The global biopesticides market size is expected to reach USD 17.47 billion by 2030, according to a new study by Polaris Market Research. The report “Biopesticides Market Share, Size, Trends, Industry Analysis Report, By Type (Bio-fungicides, Bioinsecticides, Bioherbicides, and Others); By Source; By Formulation; By Region; Segment Forecast, 2022 - 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
Continuous rise in organic land and growing adoption of the latest and advanced farming technologies around the globe to reduce social and environmental concerns is likely to be the key driving factor for the growth of the global market during the forecast period. Moreover, biopesticides in sustainable farming offer various economically viable and innovative growth opportunities for consumers, laborers, and farmers, which is further projected to contribute significantly to the growth and demand of the global market over the coming years.
Furthermore, several government bodies have simplified the requirement of the registration process for manufacturing biopesticides. The growing grants for research & development and the setup of new production units are propelling the global market growth significantly. For instance, in May 2020, the European Union proposed a new plan to reduce and minimize the usage of nearly 505 chemical pesticides in the coming years and expand the usage of biopesticides, which is anticipated to boost the market growth in the European Union.
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An increasing number of innovations and the rising development of biopesticides in the agricultural sector offer lucrative growth opportunities for the global market over the forecast period. Additionally, biopesticide ingredients can be easily adopted in various integrated pest management programs and enhance performance efficiency against a large range of pathogens and pests.
According to the Research Institute of Organic Agriculture, in India, the total organic cultivation area was about 1.8 million hectares, which increased to 2.7 million hectares in 2020. And according to the Indian Government, the organic farming area covered across the country under the National Programme of Organic Production, Paramparagat Krishi Vikas Yojana, and other schemes are around 23.02 lakh hectares.
Biopesticides Market Report Highlights
Polaris Market Research has segmented the biopesticides market report based on type, source, formulation, and region:
Biopesticides, Type Outlook (Revenue - USD Billion, 2018 - 2030)
Biopesticides, Source Outlook (Revenue - USD Billion, 2018 - 2030)
Biopesticides, Formulation Outlook (Revenue - USD Billion, 2018 - 2030)
Biopesticides, Regional Outlook (Revenue - USD Billion, 2018 - 2030)