Biopesticides Market to Hit $33.6 Billion by 2031

In a recent report released by Allied Market Research titled "Biopesticides Market," the global biopesticides market has witnessed significant growth and is projected to continue expanding at a rapid pace. The market, valued at $7,012.70 million in 2020, is estimated to reach $33,638.90 million by 2031, registering a remarkable CAGR of 13.9% from 2022 to 2031.

Farmers are increasingly turning to microbial and biochemical pesticides, which utilize microorganisms or naturally occurring substances, for effective pest management. These biopesticides offer competitive cost-effectiveness and serve as viable alternatives in scenarios where regulations limit the use of genetically modified crops and conventional chemical pesticides. Moreover, biopesticides comply with stringent organic farming guidelines and are environmentally sustainable, posing minimal risk to soil and water quality. The absence of maximum residue limits (MRL) associated with synthetic pesticides further contributes to their appeal, potentially mitigating bacterial, fungal, and insect resistance.

Integrated pest management (IPM) programs, which combine chemical, cultural and biological controls, have emerged as a cornerstone of sustainable agriculture. Biopesticides play a crucial role in IPM strategies, particularly as synthetic pesticides face regulatory constraints and resistance issues. The integration of ecological science with post-genomics technologies offers new avenues for biopesticide development, albeit with anticipated regulatory and economic challenges necessitating collaborative efforts across various stakeholders.

Regionally, Europe and LAMEA collectively accounted for approximately 40% of the global biopesticides market in 2021, driven by robust agricultural activities in nations like Brazil, Argentina, and Chile. These regions present substantial growth opportunities owing to their burgeoning agricultural sectors and population shifts toward agriculture-intensive economies.

The biopesticides market is segmented based on product type, formulation, crop type, and region. Product types include microbial, predators, and others, while formulations encompass dry and liquid forms. Crop types range from orchards to field crops, catering to diverse agricultural landscapes across North America, Europe, Asia-Pacific, and LAMEA.