The global biopesticides market size was valued at USD 5.61 billion in 2023. The market is expected to grow from USD 6.51 billion in 2022 to USD 18.15 billion by 2028, exhibiting a CAGR of 15.77% during the forecast period. This information is provided by Fortune Business Insights, in its report titled, “Biopesticides Market, 2023-2028.”
Biopesticides are a type of pesticide derived from natural sources such as plants, animals, bacteria, and fungi. They are used in agricultural and horticultural practices to control pests, diseases, and weeds that can harm crops. Biopesticides are considered to be a more environmentally friendly and sustainable alternative to synthetic pesticides, as they are generally less toxic to non-target organisms, degrade more quickly in the environment, and have a lower risk of developing resistance in pests.
There are three main types of biopesticides: microbial pesticides, plant-incorporated protectants, and biochemical pesticides. Microbial pesticides contain living microorganisms, such as bacteria, fungi, and viruses, which can infect and kill pests. Plant-incorporated protectants are genetically modified crops that produce their own insecticides. Biochemical pesticides are naturally occurring substances, such as insect pheromones and plant extracts, that disrupt the behavior of pests.
Biopesticides are commonly used in organic farming and integrated pest management systems, which aim to reduce the use of synthetic pesticides and promote sustainable agricultural practices. They can be effective against a wide range of pests, including insects, mites, nematodes, and plant diseases. However, their effectiveness can be influenced by factors such as weather conditions, application method, and pest population density.
The use of biopesticides is expected to continue to increase in the coming years, driven by the growing demand for sustainable agricultural practices and the need to reduce the environmental impact of pesticide use. The development of new biopesticide products and technologies, as well as advances in genetic engineering and biotechnology, are also expected to contribute to the growth of the biopesticide market.
Drivers and Restraints:
Surging Demand for Organic Food to Play a Vital Role in Market Growth
Organic farming is expansively promoted as an epitome of substitute for conventional method to diminish the overall influence on the environment. The encouraging growth trajectory of organic agriculture practices is estimated to help the impending growth of biopesticides with robust demand dynamics for natural plant protection products. The huge prominence from governments and other shareholders on the organic and maintainable mode of farming has augmented the product adoption. This is expected to boost the biopesticides market growth during the upcoming period.
However, the low implementation rate of the product compared with chemical agri-inputs in emerging countries can constrain the growth of the market. The traditional and conventional agri-inputs market is well-structured at a global level with a noticeable existence of pivotal giants.
Regional Insights:
North America to Dominate Backed by Strict Rules Concerning Environment
North America held the largest biopesticides market share at present and it is projected to account for a considerable rank in the market during the forecast period as well. Strict rules and guidelines concerning the utilization of synthetic crop protection chemicals to maintain safety for the environment from harmful impacts are fueling the growth of the regional market.
The demand for biopesticide is elevated in the Asian agriculture sector. The population-rise that is bound to generate pressure on food security is estimated to be more noticeable in Asia Pacific region.
Europe is demonstrating sluggish but gradual growth in the use of biopesticides and is the second largest consumers of these products across the globe.
Competitive Landscape:
Crucial Business-related Announcements by Prime Players to Sway Market Dynamics
Indispensable companies in the market often make important declarations concerning a few business moves, which, in turn, impact the market either positively or adversely. Companies acquire other corporations, launch novel products, involve in partnership deals, sign agreement with government organizations, and so on.
Key Industry Development:
April 2022: FMC Corporation declared the global presentation of its novel brand, Biológicos da FMC, during Brazil’s National Biological Week. The novel brand was inaugurated with the goal of rising yield and finding new modes of action and innovative solutions for sustainable agriculture for the upcoming generations.
Browse Detailed Summary of Research Report with TOC:
https://www.fortunebusinessinsights.com/industry-reports/biopesticides-market-100073