Redding, California, Sept. 27, 2021 (GLOBE NEWSWIRE) -- According to a new market research report titled “Biopesticides 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”, published by Meticulous Research®, the overall biopesticides market is expected to grow at a CAGR of 11.7% from 2021 to 2028 to reach $9.6 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.
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Over the last several decades, agricultural yields have increased tremendously through the extensive application of chemicals that have long-lasting and profound effects on the environment and human beings. But, higher and advanced productive agricultural materials are required to fulfill the food demand of the growing population. Therefore, the use of biopesticides has increased significantly across the globe. Looking at the high demand for biopesticides, many major multinationals have invested in the biopesticides market.
Biopesticides are compounds formulated to specifically affect target pests and other related organisms by biological means. Being economically viable, eco-friendly, and easy to use, biopesticides can create a suitable alternative for synthetic pesticides in crop protection. Increasing pests, diseases, fungal infections, and weeds have affected crop yields. To curb these problems, biopesticides obtained from microorganisms and other biological agents play a vital role in minimizing and controlling pest infestations.
The global biopesticides market is segmented on the basis of product type, origin, formulation, mode of application, crop type, and geography. The study also evaluates industry competitors and analyses the market at a country level.
The Impact of COVID-19 on the Biopesticides Market
The COVID-19 pandemic adversely hit many economies around the globe. Complete lockdown and quarantine to fight COVID-19 adversely impacted many industries globally, including the agriculture and crop protection industries. In the agriculture sector, the biopesticides market registered a strong slowdown in sales in the first quarter of 2020, mainly due to the disturbance in logistics and transportation. Along with logistics and transportation, the biopesticides market registered interruptions in the entire sector's value chain from raw materials supply to manufacturing, packaging, and distribution.
COVID-19 resulted in the movement restrictions of workers, a decline in demand from farmers, and the closure of production facilities. The industry also suffered severe labor shortages due to repeated lockdowns that affected the production and trade movements. The decline in business for few initial months in 2020, coupled with lower demand from a few major markets, put pressure on the profitability of biopesticides manufacturers and vendors.
The effects of the COVID-19 pandemic on this market were felt in China starting 2020, as the country is one of the world's largest raw material suppliers for the biopesticide industry. Most European and North American biopesticide companies have majorly imported key active ingredients used in producing biopesticides, mainly from China and other Asian countries. With the current crisis being persistent, it suggested low availability of raw materials as the cropping season progressed. This created a scarcity of products in high-growth markets, such as the U.S., Brazil, Spain, and Italy.
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Therefore, a complete halt on the transportation and logistics industry and reduced production in some countries due to lockdowns in many countries worldwide is projected to adversely affect the global biopesticides market in terms of volume sales during the pandemic.
Key Findings in the Biopesticides Market Study:
Based on product type, in 2021, the bioinsecticides segment is estimated to account for the largest share of the overall biopesticides market. Furthermore, this segment is expected to remain the largest product type through 2028 in the biopesticides market. The growth of this segment is primarily attributed to growing awareness regarding the environmental hazards of chemical insecticides, a high prevalence of insect-based infections, and the rising 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 overall biopesticides market in 2021. Furthermore, this segment is also expected to record the highest CAGR during the forecast period, as microbial origin pesticides are composed of naturally occurring viruses, fungi, or bacteria and 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 biopesticides market is segmented into liquid biopesticides and dry biopesticides. The liquid biopesticides segment is estimated to account for the larger share of the overall biopesticides market in 2021. Moreover, this segment is further expected to record the highest CAGR during the forecast period owing to the liquid biopesticides’ longer duration of effectiveness (up to 6 months) compared to dry biopesticides (up to 3 months) and their better performance in disease control.
Based on mode of application, the foliar spray segment is estimated to account for the largest share of the overall 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 overall 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.
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Based on geography, the overall 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, Asia-Pacific, Latin America, and the Middle East & Africa. The large share of this market is mainly attributed to the rising concerns over harmful chemicals on the environment, increasing demand for organic food, and the presence of a streamlined registration process. Also, the presence of a large number of key players in the region and the growing adoption of eco-friendly farming methods by farmers further supports the growth of the North American biopesticides market. However, the market in Europe is expected to register the highest CAGR during the forecast period mainly due to the growing demand for food safety and quality, increasing consumer demand for organic products, thus encouraging organic farming practices, and rising government initiatives in promoting biocontrol products.
Some of the key players operating in the global biopesticides market 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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Scope of the Report
Biopesticides Market, by Type
- Bioinsecticide
- Biofungicide
- Bionematicide
- Bioherbicide
- Other Biopesticides
Biopesticides Market, by Origin
- Microbial
- Biochemical
- Plant Incorporated Protectant
Biopesticides Market, by Formulation
- Liquid Biopesticides
- Dry Biopesticides
Biopesticides Market, by Mode of Application
- Foliar Spray
- Seed Treatment
- Soil Treatment
- Post-harvest
- Root Treatment
- Other Modes of Application
Biopesticides Market, by Crop Type
- Fruits & Vegetables
- Cereals & Grains
- Oilseeds & Pulses
- Other Crops
Biopesticides Market, by Geography
- North America
- U.S.
- Canada
- Europe
- Spain
- France
- Germany
- Italy
- U.K.
- Rest of Europe
- Asia-Pacific
- China
- India
- Australia
- Japan
- Rest of Asia-Pacific
- Latin America
- Brazil
- Mexico
- Argentina
- Chile
- Rest of Latin America
- Middle East & Africa
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