The global biopesticides market is anticipated to grow significantly over the forecast period. Growing environmental concerns regarding the use of synthetic (chemical-based) pesticides coupled with government support in many countries have been acting as major factors fueling the demand for biopesticides. Biopesticides are pesticides that are derived from renewable materials such as plants, animals, bacteria, and some minerals. Biopesticides are used to control the effect of weeds, pests, and insects on field crops. Growing health concerns regarding the use of synthetic (chemical-based) pesticides have also been contributing to the growth of the global biopesticides market.
The development of organic products market around the world has generated awareness mainly in consumers of developed economies regarding their benefits over synthetic their synthetic counterparts. This shift in trend towards the adoption of organic products has led to the growth of the global biopesticides market. In addition, governments of various nations across the globe have been promoting the benefits offered by biopesticides, which have boosted the growth of the market. However, there is still a considerable part of the world that is unaware of the benefits offered by biopesticides and this factor has been inhibiting the market.
The global market for biopesticides is still very small compared to the overall pesticides market and lacks the profitability needed to sustain in the market. On the other hand, synthetic pesticides have been ruling the overall market for many decades and are manufactured at a relatively cheaper cost than biopesticides. So, achieving that economy of scale is a tough challenge to overcome for the participants operating in the market. However, rapid adoption rate of biopesticides is expected to help their cause. North America led the overall market for biopesticides and accounted for more than one-third of the global market alone. However, owing to stringent regulations regarding the use of synthetic pesticides make Europe the most attractive market in the near future.
This report, by Grand View Research, takes a closer look at the biopesticides industry, providing a holistic perspective on market dynamics, trends, supply, and demand. The report deep-dives into the market and segments it on multiple levels and providing key insights on a macro as well as micro-level. The study aims at providing granular information, regarding estimates and forecasts for key products including bioinsecticides, biofungicides, bioherbicides and bionematicides among some other biopesticides. The report also provides the same level of information for key regional markets.
This research report analyzes various factors, which have been driving and inhibiting the global biopesticides market in the past. In addition, the report analyzes the impact of each driver and restraint on the market growth, which forms the base for the market forecast. The report also showcases the opportunities available in the market which may act as future drivers for the market.
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The current pandemic situation has created disruption in the manufacturing of agrochemicals by virtue of raw material availability. Furthermore, this continual trend shall have a cascading effect on food productivity and crop yields on economies that are predominantly agrarian, during a time when demand for Agri produce shall register a spike over the medium term. Governments across the developing world are vying to incrementally ease restrictions on the manufacturing of fertilizers and maintain seasonal agricultural activities in order to reduce concerns regarding food security, which is a critical indicator for determining the course of a supply gap in the industry. The report will account for Covid19 as a key market contributor.