Biopesticides Market is Expected to Reach $6.4 billion by 2023

The overall biopesticides market is projected to grow from USD 3.0 billion in 2018 to USD 6.4 billion by 2023, at a CAGR of 15.99% during the forecast period.

(EMAILWIRE.COM, March 21, 2019 ) The report "Biopesticides Market by Type (Bioinsecticides, Biofungicides, and Bionematicides), Source (Microbials, Plant Extracts, and Beneficial Insects), Mode of Application, Formulation, Crop Application, and Region -Global Forecast to 2023", published by MarketsandMarkets™. The biopesticides market is projected to reach USD 6.4 billion by 2023, at a CAGR of 15.99% during the forecast period. The market is driven by factors such as increased pest resistance, bans on synthetic pesticides, and advancements in integrated pest management solutions.

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Organic farming is the key factor driving growth in the biopesticides market during the forecast period.

Biopesticides include active agents such as bacteria, fungi, and viruses. These products are completely natural and hence, do not harm the environment. There is increasing support for the deployment of biological solutions as alternatives to chemical pesticides in both organic farming and IPM systems. These biological solutions are more cost-effective than chemical pesticides. Vegetable farming, orchard crops & berries, and organic agriculture are the key segments consuming biopesticides. The rising environmental concerns regarding the use of chemical pesticides, along with government support in many countries, are the major factors that are propelling the demand for biopesticides. The growth of the biopesticides market is estimated to be significant in most regions.

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113 - Tables
51 - Figures
228 - Pages

By type, the bioinsecticides segment is estimated to dominate the biopesticides market in 2018.

Bioinsecticides include biocontrol agents, which are microbial or plant-extract based. Viruses, bacteria, fungi, protozoa, and mites are employed to control a variety of insects that affect both plants and animals. Although insects are attacked and affected by a large number of microorganisms, only a limited number of them have found commercial application. The technology for production and application of biopesticides has been developed in many countries. The important feature of bioinsecticides is that they are specific to a well-defined range of target insect species. This is in contrast to chemical pesticides, which usually affect a broad spectrum of insects, which includes beneficial insects.

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The North American region dominated the global biopesticides market in 2018.

The biopesticides market in North America is projected to witness significant growth during the forecast period due to the prospect of organic farming, availability of water & land, entrepreneurial farmers, and efficient infrastructure. North America was the largest consumer of biopesticides and is a key exporter of agricultural products. The region is mainly dominated by large-scale operations, primarily exports, with an organized distribution chain.

This report includes a study of the development strategies, along with the product portfolios of leading companies. It also includes the profiles of leading companies such as Bayer CropScience (Germany), Syngenta (Switzerland), BASF (Germany), Marrone Bio Innovations (US), Isagro (Italy), Valent BioSciences Corporation (US), Certis (US), Koppert (Netherlands), Bioworks (US), Stockton Group (Israel), FMC Corporation (US), and UPL (India).