Bioinsecticides Market Growth & Trends
The global bioinsecticides market is expected to reach USD 208.46 million by 2030, and is anticipated to grow at a CAGR of 11.0% from 2023 to 2030 as per the new report by Grand View Research, Inc. The growth is majorly driven by increasing demand for safer food along with growing concerns about the harmful and toxic effects of conventional insecticide.
The bio based insecticides are made up of two major sources that is microbes and plants. The microbial insecticides mostly consist of bacteria, fungus, nematode, virus and protozoan.Bacillus thuringiensis (Bt) bacteria is the most commonly used bioinsecticide as Bt is an effective, eco-friendly and sustainable way of controlling pests, and it has been used in organic farming for many years.
The plant based product includes the Plant Incorporated Protectants (PIPs) which is a genetic substance incorporated in the plants. In this process the Bt pesticidal protein gene is inserted into the genetic material of the plant, as a result the plant manufactures the substance which destroys the insects.
The governing organizations like EPA (United States Environmental Protection Agency) promotes and encourages the development of bio based insecticides. As, the product pose very little or negligible risk as compared to conventional bioinsecticides. Moreover, EPA requires less data to register as bioinsecticides as comparted to same conventional product which on an average takes three years for the registration process.
Bioinsecticide market players have been adopting strategies like product launches in order to enhancing the product portfolio. For instance, in February 2023, Vestaron, a leading company in the production of peptide-based bioinsecticides, introduced a new product in its Spear series called Spear® RC. This revolutionary insecticide specifically targets lepidopteran pests like cotton bollworm, soybean looper, and armyworm in crops like cotton, soybean, and rice.
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Report Attribute Details Market size value in 2023 — USD 97.15 million Revenue forecast in 2030 — USD 208.46 million Growth Rate — CAGR of 11.0% from 2023 to 2030 Base year for estimation — 2022 Historical data — 2018–2021 Forecast period — 2023–2030
Bioinsecticides Market Report Highlights
Microbial is the largest source segment accounting for a revenue share of 54.24% in 2022 and is projected to grow at a highest growth rate of 11.3% from 2023 to 2030 owing to its broader range of target pests and generally higher effectiveness
One of the most commonly used microbial insecticides is Bacillus thuringiensis (Bt), a bacterium that produces a protein that is toxic to insects, including caterpillars and mosquitoes.
Cereals & Grains application segment of isopropyl alcohol is anticipated to grow at a CAGR of 11.3% from 2023 to 2030 by revenue owing to rising increasing consumption of cereals & grains, such as rice, barley, corn, oats, wheat and sorghum due to their nutritional benefits.
North America dominated the regional product market with a revenue share of 36.59% in 2022 due to increasing demand for sustainable and eco-friendly pest management solutions in the region.
The major industry participants of are BASF SE, Bayer AG, Certis USA L.L.C. & Syngenta.
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