The global biopesticides market is estimated to grow at a CAGR of 15.11% during the forecast period of 2020-2028. The factors boosting the market growth are growing demand for quality food, the increasing popularity of organic farming, the ecological imbalance caused by synthetic pesticides, and low costs compared to synthetic pesticides.
According to the US Environmental Protection Agency Act (EPA), biopesticides are pesticides derived from natural resources, such as plants, animals, bacteria, and certain minerals. They can be used in agricultural production to control or eradicate pests that can cause damage to a plant. Biopesticides have become popular in the market as a substitute for conventional insecticides, fungicides, and nematicides in agricultural applications.
Lower profit potential, reduced shelf life and variable efficacy, lack of awareness and information, and stringent rules and regulations, along with complexities and cost issues, are the challenges for the biopesticides market. Bioinsecticides hold around half of the market revenue share in 2019 in the market by product type. Liquid-based biopesticides have increased shelf life, high purity levels, less complicated handling, and application procedures. The biopesticides are used for a variety of crops, and the utilization of biopesticides will reduce the harmful effects on the environment, and human and animal health.
Geographically, the global biopesticides market is analyzed on the basis of markets situated across the regions of North America, Europe, Asia Pacific, and the Rest of the World. As of 2019, the region of North America holds the largest market share in terms of revenue and continues the trend by the end of the projected period. This is attributed to government support and the growing importance of organic products.
Some of the well-known companies operating in the market are Andermatt Biocontrol AG, FMC Corporation, Bayer CropScience AG, The Stockton Group, International Panaacea Limited, etc.
Our report offerings include:
- Explore key findings of the overall market
- Strategic breakdown of market dynamics (Drivers, Restraints, Opportunities, Challenges)
- Market forecasts for a minimum of 9 years, along with 3 years of historical data for all segments, sub-segments, and regions
- Market Segmentation cater to a thorough assessment of key segments with their market estimations
- Geographical Analysis: Assessments of the mentioned regions and country-level segments with their market share
- Key analytics: Porter’s Five Forces Analysis, Vendor Landscape, Opportunity Matrix, Key Buying Criteria, etc.
- Competitive landscape is the theoretical explanation of the key companies based on factors, market share, etc.
- Company profiling: A detailed company overview, product/services offered, SCOT analysis, and recent strategic developments