In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
February 14, 2020: Koppert collaborated with the international non-profit organization CABI to launch an online free-to-use resource in Kenya that is created with the aim to help growers in reducing their reliance on chemical pesticides to produce healthier food.
The global virus based biopesticides market is estimated to garner a large revenue by growing at a CAGR of ~15% over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the increase in the area under organic cultivation, rising concerns associated with the impact of pesticides on biodiversity, and growing demand for organic food around the world. Organic food worth more than USD 96 billion was sold around the world in 2017, which grew up to a quantity amounting more than USD 105 billion in 2019. Along with these, people are becoming more conscious regarding the pesticide residue levels in food and several integrated pest management (IPM) practices, which in turn is also expected to drive market growth in the upcoming years. Furthermore, rising number of product launches and expansion strategies adopted by key market players are projected to offer ample growth opportunities to the market in the studied period.
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The market is segmented by application into grains & cereals, pulses & oilseeds, fruits & vegetables and others, out of which, the fruits & vegetables segment is anticipated to hold the largest share and witness the highest growth in the global virus based biopesticides market on account of the growing demand for high-value crops grown under organic farming and the rise in focus to meet the requirement of residue-free crops globally. Additionally, on the basis of virus type, the baculovirus segment is predicted to grab the largest share during the forecast period. Baculovirus is considered to be an effective biocontrol agent that does not leave any residue in the products, harm the health of applicator or pollute the environment, which is major factor boosting the production of these virus based biopesticides since the last few years.
On the basis of geographical analysis, the global virus based biopesticides market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in the North America region is estimated to occupy the largest share over the forecast period on the back of escalating awareness about high pesticide residue levels in crops and strong presence of market players. In addition, shift in the eating habits of consumers and growing emphasis on consumption of organic foods are also projected to boost the growth of the market in this region. According to the Food and Agriculture Organization of the United States, the organic food sales in the country in the year 2017 increased by 13 times since 1997, reaching a value of over USD 45 billion. Moreover, the market in Europe is also evaluated to occupy a significant market share, which can be credited to the increasing number of research and development activities associated with residue free crop produce and growing levels of health awareness in the region.
The global virus based biopesticides market is further classified on the basis of region as follows:
Our in-depth analysis of the global virus based biopesticides market includes the following segments:
By Virus Type
Ans: The major growth drivers for the market are increase in the area under organic cultivation and rising demand for organic food around the world.
Ans: The market is anticipated to attain a CAGR of ~15% over the forecast period, i.e., 2022 – 2030.
Ans: Low popularity of virus based biopesticides in under developed nations is estimated to hamper the market growth.
Ans: North America will provide more opportunities for market growth in the region owing to the escalating awareness about high pesticide residue levels in crops.
Ans: The major players in the market are Certis USA LLC, Valent Biosciences Corporation, Koppert Biological Systems, Bayer CropScience AG, and others.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by type, virus type, application, and by region.
Ans: The fruits & vegetables segment is anticipated to hold largest market size and is estimated to grow at a notable CAGR over the forecast period and display significant growth opportunities.