Biocontrol Market: Global Market Estimation, Dynamics, Regional Share, Trends, Competitor Analysis (2017-2021) and Forecast (2022-2028)

Description

The biocontrol market is estimated to be valued at USD 4,936.4 million in 2021 and is poised to grow at a CAGR of 15.3% over 2022-2028. Biocontrol chemicals serve a significant role in crop protection from pests and these are ecologically friendly and effective. Microbial-derived biocontrol products account for a prominent growth of the market due to direct application to seeds or sprayed on the plants or used in post-harvest for biological control of plant pathogens. Moreover, due to cost-effectiveness and high efficiency to eliminate pests from the field and enhance crop output, microbial segment enhances the growth of the market. In addition, Players are focused on the acquisitions to expand their product portfolio. For instance, in January 2022, Syngenta Crop Protection AG acquired two next generation bioinsecticides, NemaTrident and UniSpore, from Bionema Limited. Factors such as rise in concern about synthetic pesticide hazards to human body, decreased productivity, rising incidence of pest infestations, and degrading soil health due to the increasing usage of chemical-based crop protection are some of the key factors for the growth of the global biocontrol market.

Recent Market Developments:

In February 2021, FMC Corporation entered into a strategic collaboration with Novozymes to research, co-develop and commercialize biological enzyme-based crop protection solutions for crops.

In February 2021 – Novozymes is entering the biocontrol segment of agriculture with promising enzyme-based technology – expanding beyond its current base of microbial products and innovation. The new technology has broad potential to control major pests that impact the agricultural industry and are responsible for billions of dollars of damages each year.