UPL Limited (India), FMC Corporation (US) and BASF SE (Germany) are the Key Players in the Biopesticides Market
The global biopesticides market is estimated to be valued at USD 5.5 billion in 2022. It is projected to reach USD 11.3 billion by 2027, recording a CAGR of 15.6% during the forecast period. Agricultural pesticides are crucial for pest management in the fields. Chemical-based pesticides are currently dominating the market. However, due to rise in incidences of insect infestation, pest resistance, rise in consumer awareness and subsequently in organic food demand, along with strict environmental regulations are pushing the demand for biopesticides which are relatively safer and have quick development procedures than conventional pesticides. Biopesticides are broadly categorized into bioinsecticides, biofungicides, bionematicides and bioherbicides. Bioinsecticides and biofngicides are the most popular categories. They are developed through natural sources such as microbials, biochemicals and beneficial insects.
Key players in this market include BASF SE (Germany), Bayer AG (Germany), Syngenta AG (Switzerland), UPL Limited (India), and FMC Corporation (US)
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UPL Limited has a global presence in more than 130 countries and revenue of around USD 5.2 billion, It is a leading global player and one of the top five agricultural solutions companies in the world, offering an integrated portfolio of both patented and post-patented agricultural solutions for arable and specialty crops. The company is the largest producer of crop protection products across India. The crop protection solutions are offered through its extensive product portfolio of herbicides, fungicides, and insecticides. It also provides specialty applications for niche and specialty crops; products for underserved pests; alternative application methods such as seed and soil-applied technologies; and bio-based products. In 2021, the company launched a new business unit, named NPP-Natural Plant Protection, to enhance its biosolutions capacity. The biopesticides will now be manufactured under the NPP business segment.
FMC Corporation is one of the leading agrochemical companies, which provides innovative solutions to growers around the world. Its plant health business segment represents a diverse group of plant protection products derived from microorganisms and other naturally occurring materials, which have grown significantly over the years. The company’s European Innovation Centre has been working on R&D activities focused on producing new bioinsecticides, bionematicides, biofungicides, and biostimulants. The company has several commercial launches to be introduced to the market. In 2021, FMC Corporation entered a strategic collaboration with Novozymes to co-develop and commercialize biological enzyme-based crop protection solutions targeting fungal and insect pests. The companies would combine their respective R&D facilities with FMC and Novozymes serving as commercial and manufacturing partners.
BASF SE is a key chemical manufacturer and marketer in the world. Its agricultural solutions business segment delivers biological solutions. This biological solutions segment includes biopesticides (biofungicides and bioinsecticides), inoculants, biostimulants, and pheromones, designed to be a part of IPM programs for both greenhouse and open field growers. BASF SE has been aggressive in its research on biologicals to embrace new techniques and tools to add more innovative products to its pipeline. This is also evident in its recent development. In March 2021, BASF and AgBiome signed an agreement to bring Howler, a new biofungicide, into the European market and key countries of the Middle East and Africa. The agreement would benefit AgBiome in developing its new biofungicide in Europe and certain adjacent markets in the Middle East and Africa. It will also help BASF SE expand its BioSolutions portfolio offered by its Agricultural Solutions division.
Related Reports:
Biopesticides Market by Type (Bioinsecticides, Biofungicides, Bionematicides, and Bioherbicides), Source (Microbials, Biochemicals, and Beneficial Insects), Mode of Application, Formulation (Dry, Liquid), Crop Type and Region - Global Forecast to 2027
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