Bioinsecticides are organic pesticides applied to crops to kill insects that feed on them. They contain live bacteria that produce toxins that kill insects. These bio-insecticides are composed of animals, bacteria, plants or minerals found in nature.
The Favorable government policies and regulations, increased global demand for organic products and the rise in the adoption of organic farming methods are the key factors bolstering the growth of the biopesticides market.
Declining arable land availability due to excessive chemical pest controlling practices is encouraging the farming sector towards environment-friendly pest management. Chemical pesticides such as halogenated, carbamate, and organophosphorus are causing water and land contamination and becoming hazardous to humans. Optimum land utilization, longtime land fertility, and better productivity are key factors fueling biopesticides demand.
“Global Bioinsecticides Market was Valued at US$ 1.8 Bn in 2018 And it is Expected to Reach More than US$ 6.0 Bn by 2027, Likely to Grow with the CAGR of 14.4% During the Forecast Period.”
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Fruits & Vegetables Segment major crop type application in the bioinsecticides market in 2018 and it is projected to grow at a significant CAGR of above xx% during the forecast period. Increasing demand for tropical and exotic fruits & vegetables attributed to the increasing consumption of fruits & vegetables in developing countries globally, this segment is likely to witness growth by the year 2027. The other segment that includes turf & ornamental crops accounted for the second-largest share in 2018.
The verticillium lecanii segment is expected to witness highest growth in the global bioinsecticides market across the globe. Verticillium lecanii segment is estimated to be the largest product type of bioinsecticides and is projected to grow at the highest rate in the market during the forecast period. Verticillium Lecanii bioinsecticides detoxify the soil and fight the root diseases and provide stability to the soil system which is helpful to the crops. in addition, they are useful in nitrogen fixation, iron sequestration, phosphate solubilization, and phytohormone-level modulation in crops. These factors are likely to drive the segment in the bioinsecticides market.
The market in North America expected to hold the Largest share in Bioinsecticides Market over the forecast period.North America is anticipated to hold above 35 % of the market share in the biopesticides market over the forecast period and is expected to grow at a significant rate during the forecast period.
Increasing demand for organic food along stringent food safety regulations led the regional market growth. The stringent regulations by Environmental Protection Agency(EPA) and the rise in organic & environment-friendly farming practices such as Integrated pest management (IPM) have increased the demand for bioinsecticides, especially in the U.S. Furthermore the increasing productions of fruits & vegetable crops in countries such as the U.S., Canada, and Mexico is also driving the demand for bioinsecticides in the region. In addition, the market in Canada has been driven by the rise in the cost of fertilizers & pesticides that have led to the high usage of bioinsecticides.
The bioinsecticides market is dominated by Valent BioSciences Corporation, Marrone Bio Innovations, Bayer CropScience, Certis USA LLC, and E. I. du Pont de Nemours and Company. Some of the key players in the global Bioinsecticides market are BASF SE , Monsanto Company, Koppert Biological Systems, Valent Biosciences, Syngenta , Dupont, Dow Chemical Company, and Novozymes .
Impact of COVID-19 on Economy, Industry and Company
The emergence of novel coronavirus has affected the global economy, industry dynamics and company’s top line. The entire ecosystem has to suffer the impact of this pandemic disease which would result in demand & supply gap, production delay and weak consumer demand of end products across industries.
At Bizizz Market Research, our analyst has done extensive research across industries and identified various methodologies which would assist C-Level executives to counter this ongoing threat and make informed business decisions.
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