Global biorationals market size is anticipated to reach USD 2.75 billion by 2024. The Biorationals, also known as “Biopesticides” or “Organic Pesticides”, are plant-related products and natural pesticides. They are insecticides mainly catering to agriculture, forestry, public health, aquaculture, turf, and garden and home for pest control.
The factors that propel the growth of the biorational market include high demand for bio-based products as a substitute to synthetic pesticides, growing adoption of innovative pest management, increasing concern toward food safety with the help of supportable strategies, developing farming technology & practices, and advancement by government administrations.
On the other hand, there are factors that may hamper the growth of the market including restricted product obtainability and low shelf life of biorationals. Biorational industry is anticipated to expand at a significant CAGR in the upcoming period as the scope, product types, and its applications are increasing across the globe.
Biorationals market could be explored by product type, crop, application, and geography. The market could be explored by product type as Semi chemicals, Botanicals, and Others. The “Semi chemicals” segment led the biorationals industry in 2017 and is anticipated to maintain its dominance by 2024.
Based on crop, the biorational market could span Fruits & Vegetables, Cereals & Grains, and Others (Cash Crops and Plantation). The “Fruits & Vegetables” segment led the market of biorationals in 2017 and is anticipated to maintain its dominance by 2024. The key applications that could be explored in the biorationals industry include Agriculture, Forestry, Aquaculture, Public Health and Others (Structural Pest Control and Turf).
Europe accounted for the major market share of the biorationals in 2017 and will continue to lead in the forecast period. The factors that could be attributed to the growth include increasing food safety concerns among the consumers, increasing the market for processed food. Europe is followed by APEJ owing to increasing occurrences of pesticides pollution in the soil, air, and water bodies. In addition, the Asia-Pacific region is expected to be the highest developing region in the market owing to the growing demand and export of organic vegetable and fruits and predictable to grow in the upcoming years of 2014-2024.
Some of the key players that fuel the growth of the biorational industry comprise Argillan Ltd., Suterra, LLC, Russell IPM Ltd., McLaughlin Gormley King, Rentokil Initial Plc, BASF SE. Bayer AG, Koppert BV, Isagro Spa, Inora, Summit Chemical and Gowan Company, LLC. The leading companies are taking up partnerships, mergers and acquisitions, and joint ventures in order to boost the inorganic growth of the industry.