Biopesticides Market: Segmented: By Type (Bioinsecticides, Biofungicides, Bionematicides and Others); By Application Mode (Foilar Spray, Soil treatment, Seed treatment and Others); By Source (Microbial, Biochemical and Beneficial Insects); by Form (Liquid and Dry); By Crop Type (Fruits & Vegetables, Pulses & Oilseeds and Cereals & Grains); By Region (North America, Asia-pacific, Europe, Latin America and Middle-East and Africa)- Analysis of market share, size & trends for 2016-19 and forecasts to 2030
Biopesticides Market is anticipated to surpass USD 9.838 Billion by 2030 from USD 4.65 Billion in 2020 at a CAGR of 15.23% throughout the forecast period, i.e. 2020-2030
Biopesticide is obtained from pure and crude matter, like animals, plants, bacteria, and specific minerals. Microbes, like bacteria, viruses, fungi, or microscopic nematode worms can be utilized in agricultural activities to limit or eradicate pests that are likely to cause harm to a plant. Biopesticides are used to keep away pests that harm the crop or the yield of the soil. Various benefits of biopesticides that steer the growth of the biopesticides market during the forecast period are the transition to the acceptance of natural products, growing human, animal, and environmental soundness issues, and prompt decomposition. Additionally, governments of several countries globally have been popularizing the advantages rendered by biopesticides and to meet the standards recommended by the global exporters, farmers are embracing the use of biopesticides, which have amplified the growth of the market. Nonetheless, a significant portion of the population is unfamiliar with the services offered by biopesticides and this is likely to hamper the market demand.
The Biopesticides Market is estimated to grow on the back of the following reasons. The major driver of the Biopesticides Market is the growing concern regarding health and the environment. However, the supply of chemical pesticides at lower prices and inadequate awareness regarding the use of biopesticides among the farmers are factors that may hinder the growth. Moreover, technological advancement coupled with favorable government policies such as a simple registration process, grants for research and development activities, and for setting up plants to encourage the use of biopesticides in farming is expected to positively impact the market growth. Strategic initiatives such as expansion, the introduction of new products, partnerships, and acquisitions have been adopted by the key players to intensify their market position.
Based on type, the market for biopesticides is segmented into bioinsecticides, bio fungicides, bio nematicides, and others. The bioinsecticides segment contributed a major market share in 2019 and is forecasted to grow at a CAGR of XX% during the forecast period. A rise in the developing resistance to pests and recovery of crops is resulting in the adoption of bioinsecticides. Bioinsecticides that do not kill microbes that kill pests, do not pollute the ecosystem, or do not leave anything behind in the crops are ruling the market.
Based on the mode of application, the biopesticides market is categorized into foliar spray, soil treatment, seed treatment, and others. The foliar spray segment accounted for a significant market proportion in 2019 and is expected to be the fastest-growing segment during the forecast period owing to easy handling, an uninterrupted supply of spray constituents, and secure application. Thus, propelling the use of foliar spray in agriculture.
Based on the source, the biopesticides market is divided into microbial, biochemical, and beneficial insects. Microbial biopesticides captured a share of XX% in 2019 and are anticipated to drive the overall growth of biopesticides from 2020 to 2030, registering a CAGR over XX%. The demand for microbial pesticides is amplifying due to it being a useful option for places where conventional pesticides are not allowed. These places majorly include urban & recreational areas, streams and lake borders of watersheds, and schools in agricultural settings.
Based on the form of Biopesticides, the market is segregated into dry and liquid Biopesticides. The liquid Biopesticides accounted for a market share of XX% in 2019 and are likely to witness the highest CAGR during the forecast period due to greater shelf life, better domain show, economic viability, better endurance, and ease in usage for farmers in emerging economies.
The biopesticides market is classified based on the type of crop into fruits & vegetables, pulses & oilseeds, and cereals & grains. The fruits & vegetable segment captured a considerable market share in 2019 and is projected to register a CAGR of XX% during the forecast period. The increasing awareness among people about the health and the impact of substandard food on health coupled with the transition to organic food is fueling the demand of the market.
The rising demand for organic food is to boost the market for Biopesticides
Consumers are now demanding more organic food as they are extremely interested in food safety issues, the rising level of disposable income, environmental issues, and due to growing concerns about residue-free food. Also, Biopesticides have improved the texture of the soil, productivity, and quality of organic food. Moreover, government initiatives such as providing subsidies to farmers growing organic crops are likely to steer the market growth.
Biopesticides remain alien to people in developing & underdeveloped economies
Biopesticide products remain unpopular among the people in developing and underdeveloped economies due to a lack of awareness which possess a great challenge in front of the biopesticides producers. They still rely on chemical pesticides which adversely affect the yield and quality of soil but are comparatively cheap. Moreover, the Biopesticides cannot be stored for a long time & are at a high risk of getting contaminated.
Asia-Pacific to grow at the highest CAGR during the forecast period
Global Biopesticides Market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, Asia-Pacific, and Middle-East & Africa. Geographically, Asia-Pacific is likely to dominate the market owing to increasing concerns about health, the fertility of the soil, and conserving biodiversity. Moreover, increasing demand for organic food due to a rise in disposable income, stringent government rules and policies regarding the maintenance of the fertility of the soil & reduction of hazardous effects caused by chemical pesticides, and transition to a more subsistence farming have ignited the growth of Biopesticides in the region. However, North America and Europe are expected to contribute significantly to the total organic production, globally.
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