The Europe Biopesticides Market is expected to register a CAGR of 6.8% during the forecast period (2020-2025). Bio-pesticides are certain types of pesticides that are derived from natural materials, such as animals, plants, bacteria, and certain minerals. Of all the countries, Spain accounted for the largest share and Germany is expected to record the fastest growth.
The progress of the organic industry, the rising cost of chemical pesticides, growing issues in the development of insect resistance toward these chemicals, and the increase in awareness about occupational hazards caused by chemical pesticides are the major driving factors for the biopesticides market.
Key Market Trends
Biofungicides Dominates the Market
It’s quick decomposition and pollution and residue levels associated with synthetic pesticides drive the segment in the market studied. The rise in demand for organic products is booming, not only due to an increase in conscientious consumers, but also due to increasing incomes, along with improved farming practices that make organic yields more robust. Strong funding by the private and public sectors towards the research of microbial and plant extracts having biocidal properties, especially for its usage on a wide spectrum of field crops, is expected to drive the growth of the market over the years.
Increased Practice Of Organic Farming
Growing consumer demand for opting for organic food instead of conventional food, to avoid adverse health effects caused by chemical preservatives is shifting growers towards organic cultivation that uses bio-pesticides instead of chemicals. Increased concern about the environment has paved the way for the use of bio-based pesticides.
Increasing the cost of chemical fertilizers and push from governments for sustainable farming is enabling the farmers to adopt organic farming practices. After the initiatives by the regulatory system, the biopesticide usage number has been increased. In Europe, growers are being encouraged to grow fresh fruits and vegetables through the usage of chemical-free pesticides. Thus increasing organic farming practice is driving the growth of the biopesticide market.
New product launches, partnerships, and acquisitions are the major strategies adopted by the leading companies in the biopesticide market. In the market studied, companies not only compete on new product launches but also focus on strategic moves, to acquire larger market shares. The results of the market share analysis indicate a highly fragmented market. The major players include - Valent Biosciences Corporation, Koppert BV, LLC, Bayer Cropscience AG, and Syngenta.
The major acquisitions taking place between companies to develop biopesticides indicate that the focus on bio-based products is increasing rapidly. The players in the market are investing heavily in this market, to diversify their biological research divisions in the expanding market place.
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