Beauveria bassiana market to reach $195.1 million, globally, by 2032 at 8.4% CAGR: Allied Market Research

Date:04-11-2024

Allied Market Research published a report, titled, "Beauveria Bassiana Market by Type (Liquid, Powder, and Others), Application (Agriculture, Forestry, and Others), and Distribution Channel (Indirect Sales and Direct Sales): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the "beauveria bassiana market" was valued at $89.2 million in 2022, and is estimated to reach $195.1 million by 2032, growing at a CAGR of 8.4% from 2023 to 2032.

Prime determinants of growth    

The growth of the beauveria bassiana market is primarily driven by increase in awareness about sustainable pest management practices. As the demand for eco-friendly alternatives to chemical pesticides rises, beauveria bassiana, a naturally occurring fungus with proven effectiveness against a wide range of pests, has gained traction globally. Moreover, stringent regulations regarding the use of chemical pesticides, along with growing concerns about their adverse effects on human health and the environment, further boost the adoption of beauveria bassiana. Furthermore, the versatility, safety profile, and efficacy in pest control across various agricultural and horticultural applications contribute significantly to the beauveria bassiana market expansion. 

The liquid segment to maintain its leadership status during the forecast period   

By type, the liquid segment held the highest market share in 2022, accounting for more than three-fifths of the global beauveria bassiana market revenue and is estimated to maintain its leadership status during the forecast period. The liquid segment has experienced growth owing to its ease of application and versatility in targeting pests across various agricultural settings compared to other formulations. Liquid formulations ensure uniform coverage and distribution, offering convenience for farmers. Ready-to-use liquid products simplify application, saving time and labor costs, contributing to their widespread acceptance and preference of this segment in the beauveria bassiana market. 

The agriculture segment to maintain its leadership status during the forecast period   

By application, the agriculture segment held the highest market share in 2022, accounting for more than three-fifths of the global beauveria bassiana market and is estimated to maintain its leadership status throughout the forecast period. Agriculture represents the largest consumer base for biopesticides such as beauveria bassiana. As farmers increasingly seek sustainable and eco-friendly alternatives to chemical pesticides, there has been rise in demand for biological control agents such as beauveria bassiana, which offer effective pest management while minimizing environmental impact. The shift in consumer preferences aligns with global trends toward sustainable agriculture practices, further driving the growth of the segment in beauveria bassiana market. 

The indirect sales channel segment to maintain its leadership status during the forecast period   

By distribution channel, the indirect sales channel segment held the highest market share in 2022, accounting for more than three-fifths of the global beauveria bassiana market and is estimated to maintain its leadership status during the forecast period. The indirect sales channel is the most preferred one owing to its extensive distribution networks and value-added services. Indirect channel, which includes distributors and retailers, leverage established connections to efficiently distribute beauveria bassiana products to diverse agricultural regions worldwide. Furthermore, these intermediaries offer crucial support services such as product promotion and technical assistance, which are essential in educating farmers and ensuring effective utilization of biopesticides. 

North America to maintain its dominance by 2032  

Region-wise, North America held the highest market share in terms of revenue in 2022 and is expected to dominate the market during the forecast period. In recent years, the adoption of beauveria bassiana has surged in North America, propelled by the region's strong focus on sustainable agriculture, stringent regulations governing chemical pesticide usage, and escalating consumer preference for organic produce. Furthermore, strong research and development infrastructure, coupled with extensive distribution networks, ensure the availability and accessibility of beauveria bassiana products to farmers. 

Furthermore, government agencies and agricultural organizations actively promote integrated pest management (IPM) initiatives, advocating beauveria bassiana as an essential element in pest control strategies across North America. These factors collectively highlight increase in significance of beauveria bassiana in North America.