The biorational pesticides market will reach a compound annual growth rate (CAGR) of 12.5% between 2017 and 2022.
With increasing demand for organic fruits and vegetables from consumers worldwide and government organizations increasingly promoting the adoption of environmentally friendly pesticides,
According to U.S.-based Save Foods, the biorational pesticide market, estimated at $2.78 billion in 2017, is expected to reach a value of $5.02 billion by 2022.
A biorational pesticide is a term used to define any pesticidal material that causes relatively no harm to humans or animals and does little or no harm to the environment.
Save Foods projects that the growing demand for healthy foods among the world’s population will drive market growth in the coming years.
Over the last decade, the organic market in Europe continued to grow and reached €40.7 billion in 2018 with 15.6 million hectares (including 2.2 million hectares in Spain, the largest organic area in Europe, followed by 2.0 million hectares in France and 2.0 million hectares in Italy), providing farmers with more added value in their production.
Biorational pesticides
Strong growth rates in both production and consumption indicate that the organic market has not yet reached its peak.
Already, organic farming is responding to other emerging consumer trends, such as veganism and the demand for locally produced food products, turning these challenges into opportunities.
At the same time, analysts have forecast that the organic fresh food market will reach a CAGR of almost 15% by 2023.
The market size will increase by $62.23 billion during the forecast period from 2019 to 2023.
In addition, stringent regulations have been imposed on the use of pesticides and crops produced by genetically modified organisms across the globe.
This, in turn, has influenced consumer demand for organic fruits and vegetables.
The U.S. Food and Drug Administration‘s Food Safety Modernization Act is transforming the U.S. food safety system by shifting the focus from responding to foodborne illness to preventing it.
According to recent data from the Centers for Disease Control and Prevention, approximately 48 million people in the United States become ill each year from foodborne illnesses.
Among the leading companies in the global biorational pesticide market are Valent Biosciences, Bayer, Monsanto BioAg, BASF, DowDuPont and Syngenta.
