According to the report published by Mordor Intelligence, the global microbial pesticides market has witnessed prominent growth, recording a CAGR of 18.4% during the forecast period, 2018-2023. The global microbial pesticides market was valued at USD 2020.8 million in 2017 and it is expected to reach a value of USD 5494.4 million by 2023.
The report involves segmentation of the global microbial pesticides market on the basis of ingredient type, product type, application, and in terms of geography. To analyze the competitiveness in the industry, Porter’s five forces analysis is also included.
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By the ingredient type, the market is segmented into bacteria-based pesticides, fungi-based pesticides, virus-based pesticides, and others. Bacteria-based pesticides occupy the largest share in the total microbial pesticide, followed by fungi-based, and virus-based. Based on the product type, the market is divided into microbial herbicide, microbial fungicide, and microbial insecticide. Owing to the dominating presence of Bt-based products, microbial insecticides segment has the largest market share, followed by microbial fungicides and microbial herbicides segments. Based on the application, market is segmented into crop-based and non-crop based. Worldwide consumption of microbial pesticides in crop-based applications is the largest, and projected to witness a CAGR of 16.5% in the forecasted period. On a geographical basis, global microbial pesticides market is segmented into: North America, Europe, Asia-Pacific, Latin America, and rest of the world. By geography, North America has the largest share in the microbial pesticide market. Increasing demand for chemical-free crops and more organic farming has led to augmented usage of microbial pesticides in North America. Asia-Pacific constitutes the fastest growing market during the forecast period.
Microbial Pesticides Market Dynamics
The major drivers for the growth of microbial pesticides market are the growing demand of food safety and quality and low R&D cost to introduce new microbial pesticide in the market compared to synthetic herbicides. When incorporated into an integrated pest management program, the use of microbial pesticides reduces the need for synthetic pesticides to a very large extent, without affecting crop yield rates. However, high target pest specificity and less consumer awareness of organic pesticides and fertilizers are the factors which are expected to constrain the market. Organizations rapidly promoting organic agriculture and growing emphasis on sustainable and integrated pest management techniques are the opportunities for the global microbial pesticides market.
According to Mordor Intelligence research and analysis, Certis, Valent Biosciences, Marrone BioInnovations, Bayer, and IsAgro Spa, among others, are the leading players of the microbial pesticides market. The market is facing severe competition from big and small firms, with the larger firms adopting acquisition strategy to create a foothold in the microbial pesticides market. Industry leaders are shifting towards strategies, such as mergers and acquisitions along collaborations in order to explore the microbial technologies, which can be used in the field of agriculture.