The Exponential Rise Of Biopesticides
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.