Albany, NY, Jan. 13, 2016 (GLOBE NEWSWIRE) -- According to a new research report published by Transparency Market Research global biopesticides market was valued at US$1.72 billion in 2014 and is expected to reach US$4.17 billion by 2023, at a CAGR of 9.9% from 2015 to 2023. North America is expected to dominate the global biopesticides market in terms of demand over the forecast period.
Biopesticides are extensively used for regulating insects and harmful effects of insects. Rising demand for chemical free crop protection products, which have minimum or no negative impact on environment and possess better safety features are key drivers for the biopesticides market. The usage of biopesticides has increased substantially in the past few years as their effectiveness has improved through extensive and systematic research. A number of research centers around the world are undertaking research aimed at improving techniques for the augmentation and application of biopesticides, with the objective of improving the commercial feasibility of producing and using biopesticides
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In crop production and pest management programs, biopesticides offer the potential for higher crop yields and quality rather than chemical based pesticides programs. In addition, other key benefits include biodegradability, shorter field re-entry, and chemical pesticide residue and resistance management. Owing to this market opportunity, major agrichemical companies have involved in biopesticides market largely through partnerships, acquisitions and licensing deals. In the last few years, several biopesticides companies have started discovery programs of microbial biopesticides to meet the need of increasing demand for organic food products.
In terms of active ingredients type, microbial pesticides held the largest share in the global biopesticides market, accounting for 57.7% market share in 2014 and is expected to grow at a CAGR of 9.7% from 2015 to 2023. Biopesticides are largely used for protecting permanent crops.
North America held the largest market share in the biopesticides market and acquired 41.7% in 2014. The market growth in this region is attributed to growing demand for organic food as the organic industry is dependent on chemical-free crop protection products to safeguard crops. Globally, North America generated the highest revenue in the biopesticides market in 2014. Asia Pacific held the second largest market share in 2014 witnessing a significant growth. Asia Pacific was the second largest market for biopesticides in 2014. The remarkable biotechnological growth, which has witnessed a new growth paradigm in Asia Pacific, is driving the market further. These developments have led to the production of better and more effective biocontrol agents. Globally, the biopesticides market is anticipated to witness a high growth rate in the biofungicide and bionematicides segments.
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The biopesticides market was consolidated, where top five players acquired more than 50% of the market in 2014. The key players in the biopesticides market include BASF SE, ArystaLifeSciences, Valent Biosciences Corp, Bayer CropScience AG, Dow AgroSciences, Novozymes A/S among others.
This research study is specially designed to estimate and analyze the demand and usage of biopesticides in the global scenario. Under the scope of the report, bioinsecticide, biofungicide, bionematicides and bioherbicides product types are covered. On the basis of active ingredients, the market is bifurcated into microbial pesticides, plant-pesticides, biochemical pesticides. In addition, based on crop type, the market is segregated into permanent crops and arable crops among others. Others crop type segment include forage & turf grasses and greenhouse crops.
Global biopesticides market has been segmented as follows:
Global biopesticides market, By Product Type
Global biopesticides market, By Active Ingredients Type
- Microbial pesticides
- Biochemical pesticides
Global biopesticides market, By Crop Type
- Permanent Crops
- Arable Crops
- Others ( forage & turf grasses and greenhouse crops )
Global biopesticides market, By Application Type
- Seed Treatment Application
- On Farm Application
- Post-Harvest Application
Regional Market Analysis:
Global biopesticides market, by geography
- North America
- Latin America
- Middle East
Other Related Research Report:
- Biofertilizers Market: http://www.transparencymarketresearch.com/biofertilizers-market.html
- Seed Treatment Market: http://www.transparencymarketresearch.com/seed-treatment-market.html
- Fungicides Market: http://www.transparencymarketresearch.com/fungicides-market.html
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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Source:Transparency Market Research