food have driven agricultural productivity to new heights, creating a conducive environment for the expansion of the biopesticides market. Additionally, the limited availability of cultivable land has spurred the demand for biopesticides as a means to boost farm productivity. Biopesticides market encompasses a diverse array of naturally occurring substances and microorganisms designed to control pests, along with pesticide substances produced by plants featuring added genetic material. In contrast to conventional chemicals that often affect non-target species, including other insects, birds, and mammals, biopesticides demonstrate a more targeted impact on their intended pests. Their inherent lower toxicity compared to conventional pesticides is a key driver for the flourishing growth of the market. The most prevalent types of biopesticides include bioherbicides, bioinsecticides, biofungicides, and others.
The growing acceptance of modern farming techniques is a catalyst for the market's expansion, and major industry players are investing significantly in research and development to enhance the efficiency of biopesticides. However, challenges such as high costs and limited availability of biopesticides may pose obstacles to the market's growth over the review period. Despite these challenges, all these factors collectively contribute to the estimated Compound Annual Growth Rate (CAGR) of 15.9% for the biopesticides market during the forecast period from 2017 to 2023.
Downstream Analysis
The biopesticides market is segmented based on types, including bioherbicide, bioinsecticide, biofungicide, and others. Among these, bioinsecticide is anticipated to witness the fastest growth due to its convenience of use and easy application.
Considering the form of biopesticides market share is categorized into dry, liquid, and others. The liquid formulation is gaining popularity compared to other forms due to its ease of use and versatility.
On the application front, the biopesticides market is segmented into foliar spray, seed treatment, soil treatment, and others. Foliar-applied biopesticides are expected to experience substantial growth over the forecast period. Meanwhile, soil treatment is projected to witness moderate growth during the estimated period.
The crop-wise segmentation includes cereals & grains, fruits & vegetables, oilseeds, and others. Cereals & grains dominate the market, but fruits and vegetables are expected to witness substantial growth over the forecast period.
Competitive Analysis
Major players in the Biopesticides market include:
- Bayer Crop Science AG (Germany)
- DuPont (U.S.)
- BASF SE (Germany)
- Monsanto Company (U.S.)
- Syngenta (Switzerland)
- Novozymes Biologicals (Denmark)
- Certis USA LLC (U.S.)
Regional Analysis
The global biopesticides market is segmented into North America, Europe, Asia Pacific, and the rest of the world (RoW). North America takes the lead in the biopesticides market, driven by a growing demand for organic products in the U.S. and continuous product innovations by key players.
Europe is anticipated to be the second-largest biopesticides market, with Germany and the U.K being major contributors to growth in this region. The Asia Pacific region is positioned as the fastest-growing market, buoyed by growing awareness in developing countries. India, China, and Australia play pivotal roles in driving the region's growth. South America is expected to experience moderate growth in the rest of the world market.
Market Segmentation
Biopesticides market segmentation is based on type, form, application, crop, and region. This comprehensive segmentation approach allows for a detailed analysis of the diverse factors influencing the biopesticides market across various parameters.
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