According to the latest report published by Credence Research, Inc. “Biopesticides Market – Growth, Future Prospects and Competitive Analysis, 2017-2025,” the global biopesticides market was valued at US$ 3.47 Bn in 2016, and is expected to reach US$ 12.23 Bn by 2025, expanding at a CAGR of 14.8% from 2017 to 2025.
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The use of biopesticides started at the end of the 1800s with the introduction of fungal spores, the first recorded use of biopesticides. Biopesticides have been continuously used in modern agriculture since then, yet the market share of biopesticides is very frugal compared to conventional crop defense. Some of the main attributes that decide the market for biopesticides are changes in agriculture and crop protection regulations and awareness of innovative modes of action for biopesticides. The increasing production of resistant pests is another critical factor that has determined the emergence of biopesticides in global agriculture. In the light of these factors, it is predicted that the production of biopesticides will continue to be impressive during the forecast period.
The recent ban on neonicotinoid pesticides in Europe has been a prominent example of reforms in agricultural and environmental regulations. After the ban, farmers and growers either introduced biological substitutes such as biopesticides or moved back to traditional and more toxic chemicals such as pyrethroids. The implementation of newer regulations that restrict the use of crop protection chemicals is more likely to contribute to the rise in the share of biopesticides. Large agricultural and crop protection corporations have gradually moved into biochemical space through mergers, alliances and R&D activities. Agribusinesses are expected to enter the biopesticide market with a view to rising their profitability.
As against synthetic crop protection market that is dominated by a handful of large companies, the biopesticides market is characterized by the presence of multitude of developers. Such players are required to modify their growth strategies to ace the intense competition. Agribusinesses such as Valent BioSciences, Cow AgroSciences have already made certain movements in this market by partnering with core players such as Radiant Genomics and Evolva. Similar such partnerships will serve to enhance the development pipeline and shorten the timelines therewith, thus allowing introduction of advanced biopesticides in the international markets and serving the growers with more friendlier and safer crop protection tools.