NEWARK, Del, Aug. 22, 2023 (GLOBE NEWSWIRE) -- By 2033, the Bioinsecticides Market is anticipated to reach a value of about US$ 287 million. In 2023, it's expected to surpass a value of around US$ 101.3 million. During the assessment period of 2023 to 2033, the market is anticipated to surge at a CAGR of 11.0%.
In 2022, the bioinsecticides industry was estimated to be worth around US$ 90.5 million. In the forecast period, it is expected to provide an absolute dollar opportunity of US$ 185.7 million.
In recent years, the market for bioinsecticides has steadily grown. It is primarily motivated by a range of strong arguments that highlight how agriculture and pest management are evolving.
The trend points to a wider shift toward environmentally responsible and sustainable agricultural practices. One of the main factors is a growing awareness of the harmful effects of traditional chemical pesticides on ecosystems, non-target animals, and human health.
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Alternatives that are less harmful to the environment and human welfare are becoming more and more necessary. This is due to growing consumer and government concern about these repercussions on a global scale.
Growing use of integrated pest management (IPM) strategies has raised the demand for bioinsecticides. IPM emphasizes the use of several pest management strategies in a comprehensive approach, which helps to reduce the over-reliance on chemical remedies.
Bioinsecticides are a good fit for IPM since they are created from living organisms including fungi, bacteria, and plants. They provide a potent management tool for pest populations. They can also aid in reducing resistance in the target pests, an issue typically associated with chemical pesticides.
As a result of increased trade and globalization, invasive pests have spread to new regions, significantly affecting ecosystems and agriculture. Bioinsecticides might be able to defeat these invasive species with a clear advantage. They can be specifically developed to eradicate these pests without harming local species.
Bioinsecticides are regarded as a preferred solution for maintaining ecological balance and biodiversity in agricultural contexts. These have excellent targeting abilities and have little impact on beneficial insects such as predators and pollinators.
Stronger regulations governing the use of chemical pesticides are motivating farmers and landowners to consider less harmful alternatives. For crops with rigorous residue regulations and those intended for export, bioinsecticides are expected to be a good choice.
They frequently have reduced maximum residue levels and shorter pre-harvest times. This regulatory pressure has led to an increasing usage of bioinsecticides as a component of an all-encompassing pest management strategy. Sales might also be boosted by the high demand for residue-free meals.
Research and advancements in biotechnology have led to the discovery of new bioinsecticide formulations that have increased efficacy and longer shelf lives. Farmers might be more likely to incorporate these things into their pest management strategies.
A greater shift toward sustainable agriculture would be reflected in a rising demand for bioinsecticides. It is anticipated that this will prioritize long-term ecological health and food security over immediate concerns.
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Key Takeaways from Bioinsecticides Market Study:
- The global bioinsecticides market expanded at a considerable CAGR of 12.5% in the historical period from 2018 to 2022.
- South Korea bioinsecticides industry is likely to create an incremental opportunity of around US$ 10.7 million in the review period.
- Japan bioinsecticides industry is expected to top a valuation of US$ 41.6 million by 2033.
- Based on source, the microbials segment is anticipated to witness a CAGR of about 10.9% in the assessment period.
- In terms of application, the cereals and grains segment registered a CAGR of 12.1% between 2018 and 2022.
“Bioinsecticides might offer adaptable and unique pest control methods that are better able to handle the changing pest activity brought on by climatic changes. These pesticides typically take their inspiration from living things, including beneficial insects or microbes. Their adaptability can raise awareness of them as a safe and efficient pest control technique. This is projected to create new opportunities for leading players.” – Says a lead analyst at Future Market Insights (FMI).
Competitive Landscape
Manufacturers of bioinsecticides are investing in research & development to create novel formulations that increase product stability, shelf life, and efficacy. This covers delivery methods, adjuvants, and encapsulating technologies that maximize the release of active substances.
Utilizing biotechnology, they are creating bioinsecticides with improved characteristics such as greater specificity, faster action, and resistance to environmental influences. Creation of bioinsecticides designed to successfully target particular pests would be made possible through genetic alterations.
Advantages of utilizing bioinsecticides are being made known to farmers, agronomists, and consumers by small manufacturers who are funding instructional programs. Workshops, seminars, and online resources are used to highlight the environmental benefits and show proper application techniques.
A small number of other businesses are gaining certificates that confirm the security, effectiveness, and environmental impact of their products. Certifications such as organic certifications can increase consumer confidence and make it easier to access markets.
For instance,
- A well-known producer of peptide-based bioinsecticides, Vestaron, debuted Spear RC, a new product in the Spear family, in February 2023. Lepidopteran pests such as armyworm, soybean looper, and cotton bollworm would be killed by this new treatment. It is designed to be used in a range of crops, including cotton, soybeans, and rice.
Top Key Players in the Global Market
- BASF SE
- Bayer AG
- Certis USA L.L.C.
- Novozymes
- Marrone Bio Innovations
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Bioinsecticides Market Outlook by Category
By Source:
- Microbials
- Plants
- Others
By Application:
- Cereals & Grains
- Oilseed and Pulses
- Fruits and Vegetables
- Others
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- Middle East and Africa
About the Chemicals and Materials Division at Future Market Insights (FMI)
The chemicals and materials division of Future Market Insights (FMI) offers a distinct and pinpoint analysis of the chemicals and materials sector. This exhaustive coverage extends from commodity, bulk, specialty, and petrochemicals to advanced materials, composites, and nanotechnology in particular, with special emphasis on ‘green alternatives, recycling and renewable technology developments, and supply-demand-trade assessment. Our research studies serve as referencing market guidelines for chemical manufacturers, research institutions, channel partners, and government bodies for developing – ‘The Way Forward’.
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