A report published by Persistence Market Research on the biopesticides market considers the global industry analysis for 2014–2018 and forecast 2019–2029 to project that the biopesticides market is anticipated to reach nearly US$ ~ 5.0 Bn by the end of 2019 in terms of value, and is forecasted to reach US$ ~ 13.0 Bn by the end of 2029. The global biopesticides market is expected to grow at a CAGR of ~ 10% in terms of value from the estimated year (2019) to the forecast year (2029).
Increasing Demand for Organic Food Products in the Food & Beverages Industry Projected to Boost the Growth of the Biopesticides Market
The word “organic” has become a trend in the global food and beverages industry. Increasing health awareness and health consciousness is boosting the demand for organic food and beverage products. Biopesticides and biofertilizers are organic, natural, and eco-friendly solutions used in crop management. Manufacturers of food and beverage products are seeking and demanding more and more organic agricultural food commodities. Furthermore, manufacturers are also focused on promoting organic farming and use of biopesticides in agriculture to control pests and maintain the certified status of organic farming. Due to these factors, the demand for biopesticides is expected to grow at a healthy rate in the near future.
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Hazardous Effects of Synthetic Pesticides Increasing the Preference for Biopesticides in Agriculture
Synthetic pesticides are being used in agriculture production as plant protectors and growth regulators from many decades. Excessive use of these pesticides can affect the soil and further lead to toxicity in humans or livestock. Hence, consumers are looking for organic and naturally-grown agricultural commodities. Due to the hazardous effects of synthetic pesticides on the nature as well as human health, many government and regulatory bodies are insisting on the use of biopesticides instead of harmful synthetic pesticides in agriculture. Biopesticides are naturally-sourced crop protection solutions and have become the best natural and ecofriendly substitute for synthetic pesticides. Use of biopesticides in the agriculture sector has significant benefits as these are pest resistant, enhance the quality and yield of crops, and also do not contain any synthetic chemical residues.
Increasing Sustainable Agricultural Practices
The agricultural industry is experiencing numerous innovations in crops and crop protection solutions because of developing science and technology. Biopesticides play an important role in the agriculture industry as crop protection solutions, right from plantation and harvesting, to post-harvest management. Agriculture growers need to take care of the commodities right from their harvesting to market supply.
Biopesticides protect crops as well as commodities from fungi and insect attacks. In addition, biopesticides are useful in soil treatment as they improve soil health and prevent plant roots from getting affected by fungi and insects. In crop protection, biopesticides are best alternatives for synthetics used in crop and soil treatments. Agriculture production is influenced by food trends. As of now, the demand for natural and organic food products is increasing dramatically and growers are becoming more aware of crop protection products. Hence, they are seeking natural and sustainable products, as well as adopting modern and advanced sustainable agriculture practices. Due to these factors, the demand for biopesticides is expected to grow at a high rate over the forecast period.
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Key Players in the Global Biopesticides Market
The key industry players included in the biopesticides market report are :
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