- Biopesticides Market is expected to grow at a CAGR over 15.9% from 2017 to 2023.
- To improve the efficiency of biopesticides, major players are investing in research and development.
- Biopesticides are usually inherently less toxic than conventional pesticides.
The Biopesticides Market includes naturally occurring substances that control pests, microorganisms that control pests, and pesticidal substances produced by plants containing added genetic material. Biopesticides usually fight their intended pests while chemicals end up affecting non-target species, which include other insects, birds, and mammals.
Moreover, biopesticides are usually inherently less toxic than conventional pesticides, which is driving the growth of the market. The most common types of biopesticides include bioherbicide, bioinsecticide, bio fungicide, and others.
Increasing population and the resulting demand for food have led to the need for high agricultural productivity, which is driving the growth of the biopesticides market. Moreover, limited availability of cultivable land is boosting the demand for biopesticides to increase farm productivity.
Growing acceptance of modern farming techniques is adding fuel to the growth of the biopesticides market. To improve the efficiency of biopesticides, major players are investing in research and development, which is further adding fuel to the growth of the global biopesticides market. However, high cost and low availability of biopesticides may hamper the growth of the market over the review period. Nevertheless, all these factors are projected to contribute to the estimated CAGR of 15.9% of biopesticides market during the forecast period through 2023.
The major players in the Biopesticides Market are Bayer Crop Science AG (Germany), DuPont (U.S.), BASF SE (Germany), Monsanto Company (U.S.), Syngenta (Switzerland), Novozymes Biologicals (Denmark), and Certis USA LLC (U.S.).
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Biopesticides Market is segmented based on a type such as bioherbicide, bioinsecticide, bio fungicide, and others. Among all, bioinsecticide is expected to grow at the fastest rate based on its convenience to use and easy application.
Based on the form, Biopesticides Market is segmented into dry, liquid and others. The liquid formulation is gaining popularity as compared to other forms.
Based on the application, Biopesticides Market is segmented into foliar spray, seed treatment, soil treatment, and others. Foliar-applied biopesticides are expected to grow substantially over the forecast period. However, soil treatment is projected to gain a moderate growth over the estimated period.
Based on the crop, the Biopesticides Market is segmented into cereals & grains, fruits & vegetables, oilseeds, and others. Among all, cereals & grains are dominating the market. However, fruits and vegetables are expected to witness a substantial growth over the forecast period.
The global Biopesticides Market is segmented into North America, Europe, Asia Pacific, and rest of the world (RoW). North America is leading the biopesticides market. Growing demand for organic products in the U.S. and product innovations by the key players in this region is majorly driving the growth of the biopesticides in this region.
Europe is expected to be the second largest Biopesticides Market. Germany and the U.K are the major contributors to the growth of this region. The Asia Pacific is the fastest growing region in the market. Growing awareness in developing countries is boosting the growth of biopesticides in this region. India, China, and Australia are the major contributors to the growth of the region. South America is likely to experience a moderate growth in the rest of the world market.