Sustainable Agricultural Solutions Fuel Surge in Biopesticides Market Revenue
The global biopesticides market is projected to witness substantial growth, with a forecasted value of US$ 34.5 billion by the end of 2031, according to a recent industry analysis. This growth is attributed to the increasing awareness about the harmful effects of chemical-based agro products and the rising demand for organic food. The market was valued at over US$ 10.4 billion in 2021 and is estimated to grow at a CAGR of 14.2% from 2022 to 2031.
Biopesticides, also known as biological pesticides, are derived from natural materials such as animals, plants, bacteria, and certain minerals. They are considered reduced-risk pesticides, leaving little or no toxic residue and possessing various appealing properties that make them valuable components of integrated pest management (IPM).
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The rise in demand for high-quality crops to maintain export quality, regulatory bans on key active ingredients, and the emergence of pests and diseases as a result of climate change are all paving the way for the use of biopesticides in various regions. North America held the largest value share of 38.2% of the global market in 2021, followed by Europe and the Asia Pacific.
The market is consolidated, with a small number of large-scale vendors controlling the majority of the share. Key players in the market, such as Nufarm Ltd, Syngenta International AG, and FMC Corporation, are investing significantly in comprehensive research & development to develop environment-friendly products. Expansion of product portfolios and mergers and acquisitions are the key strategies adopted by these players.
The report also highlights key developments in the global biopesticides market, including acquisitions and product launches by major companies. For instance, Nufarm Ltd announced the acquisition of Trunemco, a division of BASF, and Syngenta International AG launched its first bioinsecticide, Coaster, formulated based on the active strain bacillus thuringiensis.
The surge in preference for cost-effective microbial pesticides with low environmental impact and the profitability of organic farming are expected to drive the market further. The rise in the cultivation of cereals and grains, along with the harmful effects of chemical-based pesticides, is projected to boost the demand for biopesticides among cereal growers.
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