The Global Biopesticides Market is Anticipated to Witness High Growth Owing to Increasing Demand for Organic Food
Biopesticides are certain types of pesticides derived from such natural materials as animals, plants, bacteria, and certain minerals. Biopesticides are an important component of integrated pest management (IPM) programs. They can control certain organisms and their toxicity to the environment and non-target organisms decreases quickly. Biopesticides typically affect only the target pest and closely related organisms, in contrast to broad-spectrum chemical pesticides that may affect organisms as different as birds, insects, and mammals. They often have little or no residual effect.
Global biopesticides market is estimated to be valued at US$ 0.68 Mn in 2024 and is expected to exhibit a CAGR of 6.8% over the forecast period 2024 To 2031.
Key Takeaways
Key players operating in the biopesticides market are Medtronic PLC, ICU Medical, Inc., Viggo Medical Devices, Teleflex Incorporated, Olympus America, Polymedicure, Ambu A/S., Verathon Inc., SourceMark, SunMed, KARL STORZ, Flexicare (Group) Limited, and Vyaire Medical. These players focus on adopting growth strategies such as acquisitions and partnerships to expand their presence globally. For instance, in November 2019, Biobest Group NV acquired ARBICO Organics to leverage joint resources, strengthen operations, and accelerate growth.
The key opportunities in the Biopesticides Market Demand include increasing adoption of integrated pest management programs and growth of organic farming. Organic agriculture is becoming popular worldwide owing to health concerns over long-term exposure to chemical residues in food and environmental damage from chemical farming practices. In addition, biopesticides pose fewer risks to the environment, operators, and food safety.
Global expansion is a major trend gaining traction in the biopesticides market. Key companies are expanding their geographic footprint to leverage growth opportunities in emerging markets such as Asia Pacific, Latin America, and Africa. For example, Andermatt Biocontrol AG opened a new production plant in India in 2021 to address the growing Indian market for biopesticides. Rising pest issues with population growth and a favorable regulatory environment are fueling demand across developing regions.
Market drivers: The increasing demand for organic food products is a major market driver for biopesticides. Consumers are favoring organic food due to rising health consciousness and awareness about toxic effects of chemical pesticides. Organic agricultural land is expanding globally which is creating more opportunities for biopesticide producers.
Market restraints: High research and development costs involved in developing new biopesticide formulations is a major challenge for players in the market. Low consumer awareness about biopesticides compared to chemical pesticides is restraining market growth. Also, limited product shelf life and difficulty in storing under varied agro-climatic conditions hamper the adoption of biopesticides.
Segment Analysis
This market is dominated by bioinsecticides which account for more than 50% share. Bioinsecticides are pesticides derived from such natural materials as animals, plants, bacteria, and certain minerals. They have demonstrated their ability to control many important pests. With environment sustainability becoming a primary concern, bioinsecticides are expected to gain more preference over chemical insecticides in the coming years.
The bioherbicides segment is the second largest category in this market. Bioherbicides are pesticides used to control weeds and are derived from such natural materials as microbials, plants, animals, and certain minerals. They are known to be more specific and less harmful than chemical herbicides. Their selectivity enables them to control weeds without significantly affecting crops. This makes them an ideal choice for use in agriculture.
Global Analysis
The North America region dominates the global biopesticides market, both in terms of value and volume. Rapid adoption of sustainable agriculture practices and organic farming methods drives the market in this region. Stringent government regulations concerning the use of chemical pesticides and support for development and commercialization of biopesticides also contributes to the large market size. The Asia Pacific region is expected to witness the highest growth during the forecast period owing to the rising population and increasing demand for food in countries such as India and China. Population growth is anticipated to increase the requirement for crops and vegetables in the coming years.
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About Author:
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)