Global economic crisis in 2008 and 2009 failed to trouble the world biopesticides market, as demand for the products remained high. Growing environmental concerns and consumer inclination towards chemical-free crops, especially the food crops, enabled the market to sustain the growth momentum. Further, several factors such as new products, end user acceptance of substitutes to conventional pesticides, and declining market for harmful organophosphate insecticides, fueled the market growth.
Delivering a better alternative to manage harmful insects, weeds and fungal plant-pathogens, biopesticides is poised to witness robust gains in the coming years. Currently, US EPA approves more number of biopesticides annually as compared to conventional chemicals.
The United States represents the largest region for biopesticides worldwide, as stated by the new market research report on biopesticides. On the other hand, with a CAGR of more than 15 percent over the analysis period, Europe represents the fastest growing regional market for biopesticides. Europe lags behind the US in terms of registered biopesticides with 77 active substances as of 2008 against 279 in the US.
The wide difference between the two leading biopesticides consumers could be attributed to highly fragmented nature of European market and biopesticides being relatively newer concept for the consumers in the region. Further, the government support for capacity development of biopesticides, places the US market ahead of any other region in the world. Asia-Pacific constitutes the other leading market, with biopesticides sales projected to reach $362 million in 2012.
In North America and Western Europe, the biopesticides market is growing rapidly, due to growing importance for organic farming and chemical-free crops. Retail chains such as Tesco and Walmart are increasingly demanding chemical-free crops, leading to higher demand for biopesticides. The integrated crop management (ICM) and integrated pest management (IPM) programs, using products as well as technical expertise of manufacturers for dealing with plant growers' problems, are encouraging the adoption of biopesticides, thereby improving market prospects in a major way. In the two regions, demand for biopesticides including beneficial insects, biochemical pesticides and microbial biopesticides, is projected to significantly increase in the coming years.
With the growing acceptance of biopesticides as an efficient crop protection alternative with eco-friendly footprint, several leading agrochemical companies are increasingly leaning towards biopesticides sector. With increasing demand for biopesticides, noticeably eating into the market share of their conventional pesticide products, the major players are readily willing to include biopesticides in their portfolio. Majority of the companies are seen forming licensing agreements with startup companies or acquiring products rather than investing in R&D projects.
Major players profiled in the report include AG Biotech Australia Pty Ltd., AgraQuest Inc., Amit Biotech Pvt. Ltd., BionTech Inc., Certis USA LLC, Embrapa Milho E Sorgo, Greeneem, Isagro SpA, Kumiai Chemical Industry Co. Ltd., Prophyta Biologischer Pflanzenschutz GmbH, San Jacinto Environmental Supplies, Sumitomo Chemical Co. Ltd., Syngenta International AG, Troy Biosciences Inc., and Valent Biosciences Corporation.
The research report titled "Biopesticides: A Global Strategic Business Report" announced by Global Industry Analysts Inc., provides a comprehensive review of the Biopesticides markets, current market trends, key growth drivers, recent product overview, product introductions, recent industry activity, and profiles of major/niche global as well as regional market participants. The report provides annual sales estimates and projections for Biopesticides market for the years 2007 through 2015 for the following geographic markets -- US, Canada, Europe, Asia-Pacific (including Japan), Latin America and Rest of World. Also, a seven-year (2000-2006) historic analysis is provided for additional perspective.
For more details about this comprehensive market research report, please visit http://www.strategyr.com/Biopesticides_Market_Report.asp.