According to the findings of a recent report by Transparency Market Research (TMR), the global biopesticides market is consolidated in nature with top five companies reserving 50% of the shares in 2014. Some of the leading companies identified by the report in the global biopesticides market are BASF SE, Bayer CropScience AG, Valent Biosciences Corp, Arysta LifeSciences, Novozymes A/S, and Dow AgroSciences. The market is currently in development stage and challenge from synthetic pesticides is stiff. Vendors of this market are finding it hard to demonstrate their products in order to convince farmers to switch off their traditional products.
As per the projections of the TMR report, the demand in the global biopesticides market will increment at a robust CAGR of 9.9% during the forecast period of 2015 to 2023, reaching an estimated valuation of US$4.17 bn by the end of 2023, significantly up from its evaluated worth of US$1.96 bn in 2015. DuPont, Bioworks, Syngenta, Nufarm, Stoller, ADAMA, Koppert, and Futureco Bioscience are some of the other key companies identified by this report on the global biopesticides market.
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Bioinsecticides Remains Most Profitable Product Segment
Product-wise, the global biopesticides market has been segmented into biofungicide, bioinsecticide, bioherbicides, and bionematicides. Owing to rising insect attack levels on crops as a result of frequent climate changes as well as growing demand for organic pest control are two important factors augmenting the demand for bioinsecticide. This product contains living bacteria that produce toxin that destroys insects. The popularity of bioinsecticides is a resul of its use for crop protection activities across the world, because several crop pests have gained immunity to other kinds of pesticides. Bioinsecticides are easy to use and are expected to remain the leading product segment in the near future.
Based on active ingredients type, the market for biopesticides has been bifurcated into microbial pesticides, biochemical pesticides, and plant-pesticides. Among these, microbial pesticides segment accounted for 57.7% of the demand in 2014 and are projected to increment the demand at the most prominent CAGR of 9.7% during the forecast period of 2015 to 2023. Based on application, the market has been categorized into on-farm application, post-harvest application, and seed treatment. On the basis of crop type, the market has been bifurcated into arable crops, permanent crops, and others such as forage grasses, turf and greenhouse crops.
Geographically, the report takes stock of the potential of biopesticides market in the regions of North America, Asia Pacific, Europe, and the Rest of the World including Latin America, The Middle East, and Africa. In 2014, North America was the most lucrative region, accounting for 41.7% of the demand and is expected to remain most profitable throughout the forecast period. This sustained demand from North America is primarily from the developed country of the U.S., wherein organic food that are cultivated chemical-free are gaining popularity. On the other hand, Asia Pacific is also expected to turn into a profitable towards the end of the forecast period, gaining traction from the emerging economies of India and China, which houses enormous population base and have vast arable land.
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Promotion by Government Agencies Raising Awareness
The global biopesticides market is gaining traction from several factors including the growth in the demand for organic foods, promotion by government agencies regarding the benefits of biopesticides, heavy crop loss due to pest attacks, awareness regarding the hazards of chemical pesticides, and rise in the costs of chemical pesticides and fertilizers. On the other hand, the lack of awareness, low adoption rate of these chemicals, lack of infrastructure, and low shelf life are some of the factors challenging the biopesticides market from attaining its true potential. Nevertheless, the author of the report expects the growth in bio-control seed treatment solutions and new target markets such as Asia Pacific and Latin America are expected to open new avenues for the vendors operating in this market.