The biopesticides market is estimated at USD 3.22 Billion in 2017 and is projected to reach USD 6.60 Billion by 2022, at a CAGR of 15.43%
Its growth in the crop protection market can be attributed to the rise in environmental concerns and awareness regarding hazards caused by chemical pesticides. Ease of application, innovative product offerings, increased availability, and growth in demand for organic food products are factors that further drive the growth of this market.
The biopesticides market, based on type, has been segmented into bioinsecticides, biofungicides, bionematicides, bioherbicides, and others (biomolluscicides, bioacaricides, and biorodenticides). The bioinsecticides and biofungicides segments are expected to dominate the biopesticides market through 2022. However, the bionematicides segment is projected to register the highest growth rate from 2017 to 2022. Its usage in seed treatment has particularly increased; the development of bionematicides has been an important focus area for many crop protection companies, which has led to the launching of new products and several products in the pipeline.
The biopesticides market, by crop, has been segmented into fruits & vegetables, cereals & grains, oilseeds & pulses, and other crops. Fruits & vegetables are mostly eaten without industrial processing; the concerns regarding pesticide residue is higher in such crops as compared to that in other crop types that are not consumed in their raw form. Thus, biopesticides are most prominently used in the production of fruits & vegetables. Thus, the market for the use of biopesticides in fruit & vegetable cultivation dominated the global market in 2016.
The biopesticides market, by mode of application, has been segmented into foliar spray, soil treatment, seed treatment, and post-harvest. The foliar spray application dominated the market in 2016 as it is widely used to avoid the problems of leaching in soils and prompt a rapid response in crop plants at farms.
North America accounted for the largest market share in 2016, while Europe is projected to be fastest-growing in the biopesticides market over the next five years. Biopesticides are expected to be a potential substitute for synthetic pesticides in Europe due to the growing regulations on chemical usage and maximum residue limit. The ban on the use of neonicotinoids, glyphosate, and paraquat is expected to drive the growth of the European biopesticides industry.
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