Biopesticides Market was valued at $7,012.70 million in 2020, and is estimated to reach $33,638.90 million by 2031, growing at a CAGR of 13.9% from 2022 to 2031.

Microbial pesticides (products that contain microorganisms, such as bacterium or fungus as the active ingredient) and biochemical pesticides (products that contain naturally occurring substances, such as insect sex pheromones, certain plant extracts, and fatty acids) provide several advantages to farmers. Biopesticides are competitive in both price and efficiency. Biopesticide products provide viable alternatives in situations where conventional chemical pesticides and genetically modified crops are subject to regulatory restrictions. Biopesticides comply with market-imposed requirements for pest management programs by food processors and retailers. Furthermore, biopesticides are eco-friendly and meet stringent organic farming requirements. Biopesticides are exempted from the maximum residue limit (MRL) that is applied to synthetic pesticides and are expected to encourage the development of insect, fungal, and bacterial resistance.

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Depending onvalue, Europe and LAMEA collectively contributed approximately 40% share of the global market in 2021. Emerging countries such as Brazil, Argentina, and Chile display a huge growth potential for this market on account of high agricultural operation and decent number of population shifting toward agricultural sector in these countries.

The biopesticides market is segmented on the basis of product type, formulation, crop type, and region. On the basis of product type, the market is fragmented into microbial, predators, and others. Depending on formulation, the market is classified into dry form and liquid form. According to corp type, the market is categorized into orchards, grazing & dry land, and field crops. Region wise, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, the UK, France, Italy, Russia Federation, Spain, and rest of Europe), Asia-Pacific (China, Japan, India, Australia, South Korea, and rest of Asia-Pacific), and LAMEA (Brazil, Argentina, South Africa, and rest of LAMEA).

KEY FINDINGS OF THE STUDY

On the basis of biopesticides market analysis for region, Asia-Pacific accounted for the largest revenue share of the global market, registering a significant CAGR from 2022 to 2031, followed by North America.
On the basis of biopesticides market trends in 2021, the orchards crop type segment accounted for approximately 40% share, in terms of value, and is expected to grow at the highest rate.
North America is anticipated to grow at the highest CAGR of 13.8% from 2022 to 2031 in the biopesticides market forecast period.
In 2021, the U.S. generated the highest revenue, accounting for approximately 20% share of the global market.
Brazil is anticipated to grow at a significant CAGR of 15.4% during the forecast period.