Biopesticides Market Size, Share, Growth Analysis, By Type, Source, Application, Crop Type, Formulation, and Region - Industry Forecast 2024-2031

Global biopesticides market was valued at USD 5.9 billion in 2022 and is poised to grow from USD 6.7 billion in 2023 to USD 21.81 billion by 2031, growing at a CAGR of 15.9% during the forecast period (2024-2031).

Biopesticides are organic pest repellents made from naturally occurring substances such as plants, microbes, and biochemicals, with common products including bioherbicides, bioinsecticides, and biofungicides. They control weeds, pests, and insects on crops and can be applied as foliar sprays or added directly to the soil. These biopesticides are less toxic than synthetic pesticides, provide long-term pest control, and are highly effective even in small quantities. The biopesticides market is growing due to the rising trend of organic farming as consumers prefer sustainable food options and are concerned about the side effects of synthetic chemicals. Government initiatives promoting organic farming, such as the European Commission's action plan to increase organic agricultural land to 25% by 2030 and bans on chemical pesticides in South American countries like Argentina and Peru, further drive market growth. However, the market's growth is hindered by a lack of awareness about biopesticides' benefits in many parts of the world.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Biopesticides market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Biopesticides Market Segmental Analysis

The global biopesticides market is segmented based on crop type, formulation, source, application, type, and region. Based on crop type, market is categorized in cereal & grains (corn, wheat, rice and others), oilseeds & pulses (soyabean, sunflower and others), roots & vegetables (root & tuber vegetables, leafy vegetables, pome fruits, berries, citrus fruits and others) and others. Based on formulation, the market is segmented into liquid (emulsifiable concentrates, suspension concentrates and soluble liquid concentrates) and dry (dry granules, water-dispersible granules and wettable powders). By application, the market is segmented into seed treatment, soil treatment, foliar spray and others. Based on source, market is segmented into Microbial, Biochemicals and Beneficial Insects. Based on type the market is segmented into bioinsecticides (Bacillus Thuringiensis, Beauveria Bassiana, Metarhizium Anisopliae, Verticillium Lecanii, Baculovirus and others), biofungicides (Trichoderma Bacillus, Bacillus, Pseudomonas, Streptomyces, and Others), bionematicides (Paecilomyces Lilacinus, Bacillus Firmus and Others), bioherbicides and Others. Based on region it is categorized into: North America, Europe, Asia-Pacific, South America, and MEA.

Drivers of the Global Biopesticides Market

Organic farming is being promoted as a superior alternative to conventional farming due to its reduced environmental impact. The rising demand for natural plant protection products suggests a promising growth trajectory for organic agriculture, which is expected to boost the future growth of biopesticides. Additionally, the strong emphasis on organic and sustainable farming methods by governments and other stakeholders has led to increased acceptance of bio-based crop protection chemicals.

Restraints in the Global Biopesticides Market

The product's low adoption rate in developing countries, in contrast to chemical agri-inputs, may restrict market growth. The traditional and conventional agri-inputs market is globally well-established, dominated by key giants. Conversely, the biopesticides market consists of numerous start-ups struggling for sufficient funding, suitable infrastructure, and effective market penetration. Additionally, these small players' R&D activities often fail to grasp the demand dynamics of specific regions, further limiting market growth.

Market Trends of the Global Biopesticides Market

Ongoing investments in R&D activities in the biopesticides market by various governmental and non-governmental organizations are a promising sign for the future of biopesticides. Microbial solutions are anticipated to revolutionize agriculture due to their low cost and high output, even amid constraints posed by erratic weather patterns. This progress is driven by the increasing financial support of institutional investors and venture capitalists who recognize the potential of biopesticides. Their collaborative efforts focus on improving current microbial strains to maximize agricultural productivity per acre and increasing the availability of biopesticides. This commitment to research and development on new and enhanced microbial products is expected to significantly boost the market in the coming years.