Bio-rational products are generally derived from natural sources such as plant extracts, insects etc. These products are widely used in various applications, primarily in pest control, agriculture, aquaculture, and in house & gardens.
Increasing promotional activities by government organizations in developed and developing countries for use of bio-rational pesticides coupled with developments in advanced bio-rational pesticides are major factors boosting growth of the global bio-rational pesticides market. Also, increasing incidence of crop damages due to pests and damage to soil due to use of chemical pesticides are other factors boosting adoption of bio-rational pesticides and in turn fueling growth of the global market over the forecast period. But, high costs of certain advanced bio-rational pesticides and low shelf life are major factors hampering growth of the global market.
A major trend being witnessed in the global market is increasing use of bio-rational pesticides by farmers in developed economies. This is another factor anticipated to boost growth of the target market over the forecast period.
The global bio-rational pesticides market report has been segmented on the basis of type, mode of application, formulation, and region. On the basis of region, the global bio-rational pesticides market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
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The market in North America accounted for highest share in terms of revenue in the global market and is projected to maintain its dominance over the forecast period. This can be attributed to increasing adoption of bio-rational pesticides and growing awareness about the same in countries in the region. Revenue from the market in Europe is estimated to account for second-highest share in the global market, followed by markets in other regions. The Asia Pacific market is projected to witness significant growth over the forecast period, and is expected to register a CAGR of X.X%. This is attributed to increasing initiatives by governments in emerging economies for use of bio-rational pesticides in farming and growing demand for organic foods in the region.
Prominent players in the global bio-rational pesticides market include Bayer AG, Syngenta AG, Monsanto Bioag, BASF SE, Dow Chemical Company, Valent BioSciences Corporation, Isagro SPA, Koppert B.V., Marrone Bio Innovations, Russell IPM, and Gowan Company, LLC.