The Biopesticides Market is estimated to be valued at US$ 6.2 Bn in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Biopesticides are pest control formulations made from natural materials like animals, plants, bacteria and certain minerals. They are used as effective alternatives to chemical pesticides for pest or disease control. Biopesticides help in reducing health and environmental risks associated with chemical pesticides. They can selectively target the pest organisms and are less toxic to the environment and non-target organisms.
Market key trends:
Biopesticides have gained importance due to the increased demand for organic food and awareness about the ill effects of excessive use of chemical pesticides. Consumers are increasingly preferring organic produce which has further boosted the biopesticides market. Growing organic farmland and stringent regulations regarding the use of chemical pesticides are driving the demand for biopesticides. New product innovations with improved formulations, lower application costs and increased shelf life are supporting the biopesticides industry growth. Government support through funding and promotion of integrated pest management using biopesticides is also fueling the market expansion.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as extensive R&D is required and also the market has some established players. However, rise in organic farming and demand for eco-friendly products is creating growth opportunities for new players.
Bargaining power of buyers: The bargaining power of buyers is high as there are many substitutes available and buyers can switch easily. Buyers demand products that are safe, affordable and effective.
Bargaining power of suppliers: The bargaining power of suppliers is moderate. Key raw materials include microbes, botanicals and biochemicals. Suppliers have to meet stringent quality and safety guidelines.
Threat of new substitutes: Threat from substitutes is high as conventional chemical pesticides still dominate the market. New bio-based formulations need to prove their efficacy.
Competitive rivalry: Intense due to presence of global leaders.
SWOT Analysis
Strengths: Biopesticides are less toxic, biodegradable and safe for humans and environment. They help in sustainable agriculture.
Weaknesses: High production costs. Vulnerable to weather conditions. Short shelf life of some variants.
Opportunities: Growing organic farmland. Stringent regulations on chemical pesticides. Demand for residue-free foods.
Threats: Dependence on climatic conditions. Competition from conventional pesticides.
Key Takeaways
The Global Biopesticides Market Demand is expected to witness high growth, exhibiting CAGR of 13% over the forecast period, due to increasing demand for residue-free foods and stringent regulations on chemical pesticides. The Asia Pacific region dominates the market and is expected to grow at fastest pace due to rising agriculture activities and adoption of organic farming practices in countries like India and China. North America is another major market for biopesticides owing to bans on chemicals in the region.
Key players operating in the biopesticides market are DuPont (U.S.), Bayer Crop Science AG (Germany), Monsanto Company (U.S.), BASF SE (Germany), Novozymes Biologicals (Denmark), Syngenta (Switzerland), Certis USA LLC (U.S.). The major players are focusing on new product launches, collaborations and acquisitions to strengthen their market position and tap growth opportunities. For instance, BASF launched Pacesetter, a biostimulant for cereals, vegetables and fruits based on seaweed extracts.
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The global biopesticides market size is projected to grow at a CAGR of 14.7% from an estimated value of USD 4.3 billion in 2020 to reach USD 8.5 billion by 2025.
The biopesticides industry is growing at a rapid rate, because of the factors such as awareness among consumers about organically grown crops, favorable government laws and policies for biological products, the resistance of pests for chemical pesticides, and also increasing sustainable solutions in farming.
These drivers have led to intensive R to develop various biopesticides with different microbials or biochemicals so that the farmers can adopt an effective alternative to synthetic pesticides.
The demand is witnessed in different parts of the world, particularly in Europe and North America, with the fastest-growing market being Europe.The organic food industry is rising due to an increase in health awareness among consumers.
Farmers have adopted biological solutions in integrated pest management programs, which has provided a balanced approach toward reducing pest resistance.
Various governments across the world have made the registration easier for the biopesticides market, driving it further.Download PDF Brochure:https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=267Bionematicides is projected to be the fastest-growing segment among the type used in biopesticides.
