Biopesticides: The Global Market
The global pesticide market was valued at approximately $40 billion in 2008. This figure increased to nearly $43 billion in 2009 and is expected to grow at a compound annual growth rate (CAGR) of 3.6% to reach $51 billion in 2014.
Biopesticides represent a strong growth area in the global pesticide market. This segment is expected to grow at a 15.6% compound annual growth rate (CAGR) from $1.6 billion in 2009 to $3.3 billion in 2014.
Synthetic pesticides represent the greatest market share, valued at $41 billion in 2009. This market will be worth an estimated $48 billion in 2014, a compound annual growth rate (CAGR) of 3%.
- Biopesticides are safer than conventional pesticides, which are often hazardous chemicals.
- Biopesticides offer much more targeted activity to the desired pests, whereas conventional pesticides often affect a broad spectrum of pests as well as birds and mammalian species.
- Biopesticides often are effective in very small quantities, thereby offering lower exposure. They decompose quickly, leaving virtually no harmful residue and allowing field re-entry almost immediately after application.
- Biopesticides can be used in rotation with conventional pesticides when used in Integrated Pest Management (IPM) programs. Such programs can offer high crop yields while dramatically reducing the use of conventional pesticides.
- To assess the technology developments
- To identify the driving factors for demand
- To make available the most current and reliable information on the market size
- To estimate the global supply and demand scenario broken down by applications and regions
- To estimate the growth rate in demand
- To estimate the projected global supply and demand scenario over the next 5 years and analyzing it via application sectors as well as product types
- To identify the factors influencing this industry and make appropriate recommendations.
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The synthetic pesticides market is expected to show a declining trend at the rate of 1.5% per annum. At the same time the biopesticide market is growing and expected to reach more than a billion dollars in the next five years.
Key developments expected in the coming years are more R&D in biopesticides, an increase in genetically modified crops, the application of integrated pest management concepts, and a widening of organic farming.
Biopesticides today represent about 2.5% of the overall pesticides market, and are expected to grow to about 4.2% by 2010.
Orchard crops hold the largest share of biopesticides use at 55%.