PORTLAND, Oregon and PUNE, India, January 23, 2018 /PRNewswire/ --
According to a new report published by Allied Market Research, titled, "Organic pesticides Market by Product, Crop Type, and Mode of Application: Global Opportunity Analysis and Industry Forecast, 2017-2023," the global organic pesticides market size valued at $99,200 million in 2016, and is expected to reach $279,195 million by 2023, registering a CAGR of 14.9% from 2017 to 2023. North America dominated the global market, accounting for approximately one-third share in 2016.
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Organic pesticides allow the farmers to control pest and diseases in plants without resorting to conventional pesticides. These pesticides can be much more easily decomposed by the environment as compared to chemical pesticides. Increase in demand for organic produce and other products produced by means of organic farming drives the market growth. The demand for organic food products in North America, Europe, and Asia-Pacific is witnessing growth rates of 13.8%, 13.5% and 12.1%, respectively. Rise in concern over the adverse impact of synthetic pesticides has enforced governments worldwide to phase out hundreds of toxic chemical pesticides, thus creating ample market opportunities for organic pesticides. The costs associated with development is high. In addition, the need for skilled laborers, exclusively trained for the production, increases the cost. This in turn, is anticipated to hamper the growth of the market. Research in production, formulation, and delivery of organic pesticides may assist in commercialization of organic pesticides to a high extent.
The organic pesticides market is segmented based on product as natural and synthetic. The natural segment is estimated to account for major share in the global organic pesticides market in 2016. The synthetic segment is expected to witness high growth rate during the forecast period.
The organic pesticides market is segmented based on crop type into permanent and arable. The arable segment held a significant market share and is anticipated to exhibit highest growth during the forecast period.
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Based on mode of application, the global organic pesticides market is segmented into seed treatment, on farm, and after harvest. The on farm segment held the highest share in the global organic pesticides market and is expected to maintain its dominance during the forecast period. This segment is also projected to witness significant growth rate during the analysis period.
KEY FINDINGS OF THE STUDY
- In terms of value, the natural segment accounted for significant share of the global organic pesticides market in 2016, and is expected to grow at a CAGR of 15.6% from 2017 to 2023.
- Asia-Pacific is anticipated to witness the highest growth, registering a CAGR of 19.2%, in terms of value.
- India is expected to witness the highest growth rate in the Asia-Pacific market over the forecast period.
- Arable segment is expected to grow at a CAGR of 15.4%, in terms of value from 2017 to 2023.
In 2016, North America accounted for the highest share. However, Asia-Pacific is anticipated to gain maximum share by the end of the forecast period, due to high rate of adoption of organic pesticides in this region. Asia-Pacific is expected to grow at the highest CAGR in the near future.
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The key players operating in the global organic pesticides industry are Mark Organics, Bayer Cropscience, Sikko Industries Ltd., Parry America, Monsanto, Arysta LifeScience, Andermatt Biocontrol AG, DuPont, Dow AgroSciences, and Certis USA LLC.
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SOURCE Allied Market Research