New York, Oct. 11, 2023 (GLOBE NEWSWIRE) -- The global biopesticides market saw substantial growth between 2018 and 2022, with a remarkable 11.0% compound annual growth rate (CAGR). By 2023, it had reached a valuation of US$ 8,123.8 million.
According to a study conducted by Persistence Market Research, the worldwide sales of biopesticides are projected to continue their upward trajectory with an expected 10.3% CAGR, ultimately reaching a market size of US$ 21,827.6 million by 2033.
Biopesticides are derived from natural sources like plants, animals, bacteria, and specific minerals. They encompass various natural agents for pest control, including biochemical pesticides, microbial pesticides utilizing microorganisms for pest management, and biochemical plant growth regulators. These biopesticides find application in agriculture for controlling insects, diseases, weeds, and nematodes and enhancing plant physiology and productivity.
The growing consumer preference for natural and organic food products, driven by the prevailing trend towards a healthier lifestyle, has had a positive impact on the biopesticide industry during the projected period.
Biopesticides are essentially organic pesticides sourced from plants, animals, minerals, and bacteria. Furthermore, heightened consumer awareness regarding the adverse health effects associated with pesticide residues in food, such as respiratory issues, neurological damage, allergies, and more, has contributed to the global growth of the biopesticides market.
Biopesticides represent crucial microbial toxins that can be described as biological poisons originating from microorganisms, such as bacteria or fungi. Microbial entomopathogens cause pathogenesis by invading an insect's gut, subsequently multiplying within the insect, and ultimately leading to its demise.
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Market Snapshot:
| Report Coverage | Details | |
| Market Revenue 2023 | US$ 8,123.8 million | |
| Estimated Revenue 2033 | US$ 21,827.6 million | |
| Growth Rate - CAGR | 10.3% | |
| Forecast Period | 2023-2033 | |
| No. of Pages | 303 Pages | |
| Market Segmentation | By Product Type, By Origin, By Formulation, By Application, By Crop Type, By Region | |
| Regions Covered | North America, Latin America, Europe, Asia Pacific, Middle East & Africa | |
| Companies Covered | Bayer AG, DowDuPont, BASF SE, Syngenta AG, Nufarm, Novozymes, Rolfes Agri, Marrone Bio Innovations, Isagro SpA, Excel Crop Care Ltd., Sikko Industries Ltd., Certis USA L.L.C., Parry America, Inc., Andermatt Biocontrol AG, Futureco Bioscience S.A., ORO AGRI, Eagle Plant Protect Private Limited., Navagro, Valent BioSciences LLC, Valent BioSciences LLC, Albaugh LLC | |
Biopesticides Market Trends
- Rising Demand for Organic and Sustainable Agriculture: The global trend towards organic and sustainable farming practices has been a significant driver for the biopesticides market. As consumers continue to prioritize healthy and environmentally-friendly food options, the demand for biopesticides as an alternative to chemical pesticides is likely to grow.
- Government Regulations and Support: Governments worldwide have been increasingly implementing stricter regulations on chemical pesticide use due to environmental and health concerns. This has encouraged the adoption of biopesticides as a safer and eco-friendlier option. In 2023, governments may continue to provide incentives and support for the biopesticide industry.
- Advancements in Biopesticide Technology: Ongoing research and development efforts in the biopesticide sector have led to the introduction of more effective and versatile products. Continued advancements in formulation, delivery methods, and the development of new biopesticide strains could expand their range of applications.
- Increased Investment and M&A Activity: Growing interest in sustainable agriculture has attracted investment in biopesticide companies. In 2023, we could see increased mergers and acquisitions, as well as partnerships between biopesticide manufacturers and larger agricultural companies seeking to diversify their product portfolios.
- Challenges in Scaling Production: While biopesticides offer numerous advantages, scaling up production to meet increasing demand can be challenging. Manufacturers may need to invest in improving production processes and infrastructure to ensure a stable supply.
- Biofungicides and Bionematicides: In addition to bioinsecticides, biofungicides and bionematicides are gaining traction as alternatives to chemical solutions for controlling fungal diseases and nematodes in crops. This segment of the biopesticide market may experience substantial growth.
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Market Challenges
- Regulatory Hurdles: Regulatory approvals for biopesticides can be time-consuming and costly. Stricter regulations, changes in registration requirements, and evolving standards may pose challenges for biopesticide manufacturers in bringing their products to market.
- Competition with Chemical Pesticides: Biopesticides face competition from synthetic chemical pesticides, which are often more readily available, cheaper, and better understood by farmers. Convincing farmers to switch to biopesticides can be a challenge.
- Stability and Shelf Life: Biopesticides can be less stable than chemical pesticides, which can affect their shelf life and effectiveness under various environmental conditions. Ensuring the stability of biopesticide formulations is an ongoing challenge.
- Costs: Biopesticides are often more expensive to produce than chemical pesticides. Reducing production costs and making biopesticides more affordable to farmers is a challenge for the industry.
- Research and Development: Continued research is needed to discover and develop new strains of beneficial microorganisms, plants, or other natural compounds with biopesticidal properties.
- Global Market Expansion: Expanding the biopesticides market globally may require adaptation to different regulatory environments, climates, and pest pressures, which can be complex and costly.
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Market Opportunities
- Growing Demand for Organic Agriculture: The global trend towards healthier and more sustainable food options is driving the demand for organic farming. Biopesticides are a crucial component of organic farming practices, and as the demand for organic products increases, so does the demand for biopesticides.
- Regulatory Support and Compliance: Governments around the world are increasingly focusing on reducing the use of synthetic chemical pesticides to protect the environment and human health. This has led to favorable regulatory policies and incentives for biopesticide manufacturers, creating opportunities for growth in the market.
- Research and Development: Continued research and development efforts are expected to lead to the discovery of new and more effective biopesticides. Companies investing in innovation and developing novel biopesticide products may gain a competitive edge in the market.
- Crop Protection: The need for effective crop protection against pests and diseases remains a constant in agriculture. Biopesticides offer a sustainable and environmentally friendly alternative to conventional chemical pesticides, and their adoption is likely to increase.
- Emerging Markets: Biopesticide adoption is expected to rise in emerging markets, where agriculture is a significant part of the economy. As farmers become more aware of the benefits of biopesticides and organic farming, the market is likely to expand in these regions.
- Investment and Partnerships: Increased investment from both private and public sectors, as well as partnerships between biopesticide manufacturers and agricultural companies, can fuel the growth of the biopesticide market.
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