Biopesticides Market Value to Surpass US$ 34.5 Bn by 2031, TMR Study

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Dec 21, 2022, 08:43 ET

Rise in usage of biopesticides in the agriculture sector is boosting market growth
The microbial pesticide segment of the biopesticides market is estimated to expand at a CAGR of 14.4% between 2022 and 2031
Increase in adoption of organic food in North America is fueling regional market expansion

WILMINGTON, Del., Dec. 21, 2022 /PRNewswire/ -- The global biopesticides market is projected to expand at a CAGR of 14.2% between 2022 and 2031, as per the market forecast presented in the research report by Transparency Market Research (TMR).

Various research institutions and universities are providing courses focused on agricultural research and development. These courses are also helping to spread awareness about biopesticides. Such factors are likely to assist in the biopesticides market development in the near future.

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Biopesticides Market: Key Findings

Analysts at TMR note that the cereals and grains segment held 40.6% of the market share in 2021. It is projected expand at a rapid pace during the forecast period. The market growth can be ascribed to an increase in the usage of biopesticides by farmers in order to cultivate organic cereals, which are in high demand from the past few years. Rise in awareness about the harmful effects of chemical-based pesticides on the environment and humans has led to a surge in usage of biopesticides during the cultivation of grains and cereals. Demand for biopesticides is rising owing to their ability to offer improved outcomes as opposed to chemical-based pesticides. These factors are likely to help in the growth of the cereals and grains segment.
Microbial pesticides are increasingly adopted by farmers owing to various advantages, such as cost-effectiveness and ability to offer better crop outcomes. Active elements in microbial pesticides include viruses, bacteria, protozoans, or fungi. These natural materials do not harm the environment. As microbial pesticides generally target a specific pest on crops, they do not show any harmful effects on other useful insects. Thus, the demand for these products has increased in the past few years. The TMR study states that the microbial pesticides segment held 55.4% share of the global market in 2021. It is estimated to expand at a CAGR of 14.4% between 2022 and 2031.

· The bioherbicides segment held 35.4% share of the global market in 2021. It is projected to advance at a CAGR of 14.5%. This growth can be attributed to an increase in focus on innovations in crop protection technology and a rise in inclination of consumer population toward an environment-friendly and nutritional diet.

Biopesticides Market: Growth Drivers

Rise in investments by developed and developing countries to strengthen the agriculture sector is creating substantial business opportunities in the market
Increase in need to boost the productivity of food crops and cash crops is expected to drive industry growth during the forecast period

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Regional Analysis

North America is projected to hold major market share during the forecast period. Growth of the market in North America can be ascribed to rise in demand for organic food and increase in awareness among the regional populace about the harmful effects of chemical-based agro products.
Asia Pacific and Europe held 13.2% and 33.0% value share of the market, respectively, in 2021. Increase in demand for superior quality crops, presence of strict regulations that limit the usage of several active ingredients, and growth in prevalence of diseases and pests due to climate change are foreseen to fuel the demand for biopesticides in Europe.

Biopesticides Market: Competition Landscape

Players are focusing on the development of eco-friendly products. Hence, they are investing heavily in R&D activities.
Mergers, acquisitions, and portfolio expansions are key strategies adopted by companies in order to stay ahead of the competition

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Biopesticides Market: Key Players

Key players profiled in the report are:

Syngenta International AG
Certis USA LLC
Bayer AG
Nufarm Ltd.
Gujarat State Fertilizers and Chemicals Ltd.
Novozymes A/S
Agri Life
FMC Corporation
Biotech International Limited
Symborg S.L.
Summit Chemical, Inc.
T. Stanes & Company Limited
BioSafe Systems, LLC

Biopesticides Market Segmentation

Source

Microbial Pesticides

Bt Products
Non Bt Products

Biochemical Pesticides
Plant-incorporated Protectants

Product

Bioinsecticides
Biofungicides
Bioherbicides
Bionematicides
Others (including Plant Growth Regulators)

Application

Cereals and Grains
Oilseeds and Pulses
Fruits and Vegetables
Others (including Nursery and Turf)

Regions Covered

North America
Europe
Asia Pacific
Latin America
Middle East & Africa

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Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.

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