(I-BusinessNews.Com, July 07, 2020 ) The global biopesticides market size is projected to grow at a CAGR of 14.7% from an estimated value of USD 4.3 billion in 2020 to reach USD 8.5 billion by 2025. The biopesticides industry is growing at a rapid rate, because of the factors such as awareness among consumers about organically grown crops, favorable government laws and policies for biological products, the resistance of pests for chemical pesticides, and also increasing sustainable solutions in farming. These drivers have led to intensive R&D to develop various biopesticides with different microbials or biochemicals so that the farmers can adopt an effective alternative to synthetic pesticides. The demand is witnessed in different parts of the world, particularly in Europe and North America, with the fastest-growing market being Europe.
The organic food industry is rising due to an increase in health awareness among consumers. The ban on harmful pesticides has created a huge market for biopesticides. Farmers have adopted biological solutions in integrated pest management programs, which has provided a balanced approach toward reducing pest resistance. The active ingredients used in biopesticides have been researched to deliver effective and efficient crop protection solutions. Even a combination of biopesticides and chemical pesticides has resulted in good yields reducing pest resistance and pest resurgence up to a larger extent. Various governments across the world have made the registration easier for the biopesticides market, driving it further.
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Bionematicides is projected to be the fastest-growing segment among the type used in biopesticides. Increasing pest resistance and losses due to nematodes such as cyst nematodes in high-value cash crops such as tomato, canola, corn, and soybean is encouraging the farmers to adopt bionematicides due to the increase in crop losses. Reduced crop rotation and intensive agricultural practices have also led to an increase in infestation caused by nematodes. The regulatory pressure and ban on key fumigants used to control nematodes would drive the adoption of bionematicides across the globe.
In the overall biopesticides market, Europe is projected to be the fastest-growing region during the years from 2020 and 2025. Countries such as Spain, France, and Italy have been adopting biopesticides, which help in the reduction of crop production losses. The driving factors such as growing resistance of insects toward conventional crop protection chemicals and an increase in the area under organic farming has urged the European countries to adopt sustainable solutions such as biopesticides.
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The importance of biopesticides in crops such as grapes, apples, corn, soybean, tomato, and cotton and other high-value cash crops has created the market for biopesticides to reduce the crop infestation leading to economic losses. The presence of major companies such as Bayer AG (Germany) and BASF SE (Germany) is also one of the factors for the growth of the market in this region, who have adopted strategies such as expansion, acquisition, and collaborations to enhance the biopesticide business.
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