The first sustainable commercial success stories in the biopesticide market were seen in the 1980s and 1990s. Since then, the market has grown exponentially, and is projected to exceed $3 billion by 2016, with a projected compounded annual growth rate (CAGR) of more than 15%, according to research from DunhamTrimmer.
Biopesticides are the fastest-growing crop protection market sector increasing at twice the compound annual growth rate of the crop protection market as a whole. In 2013, biopesticides represented 3% of the global crop protection market and are expected to grow to nearly 5% by 2015.
Microbial biopesticides represent the largest product type in the biopesticide market, occupying close to 70% of the total market. Bioinsecticides are the largest use segment, occupying 50% of the total market.
Several factors have prompted the biopesticide market expansion, but the needs of growers and manufacturers have been the primary driving forces of growth. These needs include a reduction in chemical and pesticide residues, stricter import and supermarket standards, a shorter pre-harvest interval, a push for sustainability, and additional modes of action for managing resistance.
Browse the slideshow below for a visual presentation of more impressive biopesticide stats.