(I-BusinessNews.Com, January 28, 2020 ) The beneficial insects market is projected to reach USD 788.0 million by 2022, at a CAGR of 10.4% from 2017. The market is driven by factors such as rise in need for food security among the growing population, rapid growth in demand for organic products, changes in farming practices from traditional to conventional, and growth in demand for pest-specific bio-control agents. Continuous rise in population, resulting into high food demand and increase in need for biopesticides to decrease crop loss will provide new growth opportunities for the market players.
On the basis of type, the beneficial insects (macrobials) market is segmented into predators, parasitoids, pathogens, and pollinators. The market was dominated by predators as they feed upon many target pest/insects during their lifetime or during their development. Whereas, parasitoids accounted for second-largest market in 2015. Parasitoids are similar to parasites, which develop on the inside or outside of the host’s body; they change hosts through different growth stages.
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The agricultural macrobials, also known as beneficial insects, are majorly used for protection of crops from harmful pests. Hence, the crop protection application segment is projected to grow at the higher CAGR during the forecast period. The beneficial insects have huge demand in organic farming and the trend is expected to continue.
Europe is one of the rapidly growing global consumers of agricultural macrobials and is projected to be the fastest-growing regional markets for agricultural macrobials. The presence of stringent regulations regarding the usage of chemical pesticides has boosted the development of the EU organic sector, which in turn, has accelerated the overall growth of the beneficial insects (macrobials) market.
The development in the agricultural sector in Latin America is significantly contributed to by the growth in Brazil and Argentina. These countries are projected to grow in the next five years, as they are the world’s most dominant agricultural producers. The economic growth in Latin America has been stimulated by democratization, economic reforms, and the foundation of two trading blocs, namely, Mercosur and the Andean Community.
The key players in this market have been developing a range of innovative products. These market players continue to expand and invest, in order to increase their market share and expand across different countries around the globe. These players are also entering into numerous new product launches, expansions, and acquisitions with leading and other local companies, to strengthen their geographic reach in the beneficial insects (macrobials) market.
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