Biopesticides Market Will Hit Big Revenues In Future

The report "Biopesticides Market by Type (Bioinsecticides, Biofungicides, Bionematicides, and Bioherbicides), Source (Microbials, Biochemicals, and Beneficial Insects), Mode of Application, Formulation (Dry, Liquid), Crop Type and Region - Global Forecast to 2027", The global biopesticides market is estimated to be valued at USD 5.5 billion in 2022. It is projected to reach USD 11.3 billion by 2027, recording a CAGR of 15.6% during the forecast period. The global biopesticides market has been influenced by some of the macroeconomic and microeconomic factors witnessed in some key countries.

What is biopesticides industry?

Biopesticides are a type of pesticides derived from natural sources such as microbial (microbial pesticides), biochemicals (biochemical pesticides), and beneficial insects. Conventional chemical pesticides are harmful to environment and human health. Thus, policymakers across the globe, especially in the North American and European regions are regulating them to ensure food safety, security and environmental sustainability. The demand for organic food and consumer awareness is on rise. All these factors are mutually driving the market.

With the rise in demand and preference for organic food items, pest resistance management, residue management, and environmental regulations have significantly boosted the demand for biopesticides in the agriculture industry. Biopesticides are safer alternatives to chemical-based pesticides.

Key players in this market include BASF SE (Germany), Bayer AG (Germany), Syngenta AG (Switzerland), UPL Limited (India), and FMC Corporation (US)

FMC Corporation is one of the leading agrochemical companies, which provides innovative solutions to growers around the world. Its plant health business segment represents a diverse group of plant protection products derived from microorganisms and other naturally occurring materials, which have grown significantly over the years. The company’s European Innovation Centre has been working on R&D activities focused on producing new bioinsecticides, bionematicides, biofungicides, and biostimulants. The company has several commercial launches to be introduced to the market. In 2021, FMC Corporation entered a strategic collaboration with Novozymes to co-develop and commercialize biological enzyme-based crop protection solutions targeting fungal and insect pests. The companies would combine their respective R&D facilities with FMC and Novozymes serving as commercial and manufacturing partners.

What are three types of biopesticides?

• Bioinsecticides,
• Biofungicides,
• Bionematicides

BASF SE is a key chemical manufacturer and marketer in the world. Its agricultural solutions business segment delivers biological solutions. This biological solutions segment includes biopesticides (biofungicides and bioinsecticides), inoculants, biostimulants, and pheromones, designed to be a part of IPM programs for both greenhouse and open field growers. BASF SE has been aggressive in its research on biologicals to embrace new techniques and tools to add more innovative products to its pipeline. This is also evident in its recent development. In March 2021, BASF and AgBiome signed an agreement to bring Howler, a new biofungicide, into the European market and key countries of the Middle East and Africa. The agreement would benefit AgBiome in developing its new biofungicide in Europe and certain adjacent markets in the Middle East and Africa. It will also help BASF SE expand its BioSolutions portfolio offered by its Agricultural Solutions division.

Marker Research Report Insights & Consulting.