According to the latest report published by Credence Research, Inc. “Biopesticides Market – Growth, Future Prospects and Competitive Analysis, 2017-2025,” the global biopesticides market was valued at US$ 3.47 Bn in 2016, and is expected to reach US$ 12.23 Bn by 2025, expanding at a CAGR of 14.8% from 2017 to 2025.
Browse the full report Biopesticides Market – Growth, Future Prospects and Competitive Analysis, 2017–2025 report at https://www.credenceresearch.com/report/biopesticides-market
The use of biopesticides began in the late 1800s with the adoption of fungal spores, the first documented use of biopesticides. Since then, biopesticides have been uninterruptedly used in modern agriculture, yet the market share of biopesticides is very frugal when compared to conventional crop protection. Some of the prime attributes that determine the demand for biopesticides are movements in agriculture and crop protection regulations and recognition of novel modes of action of biopesticides. Other critical factor that has determined the emergence of biopesticides in global agriculture is the growing development of resistant pests. In the light of such factors, it is expected that the growth of biopesticides will continue to be impressive through the forecast period.
The recent ban on neonicotinoid pesticides in Europe has been a prominent example of the changes in agriculture and environment regulations. Post the ban, farmers and cultivators have either adopted biological alternatives such as biopesticides or have moved back to the conventional and more toxic chemicals such as pyrethroids. Further introduction of newer regulations that affect the use of crop protection chemistries is more likely to contribute to the growth in share of biopesticides. Large agriculture and crop protection companies have been gradually moving into biochemical space through mergers, partnerships and R&D efforts. It is anticipated that agribusinesses will enter the biopesticides business with an intention to augment their profitability.
As against synthetic crop protection market that is dominated by a handful of large companies, the biopesticides market is characterized by the presence of multitude of developers. Such players are required to modify their growth strategies to ace the intense competition. Agribusinesses such as Valent BioSciences, Cow AgroSciences have already made certain movements in this market by partnering with core players such as Radiant Genomics and Evolva. Similar such partnerships will serve to enhance the development pipeline and shorten the timelines therewith, thus allowing introduction of advanced biopesticides in the international markets and serving the growers with more friendlier and safer crop protection tools.