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Biopesticides Market Size
- Report ID: GMI1340
- Published Date: Jul 2022
- Report Format: PDF
Biopesticides Market Size
Biopesticides Market size exceeded USD 2.5 billion in 2021 and is estimated to grow at over 11% CAGR from 2022 to 2030. Increasing consumer demand of organic fruits & vegetables along with technological advancement in farming practices will drive market during the forecast period.
Increasing consumer inclination towards natural & organic food products owing to ongoing trend of healthy lifestyle have positively influenced biopesticides business during forcasted timeframe. Biopesticides are naturally derived pesticides occred from plants, animals, minerals, and bacteria. Further, rising consumer awareness regarding harmful effects and health issues such as respiratory problems, neurological damage, allergies, and many others associated with consumption of food with pesticides is propelling global biopesticides market growth.
| Report Attribute | Details |
|---|---|
| Base Year: | 2021 |
| Biopesticides Market Size in 2021: | USD 2,619.91 Million |
| Forecast Period: | 2022 to 2030 |
| Forecast Period 2022 to 2030 CAGR: | 11.2% |
| 2030 Value Projection: | USD 6,718.64 Million |
| Historical Data for: | 2017 to 2021 |
| No. of Pages: | 520 |
| Tables, Charts & Figures: | 893 |
| Segments covered: | Product, Application, Crop, Form, Source |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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Expanding necessity to increase agricultural output due to rapidly growing population and reducing arable land area is supporting the biopesticides business demand. Further, increasing agricultural development in countries like Indonesia, Vietnam, India, Africa, and Malaysia is major factor driving the market statistics. Agriculture plays an important role in the economic development of African and Asian region, contributing around 47% employment in 2021 across the region.
Growing consumption of food coupled with favorable government initiatives across the world to promote bio products has accelerated biopesticides demand. Biopsticides are highly valuable for ecological and environmental balance in terms of crop protection. Addiotionally, rapid technological advancement through systematic and widespread research has positively influenced the industry penetration.
Stringent regulations to minimize the pesticide residue in food products is creating new growth opportunities for the biopesticide manufacturers. Majority of food exporting countries are using biopesticides to meet the consumer expectations in the developed economies of North America and Europe. However, COVID-19 pandemic has resulted in low purchasing power of consumers and disruption of supply chain which can hinder the biopesticides market demand.
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Biopesticides Market Scope
