Bio-pesticides Market was valued US$ XX Bn in 2018 and is expected to reach US$ XX Bn by 2027, at CAGR of XX% during forecast period of 2019 to 2027.
Bio pesticides are derived from microorganisms such as bacteria, fungi, and virus, or from natural materials such as plants. There are three classes of bio pesticides such as biochemical, microbial, and plant-incorporated-protectants.
The report study has analyzed revenue impact of covid-19 pandemic on the sales revenue of market leaders, market followers and disrupters in the report and same is reflected in our analysis.
Bio-pesticides Market Drivers and Restrains
Bio pesticides are gaining popularity due to negative impact of synthetic pesticides on environmental. Regulatory pressures are one of the single drivers for bio pesticide market development. The high costs associated with developing synthetic crop protection (US$XXX million/four years), for biopestiside (US$10 million/four years) are another driver for bio pesticide market. Cost effective and development process in bio pesticide production is more attractive to start-ups and small companies with limited research finances.
Major global factors that have positive impact on Bio-pesticides Market, including shifts in regulations and increasing development of resistance in pest organisms. The ban on neonicotinoid pesticide use in Europe. It is projected that bio pesticides will equalize with synthetics, in terms of market size, by 2030 but major uncertainties in the rates of application, especially in areas like Africa and Southeast Asia, account for XX % of market share during the forecast period.