NEW YORK, Dec. 7, 2016 /PRNewswire/ -- The global biorationals market is expected to reach USD 2.75 billion by 2024, according to a new report by Grand View Research, Inc. Shifting consumer trend towards natural and organic crop stress management products has played a major role in promoting industry growth over the next eight years. Currently, biorational products are widely used in agriculture, structural pest control, forestry, public health, aquaculture, turf, and home and garden. Ecological pest control technologies enable maximization of quality crop yield and help the end-users achieve agricultural sustainability.
Favorable initiatives in Europe such as "Green Crop Protection" has urged biorational producers to invest in product innovation and develop eco-friendly solutions for their clientele in the agriculture industry.
Botanicals, plant-derived products such as rotenone, pyrethrum, sabadilla, and ryania accounted for over 40% of the total market revenue in 2015. Owing to its target-specific pest control characteristics it is considered under minimum risk pesticides type by the U.S. EPA, thereby resulting in increasing adoption among agricultural communities. However, factors such as high mammalian toxicity, short life, rapid break down, and non-target specific products are expected to exhibit negative impact on the segmental growth over the next few years.
Further key findings from the report suggest:
Semiochemicals dominated the global biorationals industry and are anticipated to witness high demand in Europe. Product demand in France is expected to exceed USD 75.0 million by 2024.
Fruits & vegetables emerged as the leading segment in 2015 and are expected to witness high growth in Asia Pacific. The segment is anticipated to grow at a CAGR of over 13% in India over the forecast period.
Stringent regulatory framework regarding pesticide residues in wheat, corn, and rice is anticipated to steer biorationals demand for cereals & grains.
North America emerged as the leading regional market in 2015. Ongoing investments for enhancing food security and yield rate in the U.S. have contributed to significant demand in the region. Product demand in the U.S. was valued over USD 300 million in 2015.
Europe is expected to emerge as the fastest growing regional segment, and its market size is anticipated to exceed USD 700 million by 2024. High growth in the region can be attributed to increasing agricultural land use across various countries such as Spain, Italy, France, and Turkey.
Key industry participants in the market include Suterra, LLC, Russell IPM Ltd., Agralan Ltd., Rentokil Initial Plc, McLaughlin Gormley King (MGK), Koppert BV, BASF SE. Bayer AG, Inora, Isagro Spa, Gowan Company, LLC, and Summit Chemical.
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