MarketsandMarkets™ Reports – Biopesticides Market worth $11.3 billion by 2027 | CHICAGO/PRNewswire/ — The Biopesticides Market is projected to grow from USD 5.5 billion in 2022 to USD 11.3 billion by 2027, recording a CAGR of 15.6% from 2022 to 2027 according to a new report by MarketsandMarkets™. The global biopesticides market has been influenced by some of the macroeconomic and microeconomic factors witnessed in some key countries. This would prove strong enough to drive the market significantly in terms of value sales during the forecast period. With the rise in demand and preference for organic food items, pest resistance management, residue management, and environmental regulations have significantly boosted the demand for biopesticides in the agriculture industry. Biopesticides are safer alternatives to chemical-based pesticides.
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Marrone Bio Innovations offers a wide range of biopesticides in the North American market.
The organic industry is growing fast. According to a survey undertaken by FiBL in 2020 on organic agriculture worldwide, there was an increase in organic farmland by 3 million hectares (4.1%), the number of organic producers, and an increase in the sales of organic products. The rising popularity of organic products due to their perceived health benefits, environmental regulations, pest resistance management, and residue management are fueling the growth of the biopesticides market in the North American market. As a result US-based Marrone Bio Innovations spends a major share in its R&D and offers a wide range of biopesticides products including bioinsecticides, biofungicides, bionematicides, and bioherbicides.
Bioherbicides market is a relatively untapped and small market in comparison to other segments such as bioinsecticides and biofungicides.
Bioherbicides are relatively less commercialized than other types of biopesticides available in the market. This is due to various challenges faced in its development. Due to rising demand for bioherbicides as a result of conventional herbicides, various key players in the market are doing extensive research to develop and commercialize bioherbicides. Marrone Bio Innovations (US) is also making news on its recent acquisition of exclusive rights to high-performing strains of Streptomyces acidiscabies for commercialization of a new second-generation bioherbicide, MBI-006. With the rising demand for effective biosolutions to control weed and invasive species, the demand for bioherbicides is expected to rise in the coming future.
The fruits and vegetables segment is projected to grow at the highest CAGR of 16.0% during the forecast period.
Fruits and vegetables are high-value specialty crops grown on a large scale in greenhouses and open fields. Consumers have turned more health conscious in recent years which has created a shift to specialty crop production due to high demand for healthy and organic foods like fruits and vegetables. High value crops give larger profits to cultivators. Hence, agricultural input is also high. They are also the most exported crop types in the organic sector. Thus, to comply with import regulations especially in the North American and European countries, the fruits and vegetables segment consumes a large share of biopesticides and the demand is projected to grow at the fastest rate during the forecast period.
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Europe is projected to reach USD 3,520.3 million during the forecast period.
In 2022, Europe is estimated to have a market share of 30.3% in the global biopesticides market. The European biopesticides market is driven by stringent government policies like Farm to Fork strategy and proposals like 50% reduction in chemical pesticides by 2030 which ensure environment sustainability and food safety. Consumers in the European market are also well aware and thus the demand for organic food items is high. Europe is also a technologically advanced region which gives it an edge over other regions on the application of biopesticides. Thus, the region is projected to be the fastest growing market during the forecast period and is projected to reach USD 3,520.3 million during the forecast period.
The key players in this market include BASF SE(Germany), Bayer AG (Germany), and Syngenta AG (Switzerland).