A study on global population trends, conducted by the UN, estimates the population to reach 8 billion in 2024 and 9 billion by 2050. The UN has also estimated that the global food production will double or increase by 60% to feed the growing population. Losses occurred through crop infestation is the major issue raised across the globe. Pesticides hinder the growth of pests and play a crucial role in mitigating the gap between the global demand for food and its supply by improving yields and preventing crop losses. Although the global pesticides market is dominated by the synthetic products, biopesticides show potential market growth with a CAGR of 16% from 2017 to 2022. In 2016, biopesticides held 5% of the global pesticides market; this segment projected to reach more than 7% by 2022.
As per MarketsandMarkets, the recorded sale of pesticides in the European region was valued at ~USD 12.5 billion in 2016. Biopesticides have emerged as a lucrative replacement for synthetic pesticides in Europe due to increasing regulations on chemical use and chemical residue limit. The ban on use of glyphosate, neonicotinoids, and paraquat inclines the growth of the European biopesticides industry. Europe is the second largest market for biopesticides utilization and registered around 25% of the total market in 2016. The European biopesticides market was valued at USD ~1.0 billion in 2016 and is projected to grow at a CAGR of ~16% from 2017 to 2022; here, Spain is the major market followed by Italy and France.
taly held around 25% of the total European biopesticides market in 2016. Vegetables, corn, wheat, and rice are important crops for the Italian biopesticides seed treatment market. Government regulations have been the major obstacles in the growth of the crop protection chemicals market in Italy. One of the popular chemical active ingredients, Imidacloprid, is banned in Italy. Hence, phasing out of toxic elements is expected to push the Italian biopesticides market.
Integrated pest management (IPM) strategies employ a combination of synthetic and biological crop protection products. The R&D process for a novel synthetic pesticide typically involves $250 million and around nine years. At the other hand, biopesticides require $10 million and a time frame of four years. Thus, the exceedingly high costs associated with developing synthetic crop protection chemicals is another factor for the growth of this market.
