Biopesticides are a type of pesticides derived from natural ingredients such as plants, animals, bacteria, and minerals. They are generally used for enhancing the crop yield by controlling pests, microorganisms, and pathogen infections in crops. Biopesticides market are known to be less toxic and beneficial for both the environment and crops. Also, biopesticides can be produced to target specific types of pests or pathogens.
Growing demand for bio-based products for use in farming as against chemical-based products coupled with increasing government initiatives for support of organic farming practices across the globe are key factors driving growth of the global market over the forecast period. Also, rising demand for organic food products and increasing investments by governments and private organizations for R&D of biopesticides are other factors expected to fuel growth of the global market over the forecast period. But, lack of willingness to change their traditional farming practices by farmers both in developed and developing economies and lack of awareness about use of biopesticides are major factors anticipated to limit growth of the global biopesticides market over the forecast period to a significant extent.
The global biopesticides market report has been segmented on the basis of type, formulation, and region. On the basis of region, the global biopesticides market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
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The market in North America accounted for highest share in terms of revenue in the global market, and is expected to maintain its dominant revenue contribution over the forecast period. This can be attributed to factors such as increasing government initiatives for growing awareness and providing support to organic farming practices in countries in the region. The market in Europe accounted for second-highest revenue share in the global market, which is projected to expand significantly over the forecast period. In addition, the Europe market is projected to register highest CAGR of XX.X% between 2017 and 2026. This is attributed to stringent government regulations limiting and prohibiting use of certain chemical-based products for farming purposes.
Prominent players in the global biopesticides market include Actagro LLC., Agbiochem Inc., Agbitech Pty Ltd., Bio-Tech Ltd., BioWorks Inc., Monsanto BioAg, Andermatt Biocontrol AG, Arbico Organics, Bayer AG, and BASF Corp.