Plant Enhancement & Bio controls Market to Grow at a CAGR of 5.3% During the Forecast Period 2022-2027

Plant Enhancement & Bio controls Market to Grow at a CAGR of 5.3% During the Forecast Period 2022-2027
Plant Enhancement & Bio controls Market
Increase in Demand for Organic Products is Projected to Drive Plant Enhancement & Bio controls Market Growth.

Plant Enhancement & Bio Controls Market Overview

The Plant Enhancement & Bio Controls market size is estimated to reach $7.1 billion by 2027, growing at a CAGR of 5.3% during the forecast period 2022-2027. Plant Enhancement agents are chemicals that are used to improve plant growth such as increasing branching, limiting shoot growth, and improving return bloom. Meanwhile, biocontrol agents or antagonists are used to control and eradicate various pests such as insects, mites, weeds, and plant pathogens by relying on natural mechanisms like predation and parasitism. Moreover, the biocontrol systems also form an essential component of Integrated Pest Management (IPM) programs. The rapid rise in popularity of organic food products in developed countries is driving the market during the forecast period. However, the lack of awareness of plant enhancement and biocontrol in developing regions is anticipated to challenge growth.

Plant Enhancement & Bio Controls Market Segment Analysis – By Product Type

Based on Product Type, the Plant Enhancement & Bio Controls Market is segmented into Plant Enhancement Type and BioControl Type. The Plant Enhancement Type segment is anticipated to have the largest share of the market in 2021 and is poised to dominate the market during the forecast period 2022-2027. This segment can be further divided into Plant Growth Regulators (PGR) and Bio Stimulant Active Ingredient. The segment’s rapid growth is attributed to its ability to modify and enhance plant growth. The use of plant enhancement products will help farmers improve crop yield and productivity without the need for extensive synthetic fertilizer use. Moreover, PRGs are being increasingly used by greenhouse and nursery owners to reduce costs and increase production. The Bio Controls segment is projected to grow the fastest at a CAGR of 5.9% owing to the global surge in the number of pesticide-resistant pests.

Plant Enhancement & Bio Controls Market Segment Analysis – By Crop Type

The Plant Enhancement & Bio Controls Market based on Crop Type can be further segmented into Row Crops, Fruits & Vegetables, Turf & Ornamentals, and Others. The Row Crops segment accounted for the largest share of the market in 2021 owing to the high volume of row crop cultivation globally. For instance, according to the US Department of Agriculture (USDA), the global maize harvest was estimated to be around 1,108 million tons, despite the difficulties faced owing to the Covid-19 pandemic. Plant hormones such as auxins are used by row crop farmers to boost root growth as well as to eliminate unwanted weed growth. The Turf & Ornamentals segment is anticipated to witness significant growth at a CAGR of 6.1% during the forecast period owing to the rising usage of Plant Enhancement & BioControl products for household plants.

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Plant Enhancement & Bio Controls Market Segment Analysis – By Geography

The Plant Enhancement & Bio Controls Market based on Geography can be segmented into North America, Europe, Asia-Pacific, South America, and the Rest of the World. The North American segment is projected to dominate the Plant Enhancement & Bio Controls market during the forecast period 2022-2027 with a market share of 33% owing to the abundance of arable farmlands in the region. Besides, the high awareness regarding advanced and sustainable farming techniques is another major factor contributing to the segment’s growth. In addition, the increasing consumer demand for organic food products in the US and Canada is raising the demand for Plant Enhancement & Bio Controls as they can help limit the use of pesticides and fertilizers. The Asia Pacific region is predicted to register the fastest growth owing to the increasing adoption of sustainable farming methods in key emerging economies of the region.

Plant Enhancement & Bio Controls Market Drivers

Increase in Demand for Organic Products is Projected to Drive Market Growth

According to a survey by the US Organic Trade Association in 2020, the sale of organic foods in the country reached around $50.1 billion, a 4.6% rise from the previous year. The rapid growth is attributed to the increasing health consciousness levels and growing awareness regarding the adverse effects of using synthetic pesticides in food products. The sale of organic foods surged by 50% during the early pandemic period and product sales were up by about 20% during the spring season. This growing demand for organic foods is leading to a rise in the use of Plant Enhancement & Bio Controls by farmers to increase yield, eliminate pests and limit synthetic pesticide use.

The rise in Pesticide Resistant Pests is Anticipated to Boost Product Demand

The increasing prevalence of pesticide-resistant pests is driving the need for Biocontrols during the forecast period. Widespread and repeated use of the same class of pesticides has led to many pests developing resistance to such products. This is making it more difficult for farmers to control pests, leading to decreased crop output. There are at least 500 species of insects, mites, and spiders that have developed some form of pesticide resistance. The economic loss suffered by the US agricultural industry owing to drug-resistant pests is estimated to be around $1.5 billion every year. Moreover, the use of pesticides leads to around $1.1 billion in damages for the public health of the country.

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Plant Enhancement & Bio Controls Market Challenges

The Various Adverse Effects are Anticipated to Hamper Market Growth

The adverse effects associated with the use of Plant Enhancement & Bio Controls are anticipated to restrict the market growth during the forecast period. For instance, biocontrols can also attack nontarget species found in the environment, leading to a decrease in their population. This can have a negative impact on the biodiversity of that region. Moreover, the use of biocontrols for eliminating pests can be less effective than pesticides as biocontrols cannot completely remove the target pest population. This is challenging the adoption of such products by farmers owing to the higher effectiveness of pesticides.

Lack of Regulations Regarding Pesticide and Fertilizer Use is Projected to Limit Growth Opportunities

The lack of stringent regulations regarding the use of fertilizers, insecticides, and pesticides in developing countries is a major challenge for the Plant Enhancement & Bio Controls market. The widespread use of cheap chemical fertilizers limits the adoption of organic and sustainable farming methods in these regions, thereby limiting product demand. For instance, the EU and the UK have banned around 175 different pesticide ingredients while Switzerland has banned 140. However, the list of banned ingredients is significantly lower for developing countries as major emerging economies like India, China, and Indonesia have only banned 55, 51, and 61 pesticide ingredients, respectively.

Plant Enhancement & Bio Controls Industry Outlook:

Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Plant Enhancement & Bio Controls Market. The top 10 companies of the industry encompass

1. Agrinos Inc.

2. BASF SE

3. Novozymes A/S

4. Taminco Corp.

5. Bayer AG

6. Arysta Lifescience Corporation

7. Valagro Spa

8. Koppert B.V.

9. Biostadt India Limited

10. Monsanto Company

Partnerships/Product Launches:

In February 2021, FMC Corporation entered into a strategic collaboration with Novozymes to research, co-develop and commercialize biological enzyme-based crop protection solutions for growers around the world. The partnership will be focused on enzyme-based biocontrol technology for the global fungicide and insecticide markets under a multi-year global agreement.

In August 2020, Marrone Bio Innovations and Vive Crop Protection announced an agreement that will provide a suite of products for US growers. The first product to come from this joint effort will be AZterknot FC, a fungicide for broad crop use marketed by Vive Crop Protection.

In July 2019, BASF announced that they received registration from the Australian Pest and Veterinary Medicine Association for its new biological insecticide called the Velifer. Velifer is the first biological insecticide of its kind to become available in Australia. It works by releasing the spores of a beneficial fungus onto the plant surface.

Key Takeaways

Geographically, the North American Plant Enhancement & Bio Controls market accounted for the largest share in 2021 owing to the rise in the use of sustainable farming methods in the region.

An increase in regulations regarding chemical pesticides is predicted to drive the market during the forecast period. However, a major drawback associated with the use of Plant Enhancement & Bio Controls is challenging market growth.

Detailed analysis on the Strength, Weaknesses, and Opportunities of the prominent players operating in the market will be provided in the Plant Enhancement & Bio Controls Market Report.

Relevant Links:

Plant Growth Regulators Market

https://www.industryarc.com/Report/242/global-plant-growth-regulators-market-analysis-report.html

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