“Global Beauveria Bassiana Market to reach a market value of USD 152.7 Million by 2031 growing at a CAGR of 8.1%”
The Global Beauveria Bassiana Market size is expected to reach $152.7 million by 2031, rising at a market growth of 8.1% CAGR during the forecast period.
The Asia Pacific region has a significant agricultural sector, with extensive cultivation of various crops. As agriculture continues to expand, the need for effective pest management solutions, like this fungus, increases to protect crops and ensure high yields. The region faces numerous pest challenges, including both native and invasive species. Consequently, the Asia Pacific region would acquire nearly 28% of the total market share by 2031.
Beauveria bassiana is a natural fungal pathogen that is a biological control agent, making it compatible with organic farming practices. In addition, consumers are increasingly conscious of their food choices' environmental and health impacts. Thus, increasing demand for organic and sustainable agricultural products drives the market's growth.
Additionally, Regulatory agencies play a crucial role in approving and registering biopesticides like this fungus. Some governments provide incentives, subsidies, or financial support for the development and use of biopesticides. Thus, regulatory support for biopesticides is driving the growth of the market.
However, Cultivating and processing this fungus can involve complex and costly procedures, including the need for specialized equipment and controlled environments. Furthermore, many producers of this fungus are smaller companies or niche players. This limits their ability to achieve economies of scale, which can result in higher per-unit production costs compared to larger manufacturers of chemical pesticides. In conclusion, high production costs and price competitiveness are hindering the growth of the market.
By distribution channel, the market is divided into indirect sales and direct sales. The direct sales segment procured 37% revenue share in the market in 2023. Direct sales allow manufacturers to establish and maintain closer relationships with their customers. This direct interaction facilitates a better understanding of customer needs, preferences, and feedback, improving product offerings and customer satisfaction.
On the basis of application, the market is segmented into agriculture, forestry, and others. In 2023, the forestry segment attained 25% revenue share in the market. There is a growing emphasis on sustainable and environmentally friendly forestry practices. As a biopesticide, this fungus supports these practices by offering a natural alternative to chemical pesticides, thereby reducing environmental impact.
Based on type, the market is divided into liquid, powder, and others. The powder segment attained a 29% revenue share in the market in 2023. Powder formulations of this fungus often have a longer shelf life than liquid products. They are less prone to degradation over time, making them a more durable option for storage and use.
Free Valuable Insights: Global Beauveria Bassiana Market size to reach USD 152.7 Million by 2031
Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The North America region witnessed 37% revenue share in the market in 2023. North America, especially the United States and Canada, has highly developed and advanced agricultural practices. Farmers in this region are early adopters of innovative pest management solutions like this fungus to maintain high crop yields and quality.
| Report Attribute | Details |
|---|---|
| Market size value in 2023 | USD 83.1 Million |
| Market size forecast in 2031 | USD 152.7 Million |
| Base Year | 2023 |
| Historical Period | 2020 to 2022 |
| Forecast Period | 2024 to 2031 |
| Revenue Growth Rate | CAGR of 8.1% from 2024 to 2031 |
| Number of Pages | 222 |
| Number of Tables | 340 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Distribution Channel, Application, Type, Region |
| Country scope |
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| Companies Included | Filnova S.r.l., Tari- Biotech, ARBICO Organics, BASF SE, Agrigem Ltd., Novozymes A/S (Novo Holdings A/S), Certis USA LLC (Mitsui & Co., Ltd.), Andermatt Group AG, Fargro Limited and T.Stanes and Company Limited |
By Distribution Channel
By Application
By Type
By Geography
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