Market Scenario and Key Factors:
Biopesticides include naturally occurring substances that control pests, microorganisms that control pests, and pesticidal substances produced by plants containing added genetic material. Biopesticides products usually fight their intended pests while chemicals end up affecting non-target species, which include other insects, birds, and mammals. Moreover, biopesticides are usually inherently less toxic than conventional pesticides, which is driving the growth of the market. The most common types of biopesticides include bioherbicide, bioinsecticide, bio fungicide, and others.
Biopesticides generally affect only the target pest and closely related organisms, which is a driving factor for the growth of biopesticides market. Increasing population and growing demand for food have led to high agricultural productivity, which is driving the growth of the biopesticides market. Moreover, limited availability of cultivable land is boosting the demand for biopesticides to increase farm productivity.
Growing acceptance of modern farming techniques is adding fuel to the growth of biopesticides market. To improve the efficiency of biopesticides, major players are investing in research and development, which is further adding fuel to the growth of the global biopesticides market. However, high cost and low availability of biopesticides may hamper the growth of the market over the review period. Nevertheless, all these factors are projected to contribute to the estimated CAGR of 15.9% of biopesticides market during the forecast period 2017-2023.
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Some of the key players profiled in the global biopesticides market are Bayer Crop Science AG (Germany), DuPont (U.S.), BASF SE (Germany), Monsanto Company (U.S.), Syngenta (Switzerland), Novozymes Biologicals (Denmark), Certis USA LLC (U.S.)
Key players are highly focusing on sales and promotion channel in various regions
Demand for organic crops is increasing among the food processors
Traders, importers, and exporters
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The global biopesticides market is segmented into North America, Europe, Asia Pacific, and rest of the world (RoW). North America is leading the biopesticides market. Growing demand for organic products in the U.S. and product innovations by the key players in this region is majorly driving the growth of the biopesticides in this region.
Europe is expected to be the second largest biopesticides market. Germany and the U.K are the major contributors to the growth of this region. The Asia Pacific is the fastest growing region in the market. Growing awareness in developing countries is boosting the growth of biopesticides in this region. India, China, and Australia are the major contributors to the growth of the region. South America is likely to experience a moderate growth in the rest of the world market.