The global bioinsecticide market was estimated at USD 1,212.6 million in 2016 and is expected to register a CAGR of 11.7% over the forecast period. The key market players majorly focus on new product launches and partnerships to expand their market presence.
The increase in average income all over the world has led to a huge demand for safe and quality food. People now prefer buying organically approved food and they specifically look for the certification label to ascertain the origin of the product. Governments of various countries are also introducing stringent methods to ascertain the quality of the food. This aspect is driving the farmers to use more and more bio-based products, and using bioinsecticides for their crops.
Among application areas for bioinsecticides, fruits and vegetables occupy the largest share by application. Our analysis shows that lately, many fruits and vegetables have tested positive for the presence of pesticides. This has decreased the demand for chemical pesticide-treated fruits and vegetables. Bioinsecticides have a relatively lower residue level and are a perfect fit for the treatment of fruits and vegetables and hence fruit and vegetable forms the largest application area for bioinsecticides.
Major Players: Bioworks Inc., BASF, Bayer Cropscience AG, Marrone Bioinnovations, Certis LLC, Dupont, Isagro SPA, Monsanto, Novozyme Biologicals, Valent Biosciences Corporation, and Koppert Biological Systems, among others.
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