The global biopesticides market, valued at $1.72-bn in 2014, is expected to reach $4.17bn by 2033, at a CAGR of 9.9% from 2015to 2023, according to a new market report published by Transparency Market Research.
The growth is expected to be boosted by increasing consumer awareness about the consumption of organic food and growing usage of biopesticides in order to minimize the environment pollution worldwide. Biopesticides are the key components of integrated pest management (IPM) Programmes and are receiving much attention as a means of reducing the load of synthetic chemicals used to control plant diseases. Rising demand for chemicals-free crop protection products, which have minimum or no negative impact on environment and possess better safety features, are key drivers for this market. The usage of biopesticideshas increased substantially in the past few years as their effectiveness has improved through extensive and systematic used for protecting permanent crops.
North America held the largest market share in the market accounting for41.7% share in 2014. The market growth in this region is attributed to growing demand for organic food. Asia pacific held the second largest market share in 2014. In terms of active ingredients type, the microbial pesticides segment held the largest share in the global biopesticides market, accounting for 57.7% market share in 2014 and is expected to grow at a CAGR of 9.7% from 2015 to 2023. The biopesticides market has consolidated, and the top five players acquired more than 50% of the market in 2014. The key players include BASF, Arysta Life Sciences, ValentBiosciences, Bayer CropScience, Dow AgroSciences and Novozymes.