(MoneyNewsWire.Net, December 26, 2017 ) According to the report Bio Pesticide Market, published by Market Data Forecast, the Global market is projected to reach USD 7 billion by 2022, at a CAGR of 16.6% from 2017 to 2022.
Plant and microorganism extracts when processed can be manufactured into pesticides. Since this is eco-friendly they are called bio pesticides. They also contain traces of certain minerals. They are selective in their actions i.e. they do not harm the plants but only the weeds. Their market penetration is quick and effective leading to a drop in demand for traditional pesticides. They are relatively less harmful to human beings.
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Bio Pesticide Market: Drivers & Restraints
Increasing cases of diseases of crops particularly in the developing economies of the APAC, several initiatives launched by the top R&D labs worldwide for improving the efficacy of these pesticides are the factors driving the growth of this market.
Reluctance in adoption of these novel techniques available in the market and lack of awareness in farmers are the factors inhibiting market growth.
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Bio Pesticide Market: Segmentation
By Crop Type
Forage & Turf grasses
By Microorganisms Type
o United States
o South Korea
o Rest of Latin America
Middle East & Africa
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Bio Pesticide Market: Overview
In 2016, by microorganism type bio fungicide captured largest market share. This trend is likely to continue in the aforementioned forecast period. Biomaticide market sub-category is predicted to grow robustly in the forecast period.
Rising environment campaigns in US has pushed the government to adopt eco-friendly policies resulting in North America capturing largest market share and likely to retain it in the aforementioned forecast period. Rising demand of organic foods is also attributable to this observable trend. Asia Pacific is a close second. Rapid advancements in technology is the cause of this.
Bio Pesticide Market: Key Players
Key players in the market include Parry America, Andermatt Biocontrol Ag, Marrone Bio Innovations Inc, Agbitech Pty Limited. Other players in the market include Bioworks Inc., Som Phytopharma Limited, Camson Bio Technologies Limited, Hebei Veyong Bio-Chemical Co. Limited, Becker Underwood Inc., Agraquest Inc., Growth Products Limited, Valent Biosciences Corp, Biocare, Natural Industries and Novoenzymes A/S.
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