Biopesticides Market size was valued at USD 5,201.7 billion in 2021 and is poised to grow at a significant CAGR of 13.8% over 2022–2028. Biopesticides in sustainable agriculture solve a number of environmental and social challenges while also providing growers, laborers, and consumers with new and economically feasible options. These important factors are driving the biopesticides industry forward. To prevent the negative health consequences of chemical preservatives, consumers are increasingly demanding organic food, which is pushing growers to organic horticulture that uses biopesticides rather than chemicals. Growing environmental awareness has cleared the road for the usage of bio-based insecticides. The biopesticides market is growing due to the rapid expansion of the organic food and beverage industry, as well as rising consumer awareness of food safety and hygiene. There is a considerable scope and demand for biopesticide products due to causes such as the restriction on chemical pesticides in key nations due to poor soil conditions, widespread agriculture practices, and increased worry about residue levels in food products. Fruits and vegetables, cereals and grains, and oilseeds and pulses are the most common biopesticide crops. In recent years, leisure parks, amusement parks, and golf courses have increased their demand for biopesticides to control pests. Furthermore, the focus has turned to biological crop protection strategies and naturally produced pest-control materials, resulting in a strong demand for various biopesticides. The rising calls for the adoption of sustainable and cost-effective solutions influenced product innovation and development in the biopesticides industry. While biopesticides are utilized as pest-control materials in the development of many agricultural goods, the demand for organic fruits and vegetables has risen in recent years due to a demographic shift in desire. Rapid loss of fungicidal activity against resistant infections is both a threat to the fungicide market’s expansion and an opportunity for biopesticides. In addition, Manufacturers are anticipated to take advantage of the latest as chemical-residue-related regulations become more stringent, IPM programs become more widely implemented in developing countries, and biopesticide registration becomes easier than chemical pesticide registration. Liquid formulations of biopesticides for foliar application have also seen advancements, as the sector continues to see increased demand.
Recent Market Developments:
In March 2021, BASF and AgBiome signed an agreement to bring a new biological fungicide to the market in Europe, and key countries in the Middle East and Africa.
In June 2020, Simbiose Agrotecnologia Biológica, in partnership with Embrapa (Brazilian Agricultural Research Corporation), developed the first biopesticides to control the soybean looper in Brazil.