February 23, 2024
Biopesticides Market

Sustainable Agricultural Practices Drive the Growth of the Biopesticides Market

Biopesticides are gaining popularity as they are considered environment-friendly alternatives to chemical pesticides. Consisting of microorganisms that prevent pest proliferation, biopesticides cause less harm to the environment and non-target organisms. Used for preventing crop diseases and controlling weeds and pests, biopesticides work on the principles of parasitism, antibiosis, and competition between beneficial and harmful organisms. Adoption of sustainable agricultural practices and demand for chemical-free food are prompting farmers and food producers to increasingly use biopesticides during cultivation.

The global biopesticides market is estimated to be valued at US$ 6.2 Bn in 2023 and is expected to exhibit a CAGR of 3.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One of the key trends in the biopesticides market is the shift towards organic farming. With growing health concerns regarding residues of chemical pesticides in food, consumers are preferring organic produce which is grown without the use of synthetic chemicals. This is encouraging farmers worldwide to adopt organic and sustainable cultivation techniques involving biopesticides. Growing institutional support from governments and international bodies through funding, certification, and promotion is also driving the transition to organic farming and subsequent demand for biopesticides. Another major trend is the development of newer and more effective biocontrol agent formulations. Continuous research and product innovation are expanding the portfolio of microorganisms and other active ingredients used in biopesticides to manage complex pest problems. This is increasing their application scope and helping overcome limitations such as high production costs and slow action.

Porter’s Analysis

Threat of new entrants: Low barriers to entry with small capital requirements help new players enter easily. However, established brands and compliance requirements pose challenges.

Bargaining power of buyers: Large buyers can negotiate lower prices and demand better quality and service due to their high purchase volume.

Bargaining power of suppliers: Suppliers of raw materials have moderate bargaining power due to lack of substitutes and growing demand.

Threat of new substitutes: New alternative techniques for pest control constantly emerge as a threat.

Competitive rivalry: Intense competition exists among existing players to gain market share through product innovation, branding and quality.

Key Takeaways

The Global Biopesticides Market Share is expected to witness high growth. The global biopesticides market is estimated to be valued at US$ 6.2 Bn in 2023 and is expected to exhibit a CAGR of 3.4% over the forecast period 2023 to 2030.

Regional analysis comprises North America dominates the market currently due to stringent regulations on chemical pesticides. Asia Pacific is expected to emerge as the fastest growing market owing to rising agriculture output and government support.

Key players operating in the biopesticides market are Jansen Poultry Equipment, Petersime NV, Vencomatic Group, Big Dutchman International GmbH, Valco Companies, Inc., TEXHA PA LLC, Hartmann Lebensmitteltechnik Anlagenbau GmbH, and HAMEX-GROUP. The key players are focusing on new product launches and expansion strategies to gain a competitive edge in the market.

*Note:
1.      Source: Coherent Market Insights, Public sources, Desk research
2.      We have leveraged AI tools to mine information and compile it