Biocontrol Agents Market To Generate $13,634.3 Million Revenue by 2030
- Published: July 2022
The global biocontrol agents market revenue is projected to reach $13,634.3 million in 2030, witnessing a compound annual growth rate of 12.2% during 2021–2030. This can be ascribed to the rising demand for organic farming globally, stringent regulations against chemical fertilizers, and surging consumer preference for biocontrol agents.
According to a source, more than 80% of organic pesticides are used as a secondary source of pest control in conventional agricultural programs. Thus, during the forecast period, government policies will encourage the use of organic pesticides, which, in turn, will drive the market growth. Moreover, organic pesticides aid in the production of safe and healthy crops while also assisting in the conservation of natural resources. These pesticides also enable farmers to keep beneficial insect populations in their fields, reducing farmers’ dependence on traditional chemical pesticides.
Microbial Category To Witness Fastest Growth in the Market
The microbials category is set to witness the fastest growth during the forecast period, advancing at a CAGR of around 13%. This can be because microbes as biopesticides are efficient and useful, and safe for humans and other microorganisms. Moreover, microbial agents are extremely precise against targeted pests, as they aid in the survival of beneficial insects in treated crops and stimulate their growth.
Furthermore, the fruits & vegetables category held the second-largest share in the biocontrol agents market in 2021, based on crop type. This is because fruits and vegetables are necessary for humans, and for some countries, these are major export products. Around 25–40% of fruits and vegetables are lost before intake because of ineffective post-harvest treatments. To protect these crops from being harmed, biocontrol agents are widely used across the globe.
Geographically, North America captured significant market share in 2021. This is attributed to the rising awareness about the effect of chemical pesticides on human health and the gradual shift toward bioinsecticides by farmers in the region. Due to these factors, the demand for biocontrol agents in countries, such as the U.S. and Canada, is increased, which helps drive the growth of the regional market.
Mergers and Acquisitions Are Among Most-Effective Strategic Measures
Key players in the biocontrol agents market have been involved in mergers and acquisitions to boost their revenue share. For instance:
In January 2022, Syngenta Crop Protection AG signed an agreement to acquire the two next-generation bioinsecticides, UniSpore and NemaTrident, from Bionema Limited, a key biocontrol technology developer in the U.K.
Similarly, in October 2020, Syngenta Group announced to acquire Valagro Inc. Under this agreement, Valagro would continue to operate in the market as an independent brand within the Syngenta Crop Protection business.
Key players in the market include BASF SE, Novozymes A/S, Bayer AG, Syngenta Crop Protection AG, Biobest Group NV, Marrone Bio Innovations, Corteva Agriscience, Nufarm, UPL Limited, and Viridaxis S.A.