Worldwide, the pesticides industry has been witnessing a relatively steady growth, which has been primarily attributed to advancements in the Biopesticides industry. Though the volume of Biofungicides consumed worldwide accounts for the smallest share within Biopesticides, this sub-segment is poised to post the fastest CAGR of 16.5% over 2017-2022.
While the prevalence of chemical or synthetic pesticides in crop protection would continue, human, animal and environmental health concerns would play key roles in driving growth for Biopesticides. Several countries are adopting a stringent approach concerning the amount of imports, with a special focus on regulating the quantity of pesticide residues. As a result, the demand for regulated food safety and quality is becoming largerIn spite of their low toxicity and environment impact levels, Biopesticides have a major restrain in the form of high costs and low availability. As Biopesticides have high specificity towards pest, different Biopesticides need to be used for different pests apart from frequent reapplication instituted due to low life span. Thus increasing the cost sentiment among the growers, and in turn proving to be a constraint.
The report is segmented based application; both crop based and Non crop based categories. While North America is the largest volume market for Biofungicides, fastest growth in consumption is likely to be registered by Latin America, with Asia-Pacific coming in at a close second. In terms of value, the demand for biofungicides worldwide is slated to record a much faster corresponding period CAGR of 17.8%, with Europe expected to be the slowest growing market.
The market is seeing severe competition from big and small firms, with the larger firms adopting acquisition strategy to create a foothold in the Biopesticide market. Some of the leading players are Marrone Bio innovations, Valent Biosciences, Certis LLc, Agraquest, and Koppert Biological systems.
The future opportunity for the companies lies in increasing registrations of Biopesticides in various regional markets. Though the challenges of introducing new biofungicides in the market remain quite compelling, research and development efforts have been emphasizing on innovations in this exciting field, as a result of which tangible outcomes have been instrumental in propelling market growth.
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