WELLESLEY, Mass., June 13, 2018 (GLOBE NEWSWIRE) -- In addition to recent developments for pest control, various technological and agricultural innovations have played a key role in moving the global market for biopesticides forward, according to a new report from BCC Research.
The global industry for biopesticides was worth $58.2 billion during 2016. It is anticipated to reach a value of $79.3 billion by 2022, indicating a compound annual growth rate (CAGR) of 5.3%, according to the recent study Biopesticides: Global Markets to 2022.
Biopesticides represent a strong growth area in the global pesticide market as sales represented an estimated 6.8% of the total market in 2016. Biopesticide market growth in the Americas is expected to occur primarily in Latin American countries, particularly Brazil and Argentina, while growth in the EMRA area is expected in the Eastern European region rather than the EU. With the banning of many synthetic pesticides, the EU region, coupled with the Eastern European region and Russia, is expected to expand through 2022.
Research Highlights
- The total arable and permanent cropland for the world is estimated at more than 1.5 billion hectares (ha), with the largest arable holdings in the U.S. with 179.0 million ha.
- The expansion of the biopesticide market comes at the price of soil erosion, pesticide-tolerant weeds and insects, and concerns about the safety of foods used for both human and animal consumption.
- More R&D in biopesticides, increases in the use of GM seeds, application of integrated pest management (IPM) concepts and market demand for organically grown crops will be key factors in the continued use of biopesticides.
“To ensure productive crops, most farmers have turned to the use of synthetic pesticides to control crop-destroying pests,” said BCC Research analyst and report author Jason Chen. “During the past 20 years, however, more farmers are recognizing the need for other avenues for pest control that are not as damaging to the environment and the land. These farmers are turning to biopesticides to prevent pest damage in a more ecologically friendly manner that includes more targeted applications, lower residues and fewer applications.”
Synthetic Pesticides to See Significantly Slower Growth
In 2015, the global synthetic pesticide market was valued at $55.0 billion, which was a 1% decline from 2014 in terms of constant U.S. dollars. Through the forecasted period, major manufacturers do not expect the insecticide market to rebound, and any increases in insecticide sales are projected to occur in developing regions.
About BCC Research
BCC Research is a publisher of market research reports that provide organizations with intelligence to drive smart business decisions. By partnering with industry experts worldwide, BCC Research provides unbiased measurements and assessments of global markets covering major industrial and technology sectors, including emerging markets. For more information about BCC Research, please visit bccresearch.com. Follow BCC Research on Twitter at @BCCResearch.