Biopesticides Market Reach To US$4.17 bn by 2023 | TMR | Page 3

Biopesticides Market
Based on geography, the major regions for the growth of the biopesticides market are Asia Pacific,
North America, and Europe; of these, North America dominates the global biopesticides market. The
North America market contributed the highest revenue by occupying a share of 41.7% in 2014. The
considerable growth of the regional market is driven by the spike in demand for organic food and
stringent regulations on the use of chemical pesticides in farming and agriculture.
Regulatory Pressures on Use of Toxic Chemicals in Agriculture Trigger Adoption of
Biopesticides
The biopesticides market is primarily driven by the spiraling demand for chemical-free foods, especially
organic foods and the growing environmental regulations on the use of chemical pesticides in various
regions. The increasing adoption of biopesticides in crop production and pest management programs
is fuelled by the numerous benefits they offer over chemical pesticides.
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Biopesticides are preferred over traditional chemical pesticides to improve the quality of crops and
enhance farming yield since they are cost-effective, have high host specificity, and are biodegradable,
causing minimal impact to ecology. In addition, a surge in research and development of new products,
especially in developed regions such as the North America and Europe is expected to boost the market
in the coming years. Furthermore, the advent of innovative farming practices and increasing popularity
of genetically modifies crops are encouraging developments in the market.
However, the limited awareness on the use of biopesticides, their short shelf life, and the marked
reluctance of farmers to use biope sticides are the factors likely to hinder the growth of the market to
some extent. Nevertheless, increasing regulatory pressures on the use of toxic agrochemicals in
emerging and established markets and new product launches by several agrochemical companies are
expected to unlock exciting opportunities for players.
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