DELRAY BEACH, Fla., Oct. 2, 2024 /PRNewswire/ -- The global biopesticides market is estimated at USD 7.72 billion in 2024 and is projected to reach USD 15.66 billion by 2029, at a CAGR of 15.2% during the forecast period, according to a report published by MarketsandMarkets.
Increasing demand for sustainable and eco-friendly agricultural solutions is one of the driving forces in the biopesticides market. Growing concern for the environmental impact of synthetic chemicals, coupled with stringent government regulations on the use of chemical pesticides, accelerates the shift towards biopesticides. In addition, the growing awareness among farmers and consumers about the benefits from biological crop protection, such as less residue and better soil health, increases the pace of market growth. Biotechnological advances and formulation of more efficient biopesticides lead to better adoption in most agricultural sectors.
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Cereals & Grains to hold the significant share in the biopesticides market.
The consumption of cereals and grains is crucial for meeting the dietary needs of a growing population. There is a need to enhance cereals & grains yield to fulfil the growing demand. The application of agrochemicals is helping to fulfil the demand. According to the FAO reports, global cereal utilization for the year 2023/24 is likely to show an upward movement tendency compared to previous years. More global stocks of cereals are forecast by 2024. This suggests a steady supply of cereals to meet demand. The growing demand for cereals highlights the importance of improving agricultural productivity, potentially leading to greater use of biopesticides to protect the crops, optimize yields and meet global requirements.
In the mode of application segment, seed treatment to grow at the highest rate in the biopesticides market.
Seed treatment is growing at the highest rate in the biopesticides market due to increase in the sustainable agriculture practices. This is because the treated seeds have the potential to enhance crop protection right from the very early stage of development, hence reducing the usage of chemical pesticides later on during the growth cycle. Moreover, the growing concern about soil health and environmental impact has accelerated the usage of biopesticide-based seed treatment, which offers bio-targeted control of pests, improvement in crop yield health, and reduction in residue levels in harvested produce.
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The North America region holds a significant market share in the biopesticides market
The biopesticides market holds a significant share in North America because of the well-built infrastructure for agriculture and large adoption of modern technologies related to crop protection in this region. In this region, farming practices are extensive and varied, with the need for effective biopesticides solutions against a wide range of fungal diseases, pests and high yields. The Rio Grande Valley (citrus fruits) in Texas and Mexico, California's Central Valley (fruits and vegetables), the Gulf Coastal Plain (vegetables), and the Appalachian sandy valleys are all important agricultural areas in this zone (for cotton and tobacco). Moreover, this region also houses key manufacturers of biopesticides and investment in continuous research and development that fuels innovation and product availability. Government regulatory support for agriculture productivity also aids the demand for biopesticides, thereby cementing North America's dominant position within the global market.
Key players in this market include BASF SE (Germany), Bayer AG (Germany), Syngenta Group (Switzerland), UPL (India), Corteva (US), FMC Corporation (US), Nufarm (Australia), Sumitomo Chemical Co., Ltd. (Japan), Certis USA L.L.C. (US), Bioceres Crop Solutions (Argentina), Novonesis Group (Denmark), Koppert (Netherlands), Biobest Group NV (Belgium), Gowan Company (US), and Lallemand Inc (Canada).
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