Biopesticides are certain types of pesticides derived from natural materials as animals, plants, bacteria and certain minerals. They are widely used in agriculture to control pests or disease vectors that may harm crops or livestock. Some common biopesticides include botanical insecticides, microbial pesticides, and biochemical pesticides. Unlike chemical pesticides, biopesticides have little or no harmful residues and have high target specificity. They can be used to manage weeds and help improve soil and water quality. Biopesticides are traditionally used in integrated pest management as alternatives to conventional chemical pesticides.
The global biopesticides Market is estimated to be valued at US$ 3.2 billion in 2023 and is expected to exhibit a CAGR of 3.4% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The rising adoption of organic farming practices is one of the key drivers that is expected to flourish the biopesticides Market over the forecast period. Organic farming refers to agricultural systems that promote environmentally, socially, and economically sound production of food. It relies on crop rotation, crop residues, animal manures, legumes, green manures, off-farm organic wastes, mineral bearing rocks and biological system of nutrient mobilization and plant protection to meet required plant nutrient and to fulfill plant’s genetic yield potential. Growing awareness about harmful effects of chemical pesticides on environment and health has prompted farmers to go for organic alternatives like biopesticides. Also, strict regulations on use of chemical pesticides in several countries has stirred the demand for biopesticides. Another important factor fueling the adoption of biopesticides is their eco-friendly nature that causes little or no harm to non-target organisms.
Segment Analysis
The global biopesticides market is dominated by the bioinsecticides sub-segment, which accounts for over 40% share of the market. Bioinsecticides are derived from natural materials like bacteria species and plants extracts, which make them more environment-friendly than synthetic chemical pesticides. As consumers are more aware about the ill-effects of chemical pesticides, the demand for bioinsecticides and other biopesticide alternatives is increasing exponentially.
PEST Analysis
Political: Many governments across the world are promoting the use of organic and bio-based farming practices to reduce environmental pollution. They provide subsidies and institute policies that encourage farmers to adopt biopesticides.
Economic: As consumers are willing to pay premium prices for organic foods, the market for biopesticides is growing steadily. However, the development and production costs of some biopesticides are higher than synthetic pesticides.
Social: People are increasingly health-conscious and prefer food items that are chemical-residue free. The demand for safe, natural and organic products is driving the biopesticides industry.
Technological: Companies are investing heavily in R&D to discover new active ingredients from various organisms and develop effective formulation technologies to improve the shelf-life and performance of biopesticides.
Key Takeaways
The Global Biopesticides Market Share is expected to witness high growth in the forecast period of 2024-2027.
Regional analysis: North America is another major market for biopesticides owing to stringent regulations on chemical pesticide usage and growing organic food consumption in the US and Canada. Further, supportive government policies in countries like Brazil and Argentina are fueling market expansion in Latin America.
Key players operating in the biopesticides market are BASF SE, Bayer AG, Syngenta, FMC Corporation, and Corteva. BASF is a leader in the biofungicides segment with products like Serenade and Prestop. Bayer offers bioinsecticides under the brands Venerate and Vivando.