Bio pesticides Market Size, Share & Growth | Forecast [2031]

Report Description

The bio pesticides market size was valued at 5,084.9 million in 2020 and is anticipated to expand at a significant CAGR during the forecast period 2021–2028. Growth of the market is attributed to rapid development in food industry, increasing demand for high yield crops, increased concern about environment, and increasing environmental regulations.
 

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Bio pesticides are specific types of pesticides obtained from natural materials like certain minerals, bacteria, plants, and animals. Baking soda and canola oil have pesticidal uses and are considered as bio pesticides. Bio pesticides contain naturally obtained substances that control pests (biochemical pesticides), pesticidal substances produced by plants, and microorganisms also control pests (microbial pesticides).

The covid-19 pandemic affected the demand and supply of the bio pesticides market. Lockdown across the globe, supply chain disorders, and oscillating supply of raw materials forced manufacturers to shut down production leading to unfortunate decline in market growth. Launch of vaccines to combat the Covid-19 pandemic is expected to contribute to the market growth over the forecast period.

Market Trends, Drivers, Restraints, and Opportunities

• Increased interest in green agricultural practices is projected to boost the market.
• Increasing research funding for agriculture sector is the major factor fueling the market.
• Low adaptation rate and high cost of bio pesticides is projected to restrict the market expansion during the forecast period.
• Lack of awareness about bio pesticides among farmers is anticipated to hamper the market growth in the coming years.
• R&D investment and technological advancement in bio pesticides market is projected to offer lucrative opportunities for the market players.

Scope of the Report

The report on the bio pesticides market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Market Segment Insights

The liquid formulation segment accounts for a key share of the market
Based on formulation, the bio pesticides market is bifurcated into dry formulation and liquid formulation. The liquid formulation segment accounts for a key share of the market. Growth of the market is attributed to increasing adaptation of organic farming methods and increasing crop production. However, the dry formulation segment is anticipated to expand at a rapid pace during the forecast period due to factors such as rapid expansion of organic food industry and increasing demand for bio pesticides.

The bio herbicides segment accounts for a key share of the market
On the basis of products, the bio pesticides market is segregated into bio-insecticide, bio-fungicide, bio-herbicide, and other products. The bio-herbicides segment accounts for a key share of the market. Growth of the market is attributed to increasing supply of quality products and high cost of chemical pesticides. The bio-insecticides segment is anticipated to expand at a rapid pace during the forecast period due to factors such as increasing customer preferences towards organic methods of cultivation and increasing availability of arable land.
 

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The foliar spray segment accounts for a key share of the market
Based on mode of applications, the bio-pesticides market is fragmented into post-harvest, soil treatment, seed treatment, and foliar spray. The foliar spray segment accounts for a key share of the market. Growth of the market is attributed to growing awareness about adverse effects of chemical pesticides. The seed treatment segment is anticipated to expand at a rapid pace during the forecast period due to factors such as increasing consumption of organic food and increasing research funding for agriculture sector.

The biochemical segment accounts for a significant share of the market
On the basis of ingredients, the bio-pesticides market is segmented into biochemical pesticide, microbial pesticide, and plant pesticide. The biochemical pesticides accounts for a significant share of the market. Growth of the market is attributed to increasing area under organic cultivation. The plant pesticides segment is anticipated to expand at a rapid pace during the forecast period due to factors such as increasing consumption of organic food.

The crop-based segment accounts for a key share of the market
On the basis of applications, the bio-pesticides market is segmented into non-crop based and crop-based. The crop-based segment accounts for a key share of the market. Growth of the market is attributed to increasing supply of quality products and increasing awareness about bio-pesticides. The non-crop-based segment is anticipated to expand at a rapid pace during the forecast period due to factors such as amendments in the regulatory framework and well-established healthcare system.

The market in North America is estimated to hold key market share
On the basis of region, the bio-pesticides market is categorized as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market of Africa is anticipated to expand at a high CAGR during the forecast period due to rapid economic growth in region and encouragement from government organizations. The market of North America is estimated to hold a key market share due to increasing population and increasing demand for premium quality crops.
 

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