The Italy biopesticide market is projected to register a CAGR of 11.4% during the forecast period 2020-2025. It is the second-largest market for biopesticides in Europe after Spain and occupies a share of over 25% of the European market. Italy is now implementing legislative mandates with the aim of reducing pesticide dependency in agriculture in order to increase consumer and environmental safety. In order to reduce the risks associated with pesticide applications, and the dependency on usage, directives will promote low pesticide-input by implementing integrated pest management (IPM), and provide means to establish the necessary conditions and measures to employ these practices, as well as to ensure the security of commercial products. The growing demand for food safety and quality and low R&D cost is likely to be the major drivers of the market studied. However, high target pest specificity and slow speed of action are hindering the growth of the market studied.
Key Market Trends
Increasing Demand For Organically Grown Products
In response to the growing need to meet food sufficiency and the importance of safe farming practices, the global organic food industry has recorded exponential double-digit growth rates. The growing health-conscious consumer base around the globe is opting for organic food instead of conventional food, to avoid adverse health effects caused by chemical preservatives or genetically modified ingredients in inorganic food. According to the United States Department of Agriculture, Organic food and related agriculture currently account for around 5-10% of the food market, varying from country to country. As organic food products are produced without using pesticides or fertilizers, there is increasing usage of biopesticides for production. Consequently, the increasing popularity of organic farming drives the demand for biopesticides. In response to consumer demands for healthy food products with minimal environmental impacts, growers are looking for more efficient ways to use synthetic chemicals and mineral fertilizers.
Bioinsecticide Is Dominating The Market In Product Type
In Europe, the introduction of food security brought about the withdrawal of synthetic chemicals, which resulted in the high usage of biopesticides. The bioinsecticide segment of the market studied accounted for most of the market share. In the enrolment methodology of biopesticides in Europe, the regulations for synthetic pesticides and biopesticides are the same. The circumstance brought about the need to present various new provisions in the legislation that aids the encouragement for enrolment of biopesticides. The prohibition on the utilization of glyphosate, neonicotinoids, and paraquat increases the development of the European biopesticide market.
In the Italian biopesticide market, companies are not only competing based on product quality and promotion but are also focused on strategic moves, to hold larger market shares. Companies are investing heavily in developing new products and are collaborating and acquiring other companies, which is expected to increase their market shares and strengthen R&D activities. Development of bio-based products normally requires a lot of meticulous research and hence, apart from new product launches companies are also involved in collaborations and partnerships to develop new products.
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