Market Challenges And Opportunities

Market Dynamics

Demand for biological pesticides is driven by the wide range of advantages it has over chemical pesticides. Chemical pesticides are known to account for extensive pollution. Moreover, presence of chemical residues in food can cause serious health issues. Biopesticides, however, are comparatively less toxic to humans and the environment, as they do not leave behind toxic deposits on plants, and are specifically targeted at eliminating pests. The demand for biological products is expected to increase over the forecast period since it is safer and sustainable, and can be used extensively as a substitute for chemical pesticides in applications such as Integrated Pest Management (IPM). Moreover, biological pesticides are economical due to their renewable and biodegradable properties, which makes them ideal for application in organic farming.

Increasing number of product approvals from environment agencies such as the Environmental Protection Agency (EPA) are expected to boost growth of the market further. Owing to the fewer risks posed by biological pesticides compared to conventional, chemical pesticides, getting approvals is generally a quicker, easier process, which is likely to make biopesticides a more preferred choice in the agricultural community. Furthermore, growing demand for sustainable alternatives to synthetic substances, as well as inclination towards adopting natural product-based strategies in food production are projected to benefit the market growth over the next few years. Increasing research on pesticides of plant origin is likely to benefit the growth of the biological pesticides market over the forecast period.

It is worth noting, however, that the mode of administration for biopesticides is quite specific. As a result, unlike conventional pesticides, applying biopesticides requires a fair amount of user knowledge to achieve efficiency, such as application time, application intervals, and field rates among others. Lack of sufficient knowledge with regards to application can lead to poorer yield or higher production cost, which, in turn, is expected to hamper the market growth to some degree.