The India biopesticides market size was USD 64.73 million in 2021. The market is expected to grow from USD 69.62 million in 2022 to USD 130.37 million by 2029, exhibiting a CAGR of 9.38% during the forecast period. Consumers’ rising demand for organic and biological products and the rising focus on crop protection may boost industry growth. Fortune Business Insights™ presents this information in its report titled “India Biopesticides Market, 2022-2029.”
Biopesticides are derived from natural materials such as minerals, plants, and animals. They are highly organic and boost crop quality. The rising demand for organic and biological products from consumers is expected to boost the product adoption. Furthermore, the rising demand for organic foods and the increasing consumption of healthy foods may foster the adoption of pesticides. Additionally, the rising focus on crop protection may boost the India biopesticides market share in the coming years.
Supply Chain Disruptions to Hinder Market Progress
This market is expected to be affected during the COVID-19 pandemic due to disruptions in the supply chain. The alarming surge in COVID-19 cases led to restrictions on manufacturing and transportation, thereby creating severe supply chain disruptions and delivery delays. Further, stock shortages may hinder sales and impede the industry progress. However, manufacturers adopt reduced capacities, automated production techniques, part-time shifts, and advanced sanitization to avoid virus spread and balance costs. This factor may boost market progress during the pandemic.
Type, Source, Mode of Application, and Crop Type are Studied
By type, the market is segmented into bioinsecticides, biofungicides, bionemicides, and others. As per source, it is bifurcated into microbial and biochemical. Based on mode of application, it is categorized into foliar application, seed treatment, and soil treatment. On the basis of crop type, it is divided into fruits & vegetables, oilseeds, cereals, and others.
List of Key Players Profiled in the Report
- Stanes & Company Limited (Coimbatore)
- Coromandel International (Hyderabad)
- Tagros Chemicals India Ltd. (Chennai)
- Ajay Bio-tech (India) Ltd. (Pune)
- Som Phytopharma (India) Limited (Hyderabad)
- International Panaacea Limited (Gurgaon)
- Biotech International Limited (Delhi)
- Sumitomo International Co. Ltd. (Delhi)
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market’s key players.
Drivers and Restraints
Strong Demand for Eco-Friendly Alternatives to Chemical Pesticides to Boost Market Growth
The strong demand for the product from Indian farmers is attributable to the rising awareness regarding biopesticides’ benefits. Rising concerns regarding standard pesticides’ harmful effects and chemical residues may fuel the adoption of the product. Further, rising government investments for increasing the adoption of the product are expected to boost the market development. Moreover, manufacturers collaborate with governments and academic institutions to create innovative biopesticide products. This collaboration may enable the companies to boost their sales and improve their market reach. These factors may propel the India biopesticides market growth.
However, the high costs of biopesticides and lack of knowledge among farmers may hinder the market growth.
Major Players Enter Collaborations to Improve Resources and Reinforce Brand Presence
Prominent companies operating in the market enter into collaborations to improve their resources and improve brand presence. For example, BASF SE declared its collaboration with Delair for scaling its crop protection, traits, and seeds projects’ research and development in March 2020. This development may help the company boost resources, improve product offerings, and reinforce its brand presence globally. Furthermore, companies adopt research and development, expansions, acquisitions, novel product launches, and automated production machinery to boost their market position.
- March 2021: Pluton Biosciences entered into an agreement with Bayer AG, a worldwide life sciences organization, to investigate and develop a natural microbe-based solution for farmers.