The global biopesticides market size was valued at USD 5.61 billion in 2021. The market is expected to grow from USD 6.51 billion in 2022 to USD 18.15 billion by 2029, exhibiting a CAGR of 15.77% during the forecast period. This information is provided by Fortune Business Insights, in its report titled, “Biopesticides Market, 2022-2029.”
COVID-19 Impacts:
Interruption in Global Supply Chain due to COVID-19 has Severely Affected Market Growth
The abrupt outbreak of COVID-19 pandemic is impacting the global market as governments undertake lockdown actions and restrict the mobility of their public. These actions are having a considerable impact on biopesticide production as manufacturing units are facing supply chain interruptions and workers’ absence. The global market growth is anticipated to witness commotions and production reduction, owing to raw material scarcity, labor scarcity, and government-compelled plant closing down.
Segments:
Biofungicides Segment to Grow at Notable Pace owing to Growing Resistance for Numerous Chemical Fungicides among Fungi
Biofungicides segment is probable to grow at substantial pace in the coming years. The surging resistance for numerous chemical fungicides among fungi is predicted to boost the demand for substitute efficient products such as biofungicides.
Microbes Ability to Refine Nutrient Uptake to Back Notable Growth of Microbial Segment
Microbes have proven the ability to refine the nutrient uptake and support the development of residential microbiota of plants.
Foliar Application to Hold Largest Share due to its Adequate Potency to Upsurge Plant Growth and Efficiency
Foliar application is projected to safeguard larger revenue chunk in the global marketplace with sturdy growth projections during the mentioned period.
Cereals Segment to Display Substantial Growth Attributed to Growing Demand for Organic Cereals
The escalating cultivation of cereals as they are consumed as staple across the globe and the huge profit linked with the cultivation of organic cereals are anticipated to boost the utilization of biopesticide between cereal growers.
Drivers and Restraints:
Surging Demand for Organic Food to Play a Vital Role in Market Growth
Organic farming is expansively promoted as an epitome of substitute for conventional method to diminish the overall influence on the environment. The encouraging growth trajectory of organic agriculture practices is estimated to help the impending growth of biopesticides with robust demand dynamics for natural plant protection products. The huge prominence from governments and other shareholders on the organic and maintainable mode of farming has augmented the product adoption. This is expected to boost the biopesticides market growth during the upcoming period.
However, the low implementation rate of the product compared with chemical agri-inputs in emerging countries can constrain the growth of the market. The traditional and conventional agri-inputs market is well-structured at a global level with a noticeable existence of pivotal giants.
Regional Insights:
North America to Dominate Backed by Strict Rules Concerning Environment
North America held the largest biopesticides market share at present and it is projected to account for a considerable rank in the market during the forecast period as well. Strict rules and guidelines concerning the utilization of synthetic crop protection chemicals to maintain safety for the environment from harmful impacts are fueling the growth of the regional market.
The demand for biopesticide is elevated in the Asian agriculture sector. The population-rise that is bound to generate pressure on food security is estimated to be more noticeable in Asia Pacific region.
Europe is demonstrating sluggish but gradual growth in the use of biopesticides and is the second largest consumers of these products across the globe.
Competitive Landscape:
Crucial Business-related Announcements by Prime Players to Sway Market Dynamics
Indispensable companies in the market often make important declarations concerning a few business moves, which, in turn, impact the market either positively or adversely. Companies acquire other corporations, launch novel products, involve in partnership deals, sign agreement with government organizations, and so on.
Key Industry Development:
April 2022: FMC Corporation declared the global presentation of its novel brand, Biológicos da FMC, during Brazil's National Biological Week. The novel brand was inaugurated with the goal of rising yield and finding new modes of action and innovative solutions for sustainable agriculture for the upcoming generations.
Browse Detailed Summary of Research Report with TOC:
https://www.fortunebusinessinsights.com/industry-reports/biopesticides-market-100073