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The growth of the overall biopesticides market is driven by increasing consumer spending on higher quality food & beverages, which is facilitated by a rise in disposable income levels.
updated: May 4, 2020 03:00 EDT
May 4, 2020 (Newswire.com) –
As per a new research report developed by Global Market Insights Inc., the overall biopesticides market was valued at $2.2 billion in 2019 and is projected to surpass $3.3 billion by 2026, registering a CAGR of 5% from 2020 to 2026. The research report delivers a detailed analysis of wavering market trends, top winning strategies, major investment pockets, drivers & opportunities, market size & estimations, and competitive scenario.
Growing cultivation areas for organic fruit and vegetables supported by favorable initiatives from different organizations and government bodies to promote the consumption of healthy food is boosting the revenue growth of the biopesticides market. Organic farming is practiced across approximately 180 countries, using over 70 million hectares worth of land area in 2018.
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Growing regulatory pressure on the overall food and beverage value chain to reduce the residue levels of pesticides is one of the prominent factors promoting the adoption of biopesticides. Introducing policy regarding zero residue pesticides as well as the maximum level of residue have enhanced consumer confidence, driving the demand for natural products. Additionally, strict regulations regarding regular pesticides to lower the environmental impact is creating new growth opportunities for the biopesticides market.
With respect to the product segment, the bioherbicides segment is expected to grow at a CAGR of more than 5.5% through 2026. Technological advancements across the field of genetic studies have facilitated the development of novel bioherbicide products that can effectively control the growth of weeds.
Microbial biopesticides segment is projected to emerge as one of the fastest expanding segments over the projected timeframe. Microbial biopesticides include microorganisms like viruses, bacteria, protozoa, and fungi among others. Advancements in the field of microbiology accompanied by growth in biopesticides demand are likely to lead the market.
Key reasons for biopesticides market growth:
- Introduction of stringent government regulations regarding the use of pesticides.
- Increasing consumer spending towards higher quality food and beverages.
- Growing consumption of organic food across APAC.
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Asia Pacific is projected to register the fastest growth in the overall biopesticides market over the forecast timeframe. Japan and China are among the top organic food consumers and are slated to register significant growth across the projected timeframe. As per the OTA, the organic packaged food & beverage market in China was valued at USD 2.8 billion back in 2017 and is likely to witness a CAGR of more than 14.3% 2017-2022.
Leading industry players analyzed in the biopesticides industry research include Parry America, Inc., Koppert B.V., Stoller, Bayer, Syngenta, Arysta Lifescience, International Panaacea Ltd, BASF SE, Bio Huma Netics Inc., Bioworks, and Valent BioScience. They have incorporated several strategies including partnership, expansion, collaboration, joint ventures, and others to heighten their stand in the industry.
About Global Market Insights, Inc.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting, and business intelligence services, Global Market Insights, Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
GMIPulse, our business analytics platform offers an online, interactive option of exploring our proprietary industry research data in an easy-to-use and dynamic manner. Clients get to explore market intelligence across 11 top-level categories and hundreds of industry segments within them, covering regional, company level and cross-sectional statistics that make our offering a stand-out for decision-makers.
Source: Global Market Insights Inc.