Meticulous Research® –a leading global market research company published a research report titled “Biopesticide Market by Product Type (Bioinsecticides, Bioherbicides, Biofungicides), Origin (Microbial, Biochemical), Formulation (Liquid, Dry), Mode of Application (Foliar Spray, Seed Treatment), Crop Type, and Geography– Global Forecast to 2028.”
According to this latest publication from Meticulous Research®, the global biopesticides market is expected to grow at a CAGR of 11.7% from 2021 to 2028 to reach $9.61 billion by 2028. Also, in terms of volume, the biopesticides market is expected to record a CAGR of 9.6% from 2021 to 2028 to reach 558.4 KT by 2028.
The growth of this market is driven by factors including rising investment from leading crop protection companies, increasing awareness about environmental safety, higher crop quality and yield with the use of biopesticides, increasing organic farming & demand for organic food, and rising government initiatives. Moreover, the huge agricultural diversity and arable land in emerging countries, including Asia-Pacific and Latin America, are expected to offer significant growth opportunities for players in the biopesticides market. However, the factors such as lack of awareness & low adoption rate of biopesticides and low shelf-life & inconsistent performance are expected to hamper the growth of this market to some extent.
The global biopesticides market study presents historical market data in terms of value and volume (2019 and 2020), estimated current data (2021), and forecasts for 2028. The market is segmented based on product type, origin, formulation, mode of application, crop types, and geography. The study also evaluates industry competitors and analyses the market at a country level.
Based on product type, the biopesticides market is segmented into bioinsecticides, bioherbicides, biofungicides, bionematicides, and other biopesticides. The bioinsecticides segment is estimated to account for the largest share of the global biopesticides market in 2021. Moreover, this segment is further expected to remain the largest product type through 2028 in the biopesticides market. The growth of this segment is primarily attributed to the growing awareness regarding the environmental hazards of chemical insecticides, a high prevalence of insect-based infections, and the increasing number of insecticide-resistant pests.
Based on origin, the biopesticides market is categorized into microbial, biochemical, and plant-incorporated protectants. The microbial biopesticides segment is estimated to account for the largest share of the global biopesticides market in 2021. Moreover, this segment is expected to record the highest CAGR during the forecast period, as microbial origin pesticides are composed of naturally occurring viruses, fungi, or bacteria. They are mostly preferred for organic and residue-free food production. Further, factors such as the higher advantage of selectivity; high effectivity; no adverse effects on humans, plants, and animals; and ease of use are driving the growth of the microbial biopesticides market across the globe.
Based on formulation, the global biopesticides market is segmented into liquid and dry biopesticides. The liquid biopesticides segment is estimated to account for the larger share of the global biopesticides market in 2021. Moreover, this segment is further expected to record the highest CAGR during the forecast period. This segment's larger share and fastest growth are mainly attributed to the liquid biopesticides’ longer duration of effectiveness (up to 6 months) than dry biopesticides (up to 3 months) and their better performance in disease control.
The foliar spray segment is estimated to account for the largest share of the global biopesticides market in 2021. This segment’s large share is mainly attributed to the uniform distribution of biochemicals, highest biopesticide use efficiency, and minimum to no wastage of biopesticides achieved using the foliar spray technique.
Biopesticides help improve crop quality and marketability and are widely used to protect fruits & vegetables, cereals & grains, oilseeds & pulses, and other crops. The fruits & vegetables segment is estimated to account for the largest share of the global biopesticides market in 2021. The large share of this segment is mainly attributed to the increasing fruit & vegetable production across the globe, growth in organic farming globally, and the growing number of diseases affecting fruit & vegetable crops.
Based on geography, the global biopesticides market is divided into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. North America is estimated to account for the largest share of the global biopesticides market in 2021, followed by Europe and Asia-Pacific. The largest share of this market is mainly attributed to the increasing concerns over harmful chemicals on the environment, growing demand for organic food, and the presence of a streamlined registration process. Additionally, the presence of several key players in the region and the growing adoption of eco-friendly farming methods by farmers further supports the growth of the biopesticides market in North America.
The key players profiled in the global biopesticides market research report are Bayer AG (Germany), Marrone Bio Innovations, Inc. (U.S.), Certis USA L.L.C. (A Part of Mitsui & Co.) (U.S.), The Dow Chemical Company (Part of Dow Inc.) (U.S.), Andermatt Biocontol AG (Switzerland), BASF SE (Germany), Som Phytopharma India Limited (India), Syngenta AG (Part of ChemChina) (Switzerland), International Panaacea Ltd (IPL)(India), The Stockton (STK) Group (Israel), BioWorks, Inc. (U.S.), Novozymes A/S (Denmark), Koppert B.V. (Netherlands), W. Neudorff GmbH KG (Germany), InVivo Group (France), Valent U.S.A. LLC (part of Sumitomo Chemical Co., Ltd.) (U.S.), FMC Corporation (U.S.), and Gowan Company, LLC. (U.S.), among others.
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