Global Biopesticides Market to Reach USD 13.9 Billion by 2028, Driven by Growing Consumer Demand for Pesticide-Free Food
DUBLIN, July 14, 2023 /PRNewswire/ — The “Global Biopesticides Market – Forecast to 2028” report has been added to ResearchAndMarkets.com’s offering.
The global biopesticides market is poised for significant growth, with a projected value of USD 13.9 billion by 2028, reflecting a CAGR of 15.9% during the forecast period.
The market, valued at USD 6.7 billion in 2023, is driven by increasing consumer demand for food products free from pesticide residues and the adoption of sustainable farming practices.
Among the types of biopesticides, biofungicides hold the second-largest market share. With the rising popularity of organic farming and the demand for pesticide-free crops, biofungicides have gained traction.
These eco-friendly solutions effectively control fungal diseases without leaving harmful residues, aligning with integrated pest management (IPM) strategies and organic farming principles. Biofungicides derived from Trichoderma species, such as Trichoderma harzianum, not only combat diseases but also promote plant growth and enhance soil health.
Fruits and vegetables account for the largest share in the crop type segment of the biopesticides market. Consumers increasingly prefer pesticide-free and residue-free produce, driving the demand for biopesticides derived from natural sources. These biopesticides provide a safer alternative to chemical pesticides while leaving minimal residues on crops. They also have minimal impact on beneficial insects responsible for pollination and pest control, ensuring ecological balance.
The Asia Pacific region is expected to witness substantial growth in the biopesticides market during the forecast period. With its diverse range of crops and high pest pressure, the region presents a strong demand for effective pest control solutions.
Biopesticides have emerged as targeted alternatives, addressing specific pests and diseases while minimizing environmental impact. In rice cultivation, for example, biopesticides based on Bacillus thuringiensis have proven successful in controlling the rice stem borer, a major pest in the region. The increasing adoption of organic farming practices in the Asia Pacific further fuels the demand for biopesticides to meet consumer preferences for organic produce.
- Gradual Phase-Out of Key Active Ingredients to Drive Biopesticides Market Growth
- North America to Dominate Biopesticides Market in Terms of Value
- Europe to Grow at the Highest Rate During the Forecast Period in Volume Terms
- Bioinsecticides to Account for the Largest Market Among Types During the Forecast Period
- Bionematicides Segment to Grow at the Highest CAGR in Terms of Volume
- Liquid-Based Biopesticides Segment to Account for a Larger Size During the Forecast Period
- Demand for Foliar Sprays to be the Highest During the Forecast Period
- High Costs Associated with the Development of New Synthetic Crop Protection Products
- Chemical Pesticide Bans and Awareness Programs by Government Agencies
- Increase in Acceptance of Organic Food
- Technological Limitations to Use Biological Products
- Advancements in Microbial Research Undertaken by Key Players Across Regions
- Pest Developing Resistance to Crop Protection Chemicals
- Growth Opportunities in Developing Regions
- Preference for Chemical Pesticides Among Farmers in Developing Countries
- Andermatt Group Ag.
- Basf Se
- Bayer Ag
- Biobest Group Nv
- Biologic Insecticide
- Bioworks, Inc.
- Certis Biologicals
- Fmc Corporation
- Fytofend S.A.
- Innovate Ag
- Ipl Biologicals Ltd
- Isagro S.P.A.
- Novozymes A/S
- Pro Farm Group Inc.
- Som Phytopharma India Ltd
- Stk Bio-Ag Technologies
- Syngenta Ag
- Valent Biosciences LLC
- Vegalab Sa
- Vestaron Corporation
The global biopesticides market is poised for remarkable growth as consumers increasingly prioritize pesticide-free food choices. Advancements in microbial research, increasing acceptance of organic food, and the gradual phase-out of key active ingredients drive the market’s expansion.
However, technological limitations and the preference for chemical pesticides among farmers in developing countries present challenges.
For more information about this report visit https://www.researchandmarkets.com/r/qcnzc0
ResearchAndMarkets.com is the world’s leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Research and Markets
Laura Wood, Senior Manager
For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716
View original content:https://www.prnewswire.com/news-releases/global-biopesticides-market-to-reach-usd-13-9-billion-by-2028–driven-by-growing-consumer-demand-for-pesticide-free-food-301877451.html
SOURCE Research and Markets
Disclaimer: The above press release comes to you under an arrangement with PR Newswire. Agrigate Global takes no editorial responsibility for the same.