Global Biopesticides market has been estimated to be valued around US$ 2,570 Bn in 2019, which is projected to increase at a CAGR of 12.5% during the forecast period (2019-2028). The growing environmental and health concerns in the world will result in boosting up the market of Biopesticides. Its organic nature and minimal side effect characteristics make it popular worldwide and thus, results into its market growth more than expected in the forecast period.
Biopesticides are made up of organic renewal material such as remains of plants, animals, minerals, fungi and bacteria. Biopesticides are very helpful in pests control and management without creating any environmental degradation. It also doesn’t have any ill effect on crop yield. On the basis of their formation they are of different types such as Bio derived chemicals, RNAi pesticides, Plant incorporated protectants and Microbial pesticides.
Basically, Biopesticides are biologically derived agents which are used in pest management by non toxic process and in an eco-friendly manner. It is used in a similar way as the chemical pesticides are used. It only act on the targeted pests and doesn’t affect the other parts. It helps in controlling various types of crop diseases like Mildew disease. Also it protects internal seeds from various fungal diseases. Thus, Biopesticides works in three phases- it protects seeds, protect crops and also protect after post harvest.
DRIVERS, CHALLENGES AND OPPORTUNITIES
To meet the need of good quality food for the rising population is a big challenge for the whole world. Thus, various advanced techniques are used but the growing health issues are still a concern for the world. To solve this problem, the world is looking towards organic products which ultimately lead to the growth of the Biopesticides market more than the expected rate all over the world.
The growing concern among people towards good health results into the increasing demand of every type of organic products. This leads to the growing rate of organic product industries in the world which directly give a positive impact on the growth of Biopesticides market in the forecast period.
Biopesticides are also very cost-effective in comparison to the chemical pesticides which encourage farmers to use it more. Researcher are also developing new innovative Biopesticide products to make its use easy for farmers and to attract them towards it. The increasing demand of safe, low toxic and highly efficient nutritious food results in the boosting up the market of Biopesticides.
MARKET BY REGION:-
Bekryl has analyzed biopesticides market across Latin America, North America, Western Europe, Asia Pacific, Middle East, and Africa. Due to the worlds concern towards environmental and human health issues, the demand of Biopesticides is very high in all the regions of the world.
According to the analysis, in 2019 the largest share of Biopesticides market is occupied by North America with 43 % share and the market is projected to grow with more paces in the forecast period as its demand is on high. Also, the market in this region is expected to grow continuously with the fastest growth rate of 15.5 % CAGR in the forecast period (2019-2028). Due to the high demand of organic foods and concern toward human health the European region, is also showing a positive impact towards the Biopesticide market with 7.5 % CAGR in the forecast period.
The rapid rising population rate of Asian and African region make it a good potential market for Biopesticides.
Key Players: –
Some leading Key Players are – Valent Biosciences Corp, Som Phytopharma Limited, Natural Industries, Biocare, Parry America Inc., Bioworks Inc., Bayer Ag, Agbitech Pty Limited, Hebei Veyong Bio-Chemical Co. Limited, Agraquest Inc., Andermatt Biocontrol Ag, Becker Underwood Inc., Growth Products Limited, Camson Bio Technologies Limited and Marrone Bio Innovations Inc.