Endowed with a profitable spectrum of applications across foliar sprays and seed treatment, biopesticides industry is likely to bring about a remarkable change in the dynamics of the overall agricultural sector, given its projected contribution toward the development of organic farming across the globe. Derived from natural sources, such as plants, minerals, animals, and even bacteria, biopesticides are the best and safest alternatives to synthetic pesticides.
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Recently, the IIHR (Indian Institute of Horticultural Research), a division of the Indian Council for Agricultural Research, based in Bengaluru, announced that the institute has granted more than 465 industrial licenses in the last couple of years, for the production of bio-pesticides, in a bid to discourage farmers from using chemical sprays and synthetic pesticides for crop protection, thereby providing a boost to biopesticides industry. With bioinsecticides, biofungicides, and bioherbicides making a strong foray in the agricultural sector, biopesticides market size is all set to exceed USD 2.5 billion by 2024.
The usage of biopesticides for crops is not exactly a modernistic approach, these compounds have been used since long by landowners and farmers. However, the commercialization of these products has depicted an inclined curve just in the last few years, perhaps due to which biopesticides industry is still considered to be thriving at the developmental stage of progress.
India Biopesticides Market Size, By Product, 2016 & 2024 (Tons)
Nonetheless, efforts are being made to upswing biopesticides market share, by increasing product adoption for providing natural protection to crops. For instance, Denmark has developed the ‘Green Growth’ scheme to financially support manufacturers involved in the development of alternative plant protection products. Furthermore, France has also initiated a program called ‘Ecophyto 2018’, in a bid to lower the utilization of synthetic pesticides by almost 50%, by 2018. The immensely appreciable contribution of these programs commenced by the European nations such as Germany, France, Denmark, and the like, is projected to augment Europe biopesticides market, anticipated to observe a CAGR of 6.2% over 2016-2024.
Biopesticides, already having penetrated the foliar spray business since long, has established a considerably strong foothold in seed treatment as well. In fact, as per analysts, biopesticies industry size from seed treatment was worth more than USD 130 million in 2016.
This revenue generation may, in most counts, be credited to the fact that biopesticides are non-toxic and help to deliver a highly superior crop yield. It has been claimed that biopesticides market from seed treatment may garner a significantly commendable popularity in the years to come, pertaining to the fact that biopesticides considerably enhance the nutritional competence of crops, in addition to improving seed performance and disinfecting seeds for irradiating pathogens.
The importance of bio-controlled seed treatment has also been recognized by prominent business players, owing to which biopesticides industry has been witnessing a slew of M&As. Recently, Albaugh, LLC and Marrone Bio Innovations, Inc. have entered a partnership to promote one of the latter’s proprietary microbial biopesticide endowed with nematicidal and insecticidal properties, especially for seed treatment applications.
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Despite being defined by strict regulations, biopesticides market is likely to accumulate a valuation of mammoth proportions by 2024. Of late though, having recognized the significance of these compounds in organic farming, and taking into consideration the global food demand, many organizations, including the EPA, have simplified the regulatory approval process for pesticides. To elaborate, the EPA normally approves synthetic pesticides within a three-year tenure, however, recently, the duration has been reduced to 12 months for biopesticide approval. This move may, in all probability, open up new growth avenues for biopesticides industry players, leading to product portfolio expansions. With more and more firms partaking in this business, biopesticides market size may surpass 230 kilo tons by 2024, say experts.
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