Global Biopesticides Market Report, published by Variant Market Research, forecast that the global market is expected to reach $4 billion by 2024 from $2 billion in 2016, growing at a CAGR of 8.8% from 2016 to 2024. By geography, Asia Pacific and rest of the world (RoW) are expected to grow at a CAGR of 9.7% and 8.9%, respectively, during the forecast period.
Expanding knowledge among the end-users and increasing advancements in the field of biotechnology and biopesticide technology are the factors supporting the growth of the market. Moreover, continuous awareness and encouragement of organic farming from various NGOs and government organizations and rising research and development for advance farming solutions are also expected to boost the growth of the market.
In product type segments, bioherbicides and bioinsecticides accounted for the major share of 36.7% and 31.8%, in the year 2016. Furthermore, in active ingredients segment, microbial pesticides holds the maximum market share with 57.5%, followed by biochemical pesticides with 26.2%, in the year 2016.
Asia-Pacific is the fastest growing region in the global biopesticides market, and is expected to continue this trend owing to increasing population in emerging economies and promotions by various NGOs and government organizations to promote organic farming and to use bio-control products. In 2016, North America accounts for the largest share in the market with 41.6% followed by Asia-Pacific with 30.7%.
The key market players include Bayer CropScience Ag, GreeNeem, Sibbiopharm Ltd., Isagro SpA, BioWorks, Inc, San Jacinto Environmental Supplies, Troy Biosciences, Inc., Syngenta Bioline Ltd. Dow AgroSciences LLC, AgBiTech Pty Ltd. and others.