Biopesticides Market by Product: Latest Updates

1. Biopesticides Market by Product: Latest Updates According to the United Nations Department of Economic and Social Affairs, the world’s population is rapidly increasing and is projected to reach around 9.7 billion people by 2050. Consequently, agriculture is facing substantial hindrances in meeting the rising demand for food, necessitating increased inputs for crop production. In response to these challenges, the biopesticides market has emerged as a critical component offering innovative solutions. Accordingly, Triton estimates that the global biopesticides market is expected to grow with a CAGR of 15.13% over the forecasted period 2023-2030 and is anticipated to generate revenue of $17,941.26 by 2030. A way towards Sustainable Pest Control In recent years, there has been a remarkable global shift towards sustainable pest control methods, driven by increasing awareness of environmental concerns and the need for safer agricultural practices. This transformation is not merely a trend but a necessity, considering the impending challenges of feeding a growing global population while minimizing the ecological footprint of agriculture. As we explore how biopesticides have taken center stage in the agricultural revolution, it’s crucial to understand the key role played by regulatory bodies like the Environmental Protection Agency (EPA) in the biopesticides market. The EPA’s Biopesticides and Pollution Prevention Division was established to facilitate the registration of biopesticides, recognizing their potential to revolutionize pest control. One of the striking aspects of this revolution is the emphasis on safety and environmental stewardship. This accelerated the registration process and identified that biopesticides inherently carry fewer risks.

2. Biopesticide Market by Product: Overview 1.Bioherbicide Extensive research and studies have linked synthetic herbicides to various health issues. For example, the International Agency for Research on Cancer (IARC) has classified some synthetic herbicides as potentially carcinogenic to humans. This classification has raised consumer concerns and shifted towards safer alternatives. Over the past few years, the sales of synthetic herbicides have declined. In line with this, the governments have introduced strict regulations and awareness programs to encourage organic farming. This has led to a rise in the overall production of bioherbicides globally. For Instance, the United States Department of Agriculture (USDA) established the National Organic Program (NOP), which regulates producing and labeling organic agricultural products. The NOP prohibits synthetic herbicides and other synthetic substances in organic farming. According to Triton’s biopesticides market report, the bioherbicide is expected to grow with the fastest CAGR of 17.15% in the product segment during the forecast period. 2.Bioinsecticide Biopesticides have been pivotal in safeguarding crops, elevating their quality, and enhancing productivity throughout agricultural development. These formulations, harnessed from naturally occurring compounds, orchestrate pest management through non-toxic and environmentally friendly mechanisms. Within biopesticides, the bacterium Bacillus thuringiensis reigns supreme as the most widely utilized bioinsecticide. Its versatility extends to organic and conventional farming. Notably, Bt products have become the second most widely employed insecticides globally, with a staggering 32,000 tons sold in 2017. In the product category, bioinsecticide holds the dominant share in the biopesticides market. Government Inititivaties & Regulatory Framework Biopesticides have garnered global attention as a safer approach to pest management, and the adoption of bio-based pesticides within integrated pest management (IPM) has emerged as the most effective alternative. Notably, the consumption of biopesticides in India has witnessed a significant surge, driven by the country’s growing population. In line with this trend, the Asia- Pacific biopesticides market is poised to experience the fastest growth rate of 15.53% during the forecasted period. Furthermore, numerous ongoing research projects and initiatives are actively championing the utilization of biopesticides. To illustrate, the Indian Council of Agricultural Research (ICAR) has led by establishing the National Bureau of Agriculturally Important Insects (NBAII). This

3. institution is dedicated to developing eco-friendly pest management strategies aligning with sustainable agriculture principles. Similarly, the United States Environmental Protection Agency (EPA) has instituted the Biopesticides Registration Action Document (BRAD) program, which plays a pivotal role in fostering the adoption of biopesticides. This program serves as a guiding force in registering and utilizing biopesticides, ensuring their safe and efficient integration into agricultural practices. The prospects for the biopesticides market are exceptionally promising. Extensive research has demonstrated its potential to deliver agricultural productivity on par with chemical pesticides. Also, with the growing awareness of the adverse impacts of synthetic pesticides, the studied market is poised to experience sustained growth. FAQ Q1: How do North America and Asia-Pacific influence the global market dynamics? A: In 2022, North America held the top position worldwide in the biopesticides market, boasting the highest revenue share. Conversely, the Asia-Pacific region is anticipated to exhibit the fastest growth between 2023 and 2030. Q2: Which are the segments covered in the market report? A: Formulation, product, application, mode of application, and ingredient. Q3: What factors drive the biopesticides market? A: The rising population and consumer inclination towards organic farming drive the biopesticides market globally.