In 2022, the biopesticide market will be valued at USD 5.62 Billion. Market size is expected to grow from USD 6.52 Billion in 2022 to USD 18 Billion in 2031. This forecast period will see a CAGR of 15.78%.
Some countries are now imposing stricter import restrictions, focusing on pesticide residues. The United States could see a rise in the acreage and use of biopesticides in its cereals and grains. Most US biopesticides are used for grains and cereals, but the biggest increase in oilseed application will be due to the growing demand for oilseed-based products.
Asia-Pacific is expected to be the leader in biopesticides. Bayer CropScience LLC and Syngenta AG are the leading players in this sector. Syngenta AG. BASF SE. Sumitomo chemicals Co Ltd. Biopesticides have been growing in popularity because they are more effective than synthetic alternatives regarding food safety and quality. However, biopesticides are expected to limit the market due to their lower specificity and high price.
New Updates: The Booming Biopesticides Market
The importance of organic food for product growth is growing
Organic farming is becoming more popular as an alternative to traditional methods that reduce the environmental impact. There will be strong demand for bio-based pesticides. The future is set to benefit from the promising growth in organic agriculture. Due to increased emphasis from governments and other stakeholders on sustainable, organic farming, the product’s acceptance has grown.
Solid agricultural foundations help countries to transition slowly from a green revolution to an ever-green revolution. These countries do this due to their eco-friendly, economical, farmer-friendly, and consumer-friendly attributes. The growing demand for organic foods free from chemical pesticides is expected to drive further market growth.
Market Growth: Phase-out Key Chemical Active Ingredients
The environment has suffered severe and serious damage from synthetic pesticides. Many government agencies have put restrictions on or banned active chemical substances to reduce their negative effects on the environment and human and animal welfare. Many governments and other government agencies support bio-based crop pesticides and are willing and able to contribute funds to reduce pesticides’ environmental impact. Growing concern over chemical pesticide use will encourage the sale and distribution of biopesticides.
Sub-optimal Commercialization to Product to Hamper Market Growth
A low adoption rate may limit the market’s potential growth compared to chemical Agri -inputs for developing nations. Many major players are present in the well-structured global market for conventional and other traditional agricultural inputs. Many companies in the biopesticides industry struggle to raise sufficient funds and have limited market penetration. These small players may not see the demand dynamics within a given geographic area which could impact market growth.
New Farming Technologies are Adapted for Organic Land
The last 20 years have seen sustainable agriculture grow. It encourages more sustainable practices and lowers the negative effects on society. New farm technologies have made biopesticides safer to use in the fields. Farmers who support sustainable farming will agree to mainstream agriculture’s acceptance that pesticides can be used in their fields. This decreases the costs and productivity as well as the negative impact on the environment.
Sustainable agriculture uses biopesticides to solve multiple environmental and social issues. Both workers and growers can use them, and this is why biopesticides are on the rise. The demand for organic foods which do not contain chemical preservatives, which can lead to adverse health effects, is growing.
Organic growers have preferred biopesticides to chemical-based pesticides. Bio-based pesticides have been developed as a result of rising environmental concerns. Research Institute of Organic Agriculture statistics revealed that Europe’s organic area increased by 17.1 million acres by 2017, up from 14.4 million in 2017.
To encourage biopesticides, registration requirements were simplified. These countries also offer grants for R&D or production unit setups. In May 2020, the EU proposed a reduction of 505 chemical insecticides. It also suggested increasing the use of biological pesticides. This will result in a rise in Europe’s share of the biopesticide markets. These actions create opportunities for the global expansion of biopesticide markets.
Recent Developments
- Syngenta Crop Protection AG (a biocontrol tech company) has acquired UniSpore, NemaTrident, and UniSpore (2022). This will enable the company to fight increasing resistance against pests in horticulture and ornamentals and turf amenities. Customers have more options.
- BASF and AgBiome reached an agreement in March 2021. This agreement aims to introduce a new biological fungicide to the European markets and provide the key for the Middle East, African and African countries.
- Symbiosis Agrotecnologia Biologica created the first biopesticides to control the soybean looper in Brazil in partnership with Embrapa (Brazilian Agricultural Research Corporation).
