by Market Overview:
Biopesticides are biological agents that are used for pest control to complement synthetic chemical pesticides with reduced risk in crop protection. They help reduce dependency on chemical pesticides and offer eco-friendly solutions for pest management.
Market key trends:
One of the major trends in the biopesticides market is the increasing demand for organic food. Consumers are becoming more aware about the adverse effects of chemical pesticides residues in food. This has increased the demand for organic food that is grown without the use of synthetic chemicals. According to Willer and Lernoud, the global organic agricultural land has grown from 37 million hectares to 72.3 million hectares between 2006 to 2019. This increasing acreage of organic farmland is expected to propel the demand for biopesticides over the forecast period.
Market Key Trends:
The biopesticides market is witnessing growing adoption of bio-based crop protection solutions owing to increasing awareness about environmental safety and sustainability. Farmers are increasingly shifting from chemical pesticides to biopesticides due to rising concerns over chemical residue in food and harmful effects on ecology. Moreover, government support in the form of registration and subsidies is boosting biopesticide production and consumption globally.
SWOT Analysis:
Strengths: Biopesticides are considered environment friendly and cause less harm to humans and animals. They also allow for organic food production.
Weaknesses: High production costs and low shelf life hamper the large-scale use of biopesticides. Their effectiveness can also be limited under certain conditions.
Opportunities: Strict regulations on chemical pesticides and growing preference for organic food present opportunities for biopesticide companies to expand their market share.
Threats: Conventional chemical pesticides companies pose threats as they increasingly invest in developing bio-alternatives. Changes in climatic conditions can reduce efficacy of certain biopesticides.
Key Takeaways:
The Global Biopesticides Market Demand is expected to witness high growth, exhibiting 13% CAGR over the forecast period 2023 to 2030, due to increasing preference for organic farming and environment friendly crop protection solutions. The market size for 2023 is estimated at US$ 6.2 Bn.
North America dominates the global biopesticides marketshare due to stringent regulations on chemical pesticides and growing demand for organic food in countries like the US and Canada.Asia Pacific exhibits highest growth led by rapidly growing agriculture sector in India and China.
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.). BASF recently launched a biofungicide called Serifel for diseases control in fruits and vegetables.
Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
