According to Stratistics MRC, the Global Biopesticides Market is valued at $66.57 billion in 2015 and is expected to reach $104.7 billion by 2022 growing at a CAGR of 6.7% between 2015 and 2022. The factors contributing for the market growth include increasing market for organic products, and growing number of environmental and health concerns. Joint ventures in the bio pesticides sector and increasing investments from private sector are contributing to the market growth. However, factors such as barriers in adoption of biopesticides, and variable efficacy of biopesticides are inhibiting the market growth.
Furthermore, factors such as lack of knowledge to the farmers regarding the benefits of biopesticides and lack of enthusiasm among farmers to alter the existing chemical crop protection practices are restraining the market growth. North America is likely to acquire the highest market share during the forecast period due to increasing demand for organic food. European region is projected to be the fastest growing market. The growth is attributed to growing demand from organic products and stringent regulations for pesticides.
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Some of the key players in global market include Bayer CropScience, AgraQuest, Inc., BASF SE, Dow Chemical Company, Marrone Bio Innovations Inc., Koppert Biological Systems, Novozymes Ltd., Valent Biosciences Corporation, Certis USA LLC, Marrone Bio Innovations Inc., Becker Underwood Inc., AgBiTech Pty Ltd, Bioworks, Inc., Syngenta Crop Protection, Arysta LifeSciences, Isagro S.p.A, W. Neudorff GmbH Kg, and Camson Bio Technologies Limited.
Types of crop covered:
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