Global Microbial Pesticides Market - Segmented by Ingredient, Product, Application, and Geography - Growth, Trends and Forecasts (2018 - 2023)
The pesticides industry has been witnessing a relatively steady growth across the globe, primarily due to the advancements in the microbial pesticides industry. While the prevalence of chemical or synthetic pesticides in crop protection, human, animal and environmental health concerns would play key roles in driving the growth of the microbial pesticides industry. Several countries are adopting a stringent approach concerning the amount of imports, with a special focus on regulating the quantity of pesticide residues. As a result, the demand for regulating food safety and quality is increasing.
Favorable government policies and adoption of new farming practices, among others are driving the market
One of the major factors driving the market are the favorable government policies. There has been heavy regulation on the use of pesticides, due to health hazards. In the year May 2017, Monsanto paused the commercialization of NemaStrike™ Technology, due to skin irritation and rashes after use. However, in an association with the Danish company, Novozymes, Monsanto reached an agreement worth USD 300 million, and BioAg Alliance was formed in the year 2013, which focused toward research activities from both companies for the production and marketing of microbial biopesticides. In the year 2017, Monsanto plans to add microbial seed treatment, called Acceleron B-300 SAT, to all its corn hybrids.
Factors, such as the growing demand for organic products, adoption of new and modern farming techniques, favor the market growth. High growth rate is expected in countries, like China and India, as the government is now curbing the use of hazardous synthetic pesticides.
U.S. to Dominate the Global Microbial Pesticides Market
U.S. account for the largest microbial pesticides market by value, globally. Increasing acreage under grains, cereals and oilseeds play a major role in pushing up volume consumption of microbial pesticides in the United States. Although the consumption of microbial pesticides for grains & cereals is the largest (in size) in the country’s crop-based applications, the growth for oilseed applications is likely to be the fastest (in growth rate), due to the growing demand for its products.
Key Developments in the market