Global Biopesticides Market To Hit USD 12.2 Billion By 2028 | At A CAGR Of 15.3% | Vantage Market Research

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WASHINGTON, Sept. 22, 2022 (GLOBE NEWSWIRE) -- The Global Biopesticides market was valued at USD 5.2 billion in 2021 and is projected to generate revenue of USD 12.2 billion by 2028 at a CAGR (Compound Annual Growth Rate) of 15.3% during the forecast period, 2022–2028.

Pesticides are among the most widely used substances in the world. In 2020, an estimated 3.5 million tons of pesticides were used globally. This is equivalent to more than two pounds of pesticides used by each person on the planet. Wherein, China is the leading consumer of chemical pesticides, which is followed by the US and Argentina. Pesticides are often used to control insect populations and protect food crops.

As per Vantage Market Research, more than 45% of food is lost due to pest infestation in the Biopesticides market. As a result, farmers are increasingly opting for pesticides to get rid of them. In fact, our study suggests that over 35% of agricultural produce is affected by chemical pesticides. However, pesticides have also been linked to health concerns, including cancer and developmental problems in children. Approximately one-fifth of all cancers worldwide are pesticide-related, and these cancers are increasing in prevalence due to the persistent use of these chemicals.

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To overcome these challenges, the demand for the biopesticide market is growing as farmers become more and more aware of the benefits that these products can have on their crops. Biopesticides are effective tools that help farmers protect their crops from harmful organisms, and there is a wide variety available to choose from. Some of the most popular Biopesticides include neem oil, pyrethrin, and Bacillus thuringiensis (Bt).

Today, the Biopesticides market has become a popular way to protect crops. This is due in part to their environmental benefits – Biopesticides can reduce the use of chemical pesticides while also preserving biodiversity. But there is also a growing demand for Biopesticides for agricultural purposes – specifically, to increase crop yield and improve food security.

What drives the demand for the Biopesticides market?

There are several factors contributing to this increase in demand, including the growing number of farmers who are using natural methods to protect their crops, the increasing popularity of organic farming, the increasing cost of chemical pesticides, the negative impact of chemical pesticides on human health, stringent government regulation, higher chances production rejection for exporting the products, among others.

In spite of this growth in demand, there is still room for improvement in the Biopesticides market.

One challenge is that many Biopesticides are not registered with the United States Food and Drug Administration (FDA). This makes it difficult for farmers to know which products are safe and effective, and it can lead to product liability claims in the Biopesticides market. Another challenge is that many biopesticide manufacturers do not have a global footprint – meaning that they do not have facilities in multiple countries. This limits their ability to respond quickly to challenges posed by new pests or disease outbreaks.

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Key Findings in Global Biopesticides Market by Vantage Market Research

Since the agricultural industry's switch to petroleum-based seed production and pesticides, the use of Biopesticides has become a more prevalent way to manage crops.

A key factor for that increase has been Vantage Market Research's Biopesticide survey, which found that

• Top three applications for Biopesticides in 2021 were crop protection, animal health, and environmental remediation.
• Insecticides accounted for the majority of total sales, followed by herbicides and fungicides.
• 44% of global respondents are using Biopesticides in their operations in the Biopesticides market.
• It was also found that more companies are incorporating Biopesticides into their overall pest management strategies, with 91% expecting increased use of such products over the next three years.
• In addition, 74% of survey respondents said they are using or expect to use genetically modified organisms (GMOs) in biopesticide formulations within the next three years. Interestingly, while GMO traits account for only a small share of all pesticide uses today, they could play a much larger role in future developments.
• While biosafety concerns have limited their commercial adoption thus far, there is great interest among growers in using GMOs as vehicle technologies for delivering efficient and effective Biopesticides. This could be achieved through horizontal gene transfer (HGT) from GMO crops to microbial consortia isolated from wild plant resources.

China, the US, and Germany are the Top 3 Exporters of Biopesticides

The top three countries that exported the most Biopesticides in 2021 were China, the United States, and Germany. China was the largest exporter of Biopesticides, accounting for 34% of the total exports. The United States came in second with 21% of the total exports, while Germany was third with 13% of the total exports.

There are many reasons why these three countries are leading exporters in the global Biopesticides market. China is a leading producer of agricultural products, and its farmers often use Biopesticides to control pests and Diseases. The United States has a long history of responsibly using pesticides, and this has enabled it to become a leading exporter of Biopesticides. Additionally, Germany has a strong scientific community that is frequently developing new types of Biopesticides.

China is the world's largest producer and consumer in the global biopesticide market, according to a report from Vantage. The country's per-capita consumption rate is five times higher than that of the United States, and it has been estimated that China uses more than half of the world's commercially available Biopesticides.

In recent years, however, there have been signs that China is starting to reconsider its reliance on various types of chemical pesticides. In 2013, the government announced a plan to reduce pesticide use by 60% within six years. And in May 2021, China unveiled a new set of Guidelines for Pesticide Management that could steer the country away from using hazardous and potentially harmful chemicals. In line with this, China has started providing biopeptides in huge quantities. In fact, it emerged as the largest exporter of Biopesticides as of September 2022. Over 260 organizations are active in China's Biopesticides market, which accounts for 10% of the total pesticide market. Vantage found that China produces over 14,000 tons of biopesticide each year out of which China exported over 3,000 tons of biopesticide to other countries in 2016, which increased to over 4,500 tons in 2021.

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Key Challenges in the Biopesticides market

1. Developments in the Biopesticides market are mainly driven by innovative products and services, which is a potential challenge for players in the industry. This is due to the high Research and Development (R&D) expenditure required for the development of these types of products.

2. Lack of awareness about the potential benefits of bioinsecticides and the need for credible data to substantiate efficacy claims

3. Poor crop performance due to weather conditions or resistance development to Biopesticides

4. Regulations relating to safety and environmental issues are also expected to exert a strong influence on the growth of the Biopesticides market. As a result, there is an increased interest from manufacturers in developing products that meet all certification requirements mandated by various regulatory agencies.

5. The price pressure arising from aggressive competition could limit the growth of the Biopesticides market during the forecast period. This is particularly true for product segments such as herbicides, fungicides, and biocontrol agents

Top Players in the Global Biopesticides market

• Certis USA LLC
• Syngenta International AG
• Nufarm Ltd
• Bayer AG
• Novozymes A/S
• Gujarat State Fertilizers & Chemicals Ltd.
• FMC Corporation
• Agri Life
• Symborg S.L.
• Biotech International Limited
• T. Stanes & Company Limited
• Summit Chemical Inc.
• BioSafe Systems LLC
  

Browse market data Tables and Figures spread through 141 Pages and in-depth TOC on 'Biopesticides Market Size, Share & Trends Analysis Report by Crop Type (Cereal & Grains, Oilseeds & Pulses, Fruits & Vegetables, Other Crop Types), by Formulation Type (Liquid Formulation, Dry Formulation), by Source (Microbial Pesticides, Biochemical Pesticides, Plant-Incorporated Protectants), by Mode of Application (Seed Treatment, Soil Treatment, Foliar Spray, Other Modes of Application), by Product (Bio Insecticides, Bio Fungicides, Bio Herbicides, Bionematicides), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028) '.

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Key Questions Answered in The Report:

• Which region will show the fastest and highest growth in the near future?
• Which are the top five players and their weakness and strength of the Market?
• What will be the future innovation in the upcoming six years?
• Which application and product will lead the largest share of the Market?
• What are the growth drivers, restraints and challenges of the industry?
• What will be the CAGR and size of the Biopesticides Market for the base year and forecast period?

This market titled“Biopesticides Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:

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