Virus Based Biopesticides Market Trends
Growth Drivers
- Growing Demand for Organic Food - Organic food is the outcome of an organic agricultural approach that does not employ synthetic fertilizers, pesticides, growth regulators, or animal-feed additives. Organic farming is an agricultural system that strives for environmentally, socially and economically sustainable output. Although chemical traces in organic foods may not be completely absent, they are substantially less than in food grown with synthetic chemicals. Therefore, people have been considering organic food as of their low GMO use, which is estimated to accelerate the market growth over the forecast year. For instance, worldwide organic food sales reached nearly USD 135.80 billion in 2021, an increase from roughly USD 19 billion in 2000.
- Rising Demand for Food – The higher and uneven surging population throughout the world has expanded the demand for food. Currently, the rise in food demand has also doubled the demand and traction for chemical-free food products. Therefore, the surge in food demand is also estimated to expand the market growth in the coming years. Based on a report published by the United Nations Food and Agricultural Organization, the amount of cereals cultivated worldwide has boosted by 7 million tons in 2022. Besides this, the forecast for world cereal consumption in 2022-2023 has been raised from 2797 million tons to 9.2 million tons.
- Increasing Awareness About the Risks of GMO Food - Genetically modified organisms (GMOs) are estimated to pose several kinds of serious health issues including fast aging, infertility, immune issues, irregular insulin, and so on. Hence, a major portion of people have become more aware of the harmful effects of GMO food. Thus, this factor is also anticipated to drive market growth in the projected time frame. Based on a survey conducted in 2019, approximately 53% of the people surveyed in the United States believed that GMOs are harmful to people's health.
- Growing Area Under Organic Cultivation – For instance, the overall area under organic cultivation in Europe is expanding and it reached around 15 million hectares of agricultural land by 2020.
- Rising Investment for R&D of Novel Biopesticides – For instance, Vestaron Corporation, a prominent biopesticides manufacturer, has raised an additional USD 10 million in investment for R&D activities and the development of novel biopesticides.
Challenges
- Preference for Chemical-Based Pesticides in Emerging Nations - As for the small landholdings, the higher ratio of farmers in emerging nations mostly prefer to use chemical-based pesticides, which are comparatively cheap in cost, and deliver faster results with high crop yield. Thus, this factor is estimated to dampen the market growth in the coming years.
- A Dearth of Awareness About Biopesticides in Emerging Economies
- Slower Rate of Insecticides Killing as Compared with Chemical Pesticides
Virus Based Biopesticides Market: Key Insights
On the basis of geographical analysis, the global virus based biopesticides market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in the North America region is estimated to occupy the largest share over the forecast period on the back of escalating awareness about high pesticide residue levels in crops and strong presence of market players. In addition, shift in the eating habits of consumers and growing emphasis on consumption of organic foods are also projected to boost the growth of the market in this region. According to the Food and Agriculture Organization of the United States, the organic food sales in the country in the year 2017 increased by 13 times since 1997, reaching a value of over USD 45 billion. Moreover, the market in Europe is also evaluated to occupy a significant market share, which can be credited to the increasing number of research and development activities associated with residue free crop produce and growing levels of health awareness in the region.
The global virus based biopesticides market is further classified on the basis of region as follows:
- North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis
|
Base Year |
2024 |
|
Forecast Year |
2025-2037 |
|
CAGR |
15.40% |
|
Base Year Market Size (2024) |
USD 5.33 billion |
|
Forecast Year Market Size (2037) |
USD 34.31 billion |
|
Regional Scope |
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