Global Biopesticides Market to Hit Sales of $11.10 Billion by 2028 | China Produced over 14,000 tons of Biopesticide in 2021
Global biopesticides market was valued at USD 3.65 billion in 2021 and it is expected to reach at USD 11.10 billion by 2028, with CAGR of 14.69% over the forecast period (202-2028).
Westford, USA, Nov. 22, 2022 (GLOBE NEWSWIRE) — SkyQuest’s analysis of the biopesticides market provides an in-depth examination of the sector, including market analysis and forecasts, trends, regulatory environment and business opportunities. The report also assesses factors such as technology adoption and R&D investment. The biopesticides market is projected to grow at a CAGR of 14.69% over the next decade thanks to advances in crop management techniques and increased demand from China and other emerging markets. We expect this growth to be supported by technological innovations, favorable regulations and increasing research & development investments.
According to the US Environmental Protection Agency (EPA), global production of biopesticides market totaled 0.9 million tons of biopesticides in 2021. The value of this production was estimated at $3.65 billion. In 2021, China was the world’s leading producer of biopesticides with a production figure of 14,000 tons. The United States came in second place with a production figure of 1,339 tons. The European Union was next in line with a production figure of 11,037 tons.
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There are a number of benefits to using biopesticides, including reduced crop losses, lower input costs, and minimized environmental impact. However, there are also a number of challenges facing the industry, including expensive regulatory approvals and resistance from some stakeholders. We expect the growth of the biopesticides market to be driven by increasing demand from the agricultural and food sectors, as well as the development of innovative products. The company warns, however, that there are a number of risks associated with this growth, including regulatory uncertainty and resistance from some stakeholders.
Growing Emphasis on Food Security in North America and Europe to Support Biopesticides Market
SkyQuest’s study of the global biopesticides market has revealed that the market is slowly maturing, with innovations and growth in both product types and markets. In total we expect sales to increase from $6.9 billion currently, to $11.10 billion by 2028. Product types are diversifying too – now around two-thirds of sales are made up of products aimed at controlling pests specifically on crops, rather than treating soil overall. This shift is particularly evident in developed countries, where environmental concerns have driven a switch towards non-toxic pest control solutions.
In regions such as North America and Europe, where a greater emphasis is placed on food security, there is also increasing demand for technologies that can improve biodiversity and reduce chemical pesticide use. This includes products that help organisms form natural enemies or break down pollutants in soils – both of which can play an important role in sustainable land management and crop production.
Some of the key challenges facing the biopesticides market include inconsistent regulation, insufficient R&D expenditure, high cost of core ingredients, difficulties in scaling up production capacity, lack of access to specialty chemicals and adverse environmental impacts. However, these challenges can be overcome through innovative product development and better execution of marketing campaigns.
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Potential and Challenges in Global Biopesticides Market
The use of biopesticides has several advantages over traditional insecticides and herbicides. These benefits include lower toxicity to humans and the environment, reduced dependence on expensive imports, and the ability to target specific pests. The increased use of biopesticides will help to meet the growing demand for sustainable pest management solutions.
SkyQuest predicts that the major driver of growth in the biopesticides market will be demand from industrial and agricultural consumers, which is expected to account for over 80% of sales by 2028. Among industrial consumers, food manufacturers are expected to be the leading investors in this sector due to their need for reliable pest management strategies that do not damage food production facilities.
Our outlook of the global biopesticides market questioned whether this growth will be sustainable, as new developments in plant science and genetic engineering could lead to less-frequent applications of biopesticides, which would decrease their efficacy and also lead to more resistant pests and diseases. Despite these risks, we believe that the potential benefits of using biopesticides – including reducing dependence on chemicals, conserving natural resources, and creating jobs – will help drive the market forward.
To capitalize on this opportunity, companies need to move beyond traditional marketing efforts and start thinking about how they can use technology to improve their products. For example, crop tracking tools can help farmers identify problems early and decide which applications of a particular pesticide are needed.
Growing Demand for Biopesticides in Non-Agriculture Applications
There is an increasing demand for biopesticides in non-agriculture applications, as their ability to control pests without harming other plants or animals has made them a viable solution for a variety of issues. Additionally, biopesticides are becoming more effective and affordable, making them more accessible to farmers and businesses. One of the fastest-growing biopesticides market is in aquatic farming. Aquaculture, which refers to the farming of fish and other aquatic life in captivity, is projected to grow at a rate of 16% per year through 2028. The need for efficient methods of pest control has contributed to this growth, as has the desire to reduce environmental impact. One such pesticide that is commonly used in aquaculture is imidacloprid.
In terrestrial farming, where crops are grown on the ground, there is also growing demand for biopesticides. Biocontrol agents are often used oncroptically (directly on insects), rather than topically (on plant surfaces), which minimizes herbicide use and associated toxicity concerns.
In 2021, sales of registered insecticides/insect parasiticides were 120%higher than they had been 10 years earlier; this upward trend is expected to continue. Biopesticides have also found success in crop protection shelters (CPHSs), an innovative agricultural development that uses airtight enclosures to protect crops from pests while they are growing and harvested.
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Top Players in Global Biopesticides Market
- BASF SE (Germany)
- Bayer AG(Germany)
- Biobest Group NV(Belgium)
- Certis USA L.L.C (US)
- Novozymes A/S (Denmark)
- Marrone Bio innovations (US)
- Syngenta AG (Switzerland)
- Nufarm (Australia)
- Som Phytopharma India Ltd (India)
- Valent Biosciences LLC. (US)
- BioWorks, Inc. (US)
- STK Bio-ag (Philippines)
Related Reports in SkyQuest’s Library:
Global Biochar Market
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Global Biofertilizers Market
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Global Agricultural Surfactants Market
SkyQuest Technology is leading growth consulting firm providing market intelligence, commercialization and technology services. It has 450+ happy clients globally.
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