Biopesticides Market
REPORT DESCRIPTION
Biopesticides Market- Global Industry Analysis, Size, Share, Growth and Forecast 2015- 2023
The global biopesticides market is partially consolidated with the top five players accounting for about half the market share. Some of the big names operating in the market are BASF SE, Arista Life Sciences, Valent Biosciences Corp, Bayer Crop Science AG, and Dow Agro Sciences, Novozymes A / S. They have invested heavily in research and development of new bio pesticides, particularly biochemical pesticides, microbial pesticides, and plant-pesticides.
The global market for biopesticides is regulated tightly by government. The U. S. Department of Agriculture and Department of Food and Drugs Administration were the first to formulate rules pertaining to pesticides. Later the Environmental Protection Agency( EPA) had been tasked with formulating rules and monitoring the market. The EPA has significantly supported research and development activities in the U. S. and this would likely lead to the unveiling of new biopesticides in the near future. Sensing opportunity in the market, prominent agrichemical companies have forayed into it through partnerships, licensing deals, and acquisitions.
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The global market for biopesticides was worth US $ 1.96 bn in 2015 and is predicted to attain a value of US $ 4.17 bn by 2023 by clocking a CAGR of 9.9 % from 2015 to 2023.
Spiking Demand for Organic Food Makes Microbial Pesticides the Dominant Segment Among the various types of active ingredients used in bio pesticides, the microbial pesticides lead the market. This is because in the past couple of years, many manufacturers have embarked upon the discovery of microbial bio pesticides driven by the demand for organic food products. The segment is expected to expand at a healthy CAGR of 9.70 % between 2015 and 2023.
Geographically, the global market for bio pesticides can be divided into North America, Europe, Asia Pacific, and the Rest of the World. North America, among them, dominates the market with a leading share. In the near future too North America is expected to see steady growth powered by demand from
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