Increasing practice of organic farming will enable growth in the global biopesticides market. Fortune Business Insights, recently published a report, titled “Biopesticides Market Size, Share and Global Trend By Product Type (Bioinsecticides, Biofungicides, Bionematicides) Source (Microbials, Biochemicals) Mode of Application (Foliar Application, Seed Treatment, Soil Treatment) Crops (Cereals, Oilseeds, Fruits & Vegetables) and Geography Forecast till 2025.”
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According to the report, the global biopesticides market was worth US$ 3.36 Bn in 2017. Additionally, the global market is foreseen to progress at a remarkable CAGR of 14.93% and reach US$ 10.19 Bn by the end of 2025. The report classifies the global biopesticides market in terms of various segments.
As per the report, the biopesticides market in North America was valued at US$ 1.27 Bn in 2017. Following North America, Europe is the second-leading region in the global market. The regions are expected to continue enjoying a stronghold in the global biopesticides market through the forecast period. Governments in North America and Europe has implemented stringent regulations to curb the consumption of chemical pesticides in order to prevent damaging environment. This is a key factor aiding the growth of the market in these regions. This is likely to enable the global biopesticides market exhibit an impressive CAGR in the coming years.
On the flipside, the biopesticides market in Asia Pacific and South America currently hold relatively a slower share in the global market. However, these regions are expected to witness impressive growth during the forecast period. Rapid technological advancements in emerging nations will support the expansion of the biopesticides market in Asia Pacific and South America.
Increasing Consumption of Organic Food to Drive Market
Some of the factors anticipated to drive the global biopesticides market during the forecast period are rising awareness regarding benefits of consuming organic food and intense research and development by start-ups on active ingredients of biopesticides.
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As per the Research Institute of Organic Culture (a leading research and information center for organic farming) in 2015, 50.9 Mn hectares of agricultural land was used for organic farming. The rising practice of organic farming is expected to fuel the demand for biopesticides.
On the contrary, high cost associated with biopesticides as against the lower price and easy availability of synthetic pesticides may hamper the growth in the global biopesticides market during the forecast period.
In terms of type, bioinsecticides and biofungicides were the leading segments in the global biopesticides market in 2017. Together the segments accounted for 92-95% of the global market in 2017. These segments are expected to witness impressive growth during the forecast period as well. This is will in turn augur well for the global biopesticides market.
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