Wellesley, Mass, Feb. 13, 2017 (GLOBE NEWSWIRE) -- Growing environmental awareness, potential pollution and health hazards associated with some conventional pesticides, and increasing global demand for organically grown food are driving solid growth in the global market for biopesticides. BCC Research reveals in its new report that the popularity of biopesticides continues to substantially increase, as extensive research enhances their effectiveness and appeal.
The global market for biopesticides and synthetic pesticides should reach $60.2 billion and $78.7 billion in 2016 and 2021, respectively, growing at a five-year compound annual growth rate (CAGR) of 5.5%. The global market for synthetic pesticides should total $71.0 billion in 2021, up from $56.2 billion in 2016, demonstrating a five-year CAGR of 4.8%. The global biopesticides market should grow from nearly $4.0 billion in 2016 to $7.7 billion in 2021, at a five-year CAGR of 14.1%.
More research centers around the world are undertaking research to improve techniques for the augmentation and application of biopesticides in order to enhance their commercial feasibility, which is spurring interest in biopesticides. The biopesticides market is in strong growth mode in the overall pesticide market. In 2015, biopesticide sales totaled an estimated 5% of the total market.
In the Americas, growth should occur primarily in Central and South American countries, particularly Brazil and Argentina, while growth in the EMRA (Europe, Middle East, Russia and Africa ) area is expected in the Eastern European region instead of the EU. With the banning of many synthetic pesticides, the EU region, coupled with the Eastern European region and Russia, should expand at a five-year CAGR of 17.4%. China and India are the driving growth the Asian region, and Australia is a major driver in the Oceania region, with mainly rangeland usage.
"The global synthetic pesticide market in 2015 was valued at nearly $55.0 billion, declining about 1% from 2014 in terms of constant U.S. dollars (2015)," says BCC Research analyst Jason Chen. "The global synthetic pesticide market is a mix of strong performing segments such as herbicides, fungicides, and less-than-optimally performing segments like insecticides. Major manufacturers don't expect the insecticide market to rebound, and any increases in insecticide sales are projected to occur in developing regions, most notably Brazil and other Central and South American countries."
Global Markets for Biopesticides (CHM029F) analyzes the global supply and demand scenario segmented by applications, types and regions in the biopesticides and synthetic pesticides industry. Global market drivers and trends, with data from 2015, estimates for 2016, and projections of CAGRs through 2021 also are provided.
About BCC Research
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