Increasing practice of organic farming will enable growth inthe global Biopesticides Market. Fortune Business Insights, recentlypublished a report, titled “Biopesticides Market Size, Share and GlobalTrend by Product Type (Bioinsecticides, Biofungicides, Bionematicides) Source(Microbials, Biochemicals) Mode of Application (Foliar Application, SeedTreatment, Soil Treatment) Crops (Cereals, Oilseeds, Fruits & Vegetables)and Geography Forecast till 2025.” According to the report, the globalBiopesticides Market was worth US$ 3.36 Bn in 2017. Additionally, the globalmarket is foreseen to progress at a remarkable CAGR of 14.93% and reach US$10.19 Bn by the end of 2025. The report classifies the global BiopesticidesMarket in terms of various segments.
Governments in North America and Europe has implementedstringent regulations to curb the consumption of chemical pesticides in orderto prevent damaging environment. This is a key factor aiding the growth of themarket in these regions. This is likely to enable the global Biopesticides Marketexhibit an impressive CAGR in the coming years.
On the flipside, the Biopesticides Market in Asia Pacificand South America currently hold relatively a slower share in the globalmarket. However, these regions are expected to witness impressive growth duringthe forecast period. Rapid technological advancements in emerging nations willsupport the expansion of the Biopesticides Market in Asia Pacific and SouthAmerica.
Increasing Consumption of Organic Food to Drive Market
Some of the factors anticipated to drive the globalBiopesticides Market during the forecast period are rising awareness regardingbenefits of consuming organic food and intense research and development bystart-ups on active ingredients of biopesticides.
As per the Research Institute of Organic Culture (a leadingresearch and information center for organic farming) in 2015, 50.9 Mn hectaresof agricultural land was used for organic farming. The rising practice oforganic farming is expected to fuel the demand for biopesticides.
On the contrary, high cost associated with biopesticides asagainst the lower price and easy availability of synthetic pesticides mayhamper the growth in the global Biopesticides Market during the forecastperiod.
Stockton, Ready to Lead Global Market in Future
Key market players are emphasizing on developing new andmore effective products to gain a higher share in the global BiopesticidesMarket. For instance, Stockton STK launched a new product, the Timorex GoldBiofungicide. Stockton have signed long term distribution agreements withvarious organizations for Timorex. This is anticipated to enable growth in theglobal Biopesticides Market.
Browse Complete Report Details Enabled with CompleteTables and Figures:
https://www.fortunebusinessinsights.com/industry-reports/biopesticides-market-100073
