Biopesticides are derived from naturally occurring substances like animals, plants, bacteria, and certain minerals. They tend to pose a lesser risk to the environment as compared to synthetic pesticides since they fight pathogens with natural methods. Moreover, the growing awareness concerning the environmental sustainability of products has been one of the factors that augment the growth of this market. Biopesticides are less toxic as compared to chemical pesticides and they are highly selective, they target only a certain spectrum of species and do not cause harm to others. Additionally, the raw materials required to make biopesticides are easily available in nature because of which the cost incurred during the production of the same is way lesser, this factor acts as a key selling point for biopesticides.
This report studies the effects of the drivers, restraints, and challenges of biopesticides along with the applications of the same that could hereby increase its market value. To delve further into the quantitative and qualitative analysis of this market, this report is segmented as Region, Source, Formulation.
The key driver for this market is the growing use of sustainable farming procedures to meet the high quality of export crops required. This is due to the rising consumption of residue-free organically grown crops. Moreover, the use of integrated pest management and government regulations that support the use of organic fertilizers and pesticides further support the market growth. The selective nature of biopesticides is another factor that further drives the market.
The global market for biopesticides is projected to reach USD 19 Billion by 2028 from a value of USD 5 Billion in 2020. The market is expected to grow with a CAGR of 18%. Due to the increased demand for organically grown crops, the fruits and vegetables sector dominates the crops segment.
Based on the mode of application, the foliar spray sector dominates this section. The bioinsecticides segment leads the market on the basis of the type of product, this is owing to an increase in pest resistance and the growing trend for sustainable solutions. The growing use of integrated pest management is another factor that accelerates the growth of this market. IPM focuses on creating both economical as well as ecological solutions for agronomic problems.
The global market for biopesticides is led by Europe, it holds up to 30% of the overall global revenue for this sector. This is due to the increasing investment for R&D in this sector and the increasing awareness concerning environmental conservation. North America is one of the leading players of this market, this is because the organic crop's market for NA accounts for maximum shares. The growing consumption of organically grown crops due to the health benefits offered by them is one of the key factors that propel the market growth. APAC is the fastest-growing segment because of the increasing disposable income of people in developing countries and the growing population that leads to increased crop cultivation.
The study period of the report titled, “Global biopesticides-Market and Technology Forecast to 2020” is from 2018-2028. The forecast period of this report ranges from 2020-2028. The report is segmented by Region, Source, Formulation.
The report is aimed at:
Segmentation covered in this Report:
- In-depth analyses based on the impacts of the drivers, restraints, and challenges of this market have been made.
- Shifting market dynamics concerning key market trends have been discussed.
- Forthcoming technologies and their effects on the market growth of this sector have been discussed
- The high growth markets have been discussed in the opportunities chapter of this report
- Porter’s Five Forces and PESTLE Analysis have been used to provide a strategic plan for this market.
The market is segmented based on Type, Crop Type, Formulation, and Region.
- Beneficial Insects
By Crop Type
- North America
- Asia Pacific
- Middle East
By Mode of Application
- Cereals & grains
- Oilseeds & pulses
- Fruits & vegetables
- Foliar spray
- Soil treatment
- Seed treatment
Reasons to buy:
- United States
- United Kingdom
Who is this report aimed for?
- The new players could use this report to study the drivers, restraints, and challenges as well as their influence on the changing market trends.
- Both long term and short term goals can be established with the help of this report since it ranges to a forecast period of 2028.
- Government and private organizations could use this report to study the new opportunities in this field and capitalize on the same.
- The key players of this market and the strategies employed by them have been studied in detail, this could help existing players with developing strategies.
- The sales teams could make use of this report to gain more perspective about the changing market dynamics.
- Technology Innovators: Can use this report to study the changing market dynamics and demands to probe for opportunities.
- Financial Institutions: Can use this report to plan strategic funding for R&D projects under industries.
- Governments, Associations, and Industrial Bodies: Can use this report to understand the growing trend for sustainable farming and promote the same amongst rural areas.
- Sales Teams: They can make use of this report to create adequate sales strategies.