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 which 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 has also been contributing to the growth of 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 adoption of organic products has led to the growth of global biopesticides market. In addition, governments of various nations across the globe have been promoting the benefits offered by biopesticides which has further boosting the growth of market. However, there is still a considerable part of the world which is unaware about the benefits offered by biopesticides and this factor has been inhibiting the market. Underdeveloped countries mainly in South Asia and Middle East & Africa lack the awareness about biopesticides and its application.
The global market for biopesticides is still very small compared to the overall pesticides market and still lack 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 accounts more than one third of the global market alone. However, owing to stringent regulations regarding the use of synthetic pesticides makes 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 has 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 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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