London, UK, June 22, 2012 (GLOBE NEWSWIRE) -- The global biopesticides market is expected to see significant growth in the future, according a newly published research report. Biopesticides are beneficial to the ecological chain and environment and are also effective in controlling agricultural pests. The hazards caused to the environment by chemical pesticide residues can be alleviated with the help of biopesticides. Phasing-out of highly toxic pesticides proved to be winning imperative for biopesticides market, opening new growth paths for introduction of less toxic biopesticide products.
In terms of active ingredient, microbial biopesticides such as bacteria, protozoa, fungi, and virus dominated the global biopesticides market with over 63% of the share. Botanical extracts and semio-chemicals are another popular market segments. These biopesticides can be used to control wide variety of pests although every single active ingredient shows relative specificity for its target.
Bacillus thuringiensis or Bt and its subspecies are the most broadly used microbial biopesticides. Permanent crops such as orchard and plantation crops dominate the biopesticides market. Demand for biopesticides for permanent crops is expected to grow at the fastest compound annual growth rate (CAGR) of 16.1% from 2012 to 2017.
The global pesticide market was valued at approximately $40 billion in 2008. This figure increased to nearly $43 billion by 2009 and is expected to grow at a CAGR of 3.6% to reach $51 billion in 2014. Biopesticides represent a strong growth area in the global pesticide market. This segment is expected to grow at a 15.6% CAGR from $1.6 billion in 2009 to $3.3 billion by 2014.
For more information on the biopesticides market, see the latest research: Biopesticides Market Report
Companiesandmarkets.com is home to one of the world's largest databases of market research reports and company profiles from leading global publishers and industry analysts. Multinational brands across major industries rely daily on companiesandmarkets.com for strategic market research and incisive company profiles.