Biorationals Market Size, Share & Trends Analysis Report By Product (Botanical, Semiochemicals) By Crop (Fruits & Vegetables, Grains, Cereals, Corn), By Region, And Segment Forecasts, 2023 - 2030
New York, Jan. 06, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Biorationals Market Size, Share & Trends Analysis Report By Product By Crop, By Region And Segment Forecasts, 2023 - 2030" - https://www.reportlinker.com/p06377963/?utm_source=GNW
Biorationals Market Growth & Trends
The global biorationals market size is estimated to reach USD 1,875.4 million by 2030. The market is anticipated to expand at a CAGR of 9.32% from 2023 to 2030. The growth can be attributed to the growing need for biorationals in high-value crops and vegetable & fruit production
The Asia Pacific region was estimated to have the highest revenue share of more than 32% in 2022.This can be attributed to the growing high-value crop plantations in the region for purpose of trade and increasing organic farming practices and use of bio-pesticides & biorationals for the better quality of food products in the developed economies.
The use of biopesticides, biorationals, and non-chemicals prevents any residue of hazardous chemicals while using synthetic pesticides from reaching the grains and crops. Developed economies such as the U.S. and various countries of Europe, generally prefer residue-free and organic-based crops, fruits, and vegetables.
The agriculture industry in the Asia Pacific is expected to witness substantial growth in the coming years owing to the presence of fertile arable land and continuous demand from an increasing population in countries such as China, India, Vietnam, and Japan.The increased focus on increasing agricultural product output is also due to the increasing population within the region and the superior quality of the agricultural products demanded by the growing middle class within the region.
There is also an increasing demand for bio-based fungicides and insecticides biorationals activities, for higher crop yield and reducing soil-borne diseases. This can be attributed to the rising trend for organic fruits & vegetable consumption in the Asia Pacific region.
According to the Asian Development Banks, Asia Pacific produces 32% of the high-value crops of the total agricultural production.The rise in the production the sales of high-quality products can be attributed to the increasing purchasing power of consumers and the growing population in the Asia Pacific.
This factor is expected to contribute to the requirement for pesticides, insecticides, chemical, and non-chemical biorationals activities over the forecast period, thereby leading to the growth of the biorationals market.
North America is another key region contributing to the market growth due to the growing demand for high-value crop production in the region. It is estimated to reach over USD 4.8 billion by 2030, registering a CAGR of over 9% over the forecast period. The rising need for high-quality and quantity residue-free food is expected to positively influence the market, thus, driving the demand for biorationals in the region. Some top biopesticides and insecticide manufacturers in North America, such as Corteva Agriscience, American Vanguard Corporation, and FMC Corporation, produce pesticides in large quantities which is anticipated to excel the demand for biorationals in the region over the coming years.
The biorationals industry is competitive and fragmented with the presence of several regional and domestic players along with the presence of several major players such as Koppert B.V., Bayer, Isagro S.P.A, BASF, Gowan Company LLC, Summit Chemicals Companyand UPL Limited, These players have strong distribution networks worldwide in the market ecosystem.
Another major factor influencing the growth of the market is the increasing preference for biopesticides and non-chemicals as products in sea treatment activities by end users owing to the rising demand for high-value crops and fruits and vegetable products for consumption.Recently there is an increasing trend for using bio-based alternatives for increasing soil health and reducing soil-borne diseases in the market.
The growing global population and the ongoing urbanization and industrialization in emerging economies, coupled with the rising middle class in countries such as India, and China have led different countries across the world to promote superior agricultural practices this has led to the rising demand.
Biorationals Market Report Highlights
• The botanical segment dominated the overall market with a value of USD 946.2 million in 2022. These products are widely used for harmful insects and pest reduction in plant frames, leaves, and roots. The botanicals are used for overall plant health and plant structure prevention among others, which is expected to contribute to the growth of the industry
• Asia Pacific dominated the market in 2022 due to increasing demand for a superior quality of agricultural products in the region with high demand from food & beverages manufacturing companies
• Various companies within North America and the Asia Pacific come up with biobased and non-chemical alternatives to offer sustainable biorationals products for organic agricultural practices. This strategy is expected to attract more customers and investors who are seeking more green method solutions
• The spread of COVID-19 did not affect the growth of the industry due to the increasing consumption of fruits & vegetables
Read the full report: https://www.reportlinker.com/p06377963/?utm_source=GNW
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