Market Challenges And Opportunities

Market Dynamics

Considerable pressure on farmers to reduce or eliminate the use of pesticides in crop production systems, owing to the effects of pesticide residues on human health and on the environment is a major factor boosting growth of the market. Moreover, several government organizations are focused on development of ‘safer pesticides’ such as the Environmental Protection Agency (EPA). The current EPA policy is to facilitate the testing and registration of pesticides which have ‘reduced risks’. Such initiatives may have significant Impact on market size over the forecast period.

However, biopesticides have high specificity, which means that certain biopesticides may only be effective on certain pests. This in turn may require use of multiple products, which may not be commercially viable. Moreover, biopesticides are often slow in action against pest, which may not be appropriate in case of a pest outbreak on a crop. The possibility of a target pest/disease developing resistance or tolerance is low can also adversely affect the market size. However, adoption of an anti-resistance strategy may help in mitigating the issue.

Development of more active strains can increase the performance and acceptance of commercial products and broadened their use against other insect pests. Biological control is the most vital substitute to chemical pesticides to protect crops from pests, pathogens, and weeds. Therefore, key players in the market should focus on adoption of new genetic-engineering technology that promotes biological control in order to enhance their market share. Genetic engineering can be used for biological pest control by enhancing the properties of the biological control agents or by engineering crop plants to be resistant to pests.

Market Challenges

Restraints