Biopesticides are types of pesticides derived from such natural materials as animals, plants, bacteria, and certain minerals. Biopesticides help farmers minimize risks to health and environment by providing alternative choices to traditional chemical pesticides. They are used to control pests by certain active ingredients that are present naturally, such as plant-extracted compounds, bacteria, and viruses.
The global biopesticides market is estimated to be valued at US$ 6.2 Bn in 2023 and is expected to exhibit a CAGR of 3.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Government impetus in various countries to promote sustainable agricultural practices is a key factor driving the growth of the biopesticides market. Countries are encouraging farmers to shift from conventional chemical pesticides to eco-friendly biopesticides through grants and subsidies. For instance, in August 2022, the Indian government allocated Rs. 500 crores budget to support various sustainable agricultural programs including adoption of biopesticides. Such government support helps biopesticide producers to establish infrastructure and create awareness among farmers about benefits of biopesticides. This trend of government promoting adoption of biopesticides through financial incentives is expected to accelerate growth of the global market during the forecast period.
Segment Analysis
The global biopesticides market is dominated by the bioinsecticides sub-segment. Bioinsecticides account for nearly 60% of the total market share owing to their high demand in controlling sucking and chewing pests in various crops like fruits & vegetables, cereals & grains, and oilseeds & pulses. Biofungicides account for approximately 20% of the market and are expected to witness growth in the forecast period due to increasing need to control fungal plant pathogens.
Key Takeaways
The Global Biopesticides Market Share is expected to witness high growth at a CAGR of 3.4% during the forecast period of 2023 to 2030. The market size is projected to reach US$ 6.2 Bn by 2023.
Regional analysis
North America dominates the global biopesticides market with over 35% market share owing to supporting regulatory framework and major production of biopesticides in the region. Asia Pacific is anticipated to be the fastest growing region due to abundant availability of feedstock and huge agricultural land for production in countries like India and China.
Key players
Key players operating in the biopesticides market are Jansen Poultry Equipment, Petersime NV, Vencomatic Group, Big Dutchman International GmbH, Valco Companies, Inc., TEXHA PA LLC, Hartmann Lebensmitteltechnik Anlagenbau GmbH, and HAMEX-GROUP. They are focusing on new product launches and expanding their business across different geographies.
Get More Insights Here
https://wotpost.com/optical-transceivers-enabling-high-speed-data-transmission/
https://www.newswirestats.com/biopesticides-market-size-share-growth-outlook-2023/
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