The global biopesticides market is expected to grow at a CAGR of 21.1% during the forecasted period of 2022-2030. Increasing awareness about environmental safety and rising demand for chemical-free and eco-friendly farming products are the two most important reasons for the rising adoption of biopesticides worldwide along with low toxicity of biopesticides.
The regional paradigm of the global biopesticides market is dominated by North America, the region accounts for approximately 38.3% of the total global market. It is expected to grow at a CAGR of 20.2% during the forecast period, due to the extensive R&D investment in the countries such as the U.S. and Canada and strict government regulations restricting the usage of hazardous chemical pesticides. North America will be followed by Europe and APAC. APAC is forecasted to be the fastest-growing market with a CAGR of 22.6% during the forecast period, this is due to the boom in Asian economies of India, China, etc.
The top three emerging countries which have shown significant growth during the past years and are anticipated to witness remarkable growth include the US, China, and India. U.S. contributes 60% of North America’s biopesticides market. Rising demand for organic products has resulted in the growth of the U.S. market growing at a CAGR of 20.4% during 2015-2021. Rising demand in the food grain industry is boosting the Indian biopesticides market. China being the most populated country is boosting the demand for biopesticides market due to the rising demand for food grains in the region.
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In 2021, the crop application market is expected to grow at a CAGR of 20.9% during 2022-2030. It includes grains & cereals, fruits & vegetables, oilseeds, and so on. Rising demand for food is estimated to boost the demand for bio-pesticides in the crop application market. Microbial products also show significant growth in terms of revenue and are anticipated to grow at a CAGR of 20.6% during the forecast period.
Biofungicides market is continuously growing since the last few years due to its rising applications in crops and is therefore expected to grow at a CAGR of 22.3% during 2022-2030. Non-crop application has also gained a significant share in the market due to the rising demand for ornamental grass. High-performance liquids have developed its market and expected to grow at a faster pace with CAGR of 21.7% during forecast period.
Bio pesticide companies target the major markets that use conventional chemical pesticides, including certain agricultural and water markets, where bio-based products are used as alternatives for, or mixed with, conventional chemical products. Biopestcides are environmentally responsible products to control pests, increase crop yields and reduce crop stress. A focused strategies and lower spending on R&D is adopted as a key strategy by some of the companies in the biopesticides market. Bio pesticide companies are also seeking new applications and end users for their products. Through strategic collaborations organizations are seeking to commercialize existing crop protection products, or variations thereof, for new markets. Acquisitions of smaller companies by larger giants have been a strategy to bring new technologies under their wings. Large agrichemical companies have become involved in biopesticides through in-licensing of technology and products, joint ventures and acquisitions. Top companies in this market include Bayer, BASF, Bioworks, Dupont, and others.
KEY MARKET MOVEMENTS
- The global biopesticides market is expected to grow at a CAGR of 21.1% during the forecasted period of 2022-2030.
- The regional paradigm of global bio pesticides market is dominated by North America, the region accounts for approximately 38.3% of the total global market. It is expected to grow at a CAGR of 20.2% during the forecast period
- APAC is forecasted to be the fastest growing market with a CAGR of 22.6% during the forecast period
- U.S. contributes 60% of the North America’s biopesticides market.
- In 2021, crop application market is expected to grow at a CAGR of 20.9% during 2022-2030.
- Microbial products also show significant growth in terms of revenue and anticipated to grow at a CAGR of 20.6% during the forecast period.
- Biofungicides market is continuously growing since the last few years due to its rising applications in crops and is therefore expected to grow at a CAGR of 22.3% during 2022-2030.
- Bio pesticide companies target the major markets that use conventional chemical pesticides, including certain agricultural and water markets, where bio-based products are used as alternatives for, or mixed with, conventional chemical products.
- Top companies in this market include Bayer, BASF, Bioworks, Dupont and others.
