Biopesticides refer to pesticides derived from naturally occurring sources as microorganisms, plant extracts, pheromones, etc. which are applied for protecting crops from damage caused by insects, weeds, diseases and other pests. The use of biobased pesticides helps in reducing and eliminating the use of harmful chemicals, while protecting the biodiversity and environment. They are decomposable and do not leave any toxic residue as in case of chemical pesticides. The growing awareness about ill-effects of synthetic pesticides and push for sustainable agriculture is increasing the demand for biobased options.
The global Biobased Pesticides Market is estimated to be valued at US$ 6.2 Bn in 2023 and is expected to exhibit a CAGR of 3.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
Environmental concerns regarding harmful effects of chemical pesticides presents a major opportunity for growth of biobased pesticides market. Stringent regulations restricting the use of chemical pesticides owing to issues like groundwater contamination, human toxicity, development of pest resistance etc. is prompting farmers and agricultural industry to shift towards safer and eco-friendly biobased alternatives. Moreover, the rising health-conscious consumer preference for organic food is promoting sustainable agricultural practices and use of natural pest control methods using biobased products. With supportive governmental policies and programs in place, the market for biobased pesticides is projected to witness significant gains over the forecast period owing to this driver of environmental concerns.
Porter's Analysis
Threat of new entrants: Low economies of scale in production and high costs of R&D creates barriers for new companies.
Bargaining power of buyers: Large buyers like governments and multinational agrochemical companies can negotiate lower prices due to their high purchase volumes.
Bargaining power of suppliers: A few large multinational players dominate the biopesticide value chain, giving them significant influence over prices of biopesticide products.
Threat of new substitutes: Growth of organic farming is expected to increase demand for biopesticide substitutes that are less harmful than synthetic chemical pesticides.
Competitive rivalry: Intense competition among major players to gain market share through new product innovations and expansions into high growth markets.
SWOT Analysis
Strengths: Biopesticides are environment-friendly and cause minimal health and eco-system side-effects. Growing consumer preference for organic foods increases demand.
Weaknesses: High production costs compared to synthetic pesticides. Limited product shelf-life and need for frequent applications raise input costs for farmers.
Opportunities: Stringent regulations restricting use of chemical pesticides in many countries. Promotion of sustainable farming practices present an expanding market.
Threats: Vulnerable to climatic factors impacting availability of raw materials. Substitutes like genetically modified crops may lower pesticide usage volumes.
Key Takeaways
The Global Biopesticides Market Share is expected to witness high growth over the forecast period of 2023 to 2030 supported by rising environmental and health concerns about chemical pesticides. The global biopesticides market is estimated to be valued at US$ 6.2 Bn in 2023 and is expected to exhibit a CAGR of 3.4% over the forecast period 2023 to 2030.
North America currently dominates the market owing to proactive government support and presence of leading international companies. Europe is the second largest market projected to grow at a steady pace due to strong regulations prohibiting toxic pesticides. Europe comprises strong governmental support for sustainable agriculture in countries like Germany, France, and the UK is fueling demand for biopesticides. Market growth is supported by regulatory frameworks promoting use of reduced-risk products and banning dangerous chemicals.
Key players operating in the biopesticides market are Jansen Poultry Equipment, Petersime NV, Vencomatic Group, Big Dutchman International GmbH, Valco Companies, Inc., TEXHA PA LLC, Hartmann Lebensmitteltechnik Anlagenbau GmbH, and HAMEX-GROUP. These companies are focused on expanding their product portfolios and gaining leadership in innovations for biofungicides and bionematicides.
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https://www.trendingwebwire.com/biopesticides-market-size-share-growth-outlook-2023/
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.
