The faster period for development and fewer regulatory obstacles, along with the increased need to minimize environmental impact boosts the microbial pesticide market growth. Microbes have stormed the conventional agriculture market. Read along to get interesting insights!!!
Microbial pesticides are derived from microorganisms, like bacteria, virus, or fungi, used to control other biological pests, e.g., insects. Compared to other commonly used pesticides, they are safe for both users and consumers of treated crops. These are also known as biological pathogens and bio-control agents. Industry leaders are shifting toward strategies, such as mergers and acquisitions, along with collaborations, to explore the microbial technologies that can be used in the field of agriculture, as microbes have now successfully joined the war against crop killers.
How are Microbial Pesticides changing the crop protection market dynamics?
A coin has two sides, so does the use of Microbial Pesticides:
The disadvantages or limitations do not hamper the successful application of microbial pesticides. A better understanding will help users choose effective products, and take necessary steps to achieve successful results.
Microbial Pesticide Market – A growing need for sustainable agriculture.
A report by Mordor Intelligence, a market research firm, estimates a double digit growth rate for the global microbial pesticides market, with a CAGR of 12.51% in the forecast period (2017-2022)
North America is the largest market for microbial pesticides. However,the increasing demand in the developing markets, such as Asia-Pacific and Latin America, is expected to provide further growth opportunity, and the growing potential of microbial pesticide. In the European Union, the systematic review of chemical pesticides that thinned approved products list from about 1,000 to 300, effectively instigated research into alternative products with new modes of action. The potential for microbial pesticides is expected to have a significant impact on the industry, going forward.
Of the total microbial crop protection products, bacterial-based products occupy the largest share of 60%, followed by fungi, virus, and others. To date, only a small percentage of species have been considered for microbial usage. Many potential microbes remain undiscovered.The global microbial crop protection scenario suggests that almost 322 Bt-based products occupy more than 53% of the market, while almost 50% of these products are consumed in America, particularly in the United States and Canada.
Future of the Market: Increasing health consciousness among people has created a demand for organic food. This indicates huge scope for growth of the bio-pesticides market. The stress on organic farming and on residue free commodities would certainly warrant increased adoption of microbial pesticides by farmers.