Biopesticides Market Poised for a 10.85% CAGR, Reaching USD 15.74 Billion by 2032
Research Reports
Jun 20, 2024
Market Size and Growth
The Biopesticides Market was valued at USD 6.20 billion in 2023 and is projected to grow from USD 6.91 billion in 2024 to USD 15.74 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 10.85% during the forecast period (2024-2032).
Biopesticides encompass naturally occurring substances, microorganisms, and genetically modified plants that control pests. Unlike chemical pesticides, biopesticides specifically target pests without harming non-target species such as other insects, birds, and mammals. Their lower toxicity compared to conventional pesticides is a key factor driving market growth. The main types of biopesticides include bioherbicides, bioinsecticides, biofungicides, and others.
Market Forecast
The ability of biopesticides to affect only the target pest and related organisms is a significant factor propelling the market. The increasing global population and the subsequent rise in food demand have led to higher agricultural productivity, further driving the biopesticides market. Additionally, the limited availability of arable land is enhancing the demand for biopesticides to boost farm productivity.
The growing acceptance of modern farming techniques is also contributing to the market’s expansion. Major industry players are investing in research and development to enhance the efficacy of biopesticides, further fueling market growth. However, the high cost and limited availability of biopesticides could hinder market growth during the forecast period. Despite these challenges, the market is projected to achieve a CAGR of 15.9% from 2014 to 2022.
Downstream Analysis
The biopesticides market is segmented by type into bioherbicides, bioinsecticides, biofungicides, and others. Among these, bioinsecticides are anticipated to grow the fastest due to their ease of use and application.
By form, the market is divided into dry, liquid, and other forms, with liquid formulations gaining the most popularity.
In terms of application, the market is categorized into foliar spray, seed treatment, soil treatment, and others. Foliar-applied biopesticides are expected to see significant growth, while soil treatments are projected to grow moderately over the forecast period.
Based on crop type, the market is segmented into cereals and grains, fruits and vegetables, oilseeds, and others. Cereals and grains currently dominate the market, but fruits and vegetables are expected to witness substantial growth during the forecast period.
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Competitive Analysis
Key players in the biopesticides market include:
Eminent industry players profiled in the global biopesticides market report include DuPont (U.S.), Bayer Crop Science AG (Germany), Monsanto Company (U.S.), BASF SE (Germany), Novozymes Biologicals (Denmark), Syngenta (Switzerland), Certis USA LLC (U.S.), and Others.
Regional Analysis
The global biopesticides market is divided into North America, Europe, Asia Pacific, and the rest of the world (RoW). North America leads the market, driven by the growing demand for organic products and product innovations. Europe follows as the second-largest market, with Germany and the U.K. being major contributors. The Asia Pacific region is the fastest-growing market, fueled by increasing awareness in developing countries, with India, China, and Australia being key contributors. South America is expected to experience moderate growth within the RoW market.
Biopesticides Market Report: https://www.marketresearchfuture.com/reports/biopesticides-market-5098.
Market Segmentation
The biopesticides market is segmented by:
- Type: Bioherbicides, Bioinsecticides, Biofungicides, Others
- Form: Dry, Liquid, Others
- Application: Foliar Spray, Seed Treatment, Soil Treatment, Others
- Crop: Cereals & Grains, Fruits & Vegetables, Oilseeds, Others
- Region: North America, Europe, Asia Pacific, Rest of the World
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