The growing adoption of organic farming is boosting the global biopesticides market. Fortune Business Insights has 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.” According to the report, the global biopesticides market was valued at US$ 3.36 Billion in 2017, and is projected to reach US$ 10.19 Billion by the end of 2025, exhibiting a CAGR of 14.93%.
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Adoption of Organic Farming Practices is Boosting the Global Market
According to the Research Institute of Organic Agriculture, one of the leading organic farming information and research centres in the world, in 2015, around 50.9 million hectares of agricultural land was under organic farm practices. This indicates that a huge volume of land is under organic farming and therefore, the demand for biopesticides is likely to increase. Growing demand of biopesticides has a positive impact on the global market. Besides organic farming, increasing involvement of start-ups and established companies towards research and development of active biopesticide ingredients. After extensive research, it was found that the time involved in research and development activities of biopesticides is much less than that required for other synthetic chemicals. Besides time limitations, investment costs are massively reduced for biopesticides from the high initial costs required for synthetic chemical biopesticides.
Bionematicides to Emerge as the Most Attractive Product Type
The increasing demand for biological control of nematodes has led to an increased demand for bionematicides. As of 2017, bio-fungicides and bio-insecticides together accounted for almost 92-95% of the total share. The proven efficacy of bacillus sps in controlling crop pests and subsequently increase production, is a major factor that has led to its increased adoption. Owing to the aforementioned factor, bacillus sps is the most widely used biopesticide in the global market. It was found that almost 10% of all nematodes species that adversely affect crop life, are plant parasites. It was found that crop losses accounted for almost US$ 80 Bn annually. Amongst all crops, horticulture-grown type were most vulnerable to these pathogenic nematodes.
Considering the losses due to pathogenic nematodes, many companies are now focusing on improvising in biopesticides to minimize their effects. Thus, increasing investment in R&D of bionematicides is leading to a subsequent rise in demand for bionematicides. Thus, bionematicides will continue to dominate the global market throughout the forecast period.
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The Microbial Segment is likely to Emerge as the most Widely Used Source of Production
Microbial entities such as fungi and bacteria have accounted for the highest share in the global market. Microbials have proven efficiency in protecting crops from various pathogens in areas such as farms, fields and enclosed cultivation units. Thus, moderate costs of microbial and a high efficiency has led to an increasing use in the global market.
North America to Emerge as The Leading Region
Stringent regulations towards use of synthetic chemicals in North America have led to an increased demand for sustainable alternatives. As biopesticides have been deemed as the most efficient products for synthetic chemical alternatives, there is a growing adoption in North America. Having said that, Asia Pacific and South America are two regions, who are expected to witness strong growth due to increasing organic farming practices in these regions.
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