The biopesticides market is projected to grow at a CAGR of 15.99% from 2018 to 2023

NEW YORK, March 26, 2019 /PRNewswire/ -- The biopesticides market is projected to grow at a CAGR of 15.99% from 2018 to 2023. The key drivers include advancements in integrated pest management solutions, and lower raw material and manufacturing costs.

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The biopesticides market is estimated at USD 3.0 billion in 2018 and is projected to grow at a CAGR of 15.99%, to reach USD 6.4 billion by 2023. The growth of the biopesticides market is driven by the advancements in integrated pest management solutions and increasing adoption of organic farming among farmers. The key drivers for market growth are the advancements in integrated pest management solutions. The continuous and extensive use of modern crop protection products to eliminate or reduce pest infestation has led to the development of resistance among pests to conventional crop protection products. This resistance can be classified into metabolic resistance, target-site resistance, penetration resistance, and behavioral resistance.

The bioinsecticides segment, by type, is estimated to account for the largest share in 2018.
Biopesticides are predominantly used in the form of bioinsecticides.Bioinsecticides include biocontrol agents—microbial and plant-based products, such as neem.

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 fruits & vegetables segment held the dominant market share in the biopesticides market, based on crop application.
Based on crop application, the fruits & vegetables segment is projected to hold the largest market share during the forecast period.Fruits & vegetables have emerged as a key application area for bionematicides and have become essential in their use in high-value fruits & vegetables to enhance their export quality and reduce chemical residue levels.

Grapes, citrus fruits, and bananas are the main fruit crops; while tomatoes, potatoes, bell peppers, hot peppers, cucumbers, sweet potatoes, and eggplants are the main vegetable crops wherein bionematicides are used.

High growth is projected in the Europe biopesticides market.

The European market is projected to be the fastest-growing market for the period considered for this study, due to strong potential for growth, given the large-scale production and increase scrutiny and bans on chemical pesticides in the region. In addition, biopesticides consumption ranked second in the region which is driven by the strong demand for organic food products among consumers in the European region.

Break-up of Primaries:
• By Company Type: Tier I - 65 %, Tier II - 25%, and Tier III – 10%
• By Designation: C-Level - 20%, D-Level - 40%, and Others* - 40%
• By Region: Asia Pacific - 46%, North America - 19%, Europe - 12%, South America – 11% and RoW - 12%

*Others includes sales managers, marketing managers, and product managers.

Leading players profiled in this report:
• Bayer CropsScience (Germany)
• Syngenta (Switzerland)
• BASF (Germany)
• Marrone Bio Innovations (US)
• Isagro (Italy)
• Valent BioSciences Corporation (US)
• Certis (US)
• Koppert (The Netherlands)
• Bioworks (US)
• Stockton Group (Israel)
• FMC Corporation (US)
• UPL (India)

Research Coverage:
The report segments the biopesticides market on the basis of type, source, mode of application, crop application, formulation, and region. In terms of insights, this report has focused on various levels of analyses—competitive landscape, end-use analysis, and company profiles, which together comprise and discuss views on the emerging & high-growth segments of the global biopesticides market, high-growth regions, countries, government initiatives, drivers, restraints, opportunities, and challenges.

Reasons to buy this report:
• To get a comprehensive overview of the biopesticides market
• To gain wide-ranging information about the top players in this industry, their product portfolios, and key strategies adopted by them
• To gain insights about the major countries/regions in which the biopesticides market is flourishing

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