Beauveria Bassiana Insecticide Market Size, Share, Trends, Growth 2032

Beauveria Bassiana Insecticide Industry Prospective:

The global Beauveria bassiana insecticide market size was worth around USD 4,550.17 million in 2023 and is predicted to grow to around USD 7,180.75 million by 2032 with a compound annual growth rate (CAGR) of roughly 5.20% between 2024 and 2032.

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Beauveria Bassiana Insecticide Market: Overview

Beauveria bassiana is a type of contact mycoinsecticide. It is used for pest control. The biocontrol agent is completely natural since it is derived from naturally occurring sources in the form of a fungus called Beauveria bassiana. Over the years, the insecticide has found several applications across countries in sectors such as forestry and agriculture. Beauveria bassiana insecticide is environmentally friendly and non-toxic to mammals. This attribute is one of the key drivers for Beauveria bassiana demand worldwide. Its applications include managing mites and insects. Studies and research indicate that insecticides containing Beauveria bassiana are most effective when they are used proactively when the insect larvae are young.

In case the insect population is high, frequent application may be necessary. The Beauveria bassiana insecticide performs its role of pest control by attaching the spores on the fungus to the outer shell of the host, in this case, insects. Once the conditions are suitable, the spores penetrate and germinate in the cuticle and eventually proliferate through the tissues of the insect. The final stage involves the release of toxins leading to the death of the insects. Once a host is killed, the fungus produces more spores which spread to the entire insect population steadily.

Key Insights:

• As per the analysis shared by our research analyst, the global Beauveria bassiana insecticide market is estimated to grow annually at a CAGR of around 5.20% over the forecast period (2024-2032)
• In terms of revenue, the global Beauveria bassiana insecticide market size was valued at around USD 4,550.17 million in 2023 and is projected to reach USD 7,180.75 million, by 2032.
• The Beauveria bassiana insecticide market is projected to grow at a significant rate due to the growing investments in agriculture sector
• Based on the application, the agriculture segment is growing at a high rate and will continue to dominate the global market as per industry projection
• Based on the type, the liquid segment is anticipated to command the largest market share
• Based on region, North America is projected to dominate the global market during the forecast period

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Beauveria Bassiana Insecticide Market: Growth Drivers

Growing investments in the agriculture sector to promote insecticide adoption

The global Beauveria bassiana insecticide market is expected to grow due to a surge in investments in the agricultural industry. The global food demand has increased rapidly in the last few years. The world population is currently over 8 billion and as per projections, it will continue to rise in the coming years. In addition to this, the shortage of food supply has further burdened the agricultural community to improve crop yield. The changes in climate conditions, floods, droughts, and other forms of natural disasters are a leading reason for the increasing rate of crop damage. More than 89.9% of crop losses are due to factors such as diseases, pathogens, weeds, loss of arable land, salinity, pests, and climate change. Thus resulting in greater efforts to elevate crop yield across the globe.

In September 2023, the French government announced a contribution of USD 150 million toward the  International Fund for Agricultural Development (IFAD). In July 2024, the U.S. Agency for International Development (USAID) announced the launch of the Agriculture Resilience Initiative (AGRI) - Ukraine to promote agricultural production in Ukraine as global food security is expected to be compromised in the future.

Increasing number of companies offering Beauveria bassiana insecticide will help the industry flourish

Since Beauveria bassiana insecticide has proven effective in managing pests, the production rate of the ecologically safe biocontrol agent has increased in the last few years. In January 2024, United Phosphorus Limited, a global firm specializing in industrial chemicals and agrochemicals, launched Tackler in the Brazilian market. Tackler is a biocide containing Beauveria bassiana with exceptional field results. Additionally, Corteva Agriscience showcased Tezpetix Beauve during Siconbiol 2023. The insecticide is made using a highly exclusive strain of fungus thus promoting the Beauveria bassiana insecticide market.

Beauveria Bassiana Insecticide Market: Restraints

High cost of initial investment may restrict the market expansion rate

The Beauveria bassiana insecticide industry will be limited due to the high cost of initial investment. The primary expense of developing a Beauveria bassiana insecticide is related to extensive research & development as the product should be suitable to the pest control needs of the domestic population. Additionally, the expense may increase further for obtaining regulatory approvals from officials. In certain countries, the protocols surrounding approval are highly complex and dynamic thus discouraging the emergence of new players.

Beauveria Bassiana Insecticide Market: Opportunities

Shifting demand for environmentally-friendly pesticides and insecticides will generate market expansion possibilities

Chemical insecticides and pesticides can leave a long-term negative impact on the environment. Additionally, they are also toxic to other living creatures including animals and humans that may come in contact with chemically-loaded insecticides. The demand for sustainable agricultural solutions has been on the rise and the trend is achieving global attention. Beauveria bassiana insecticides are known to be noninfective to mammals. They do not have any side effects on children, pets, adults, and the environment. In June 2024, Ghana announced the launch of a new initiative in collaboration with the Ghana Cocoa Board (COCOBOD), the Forestry Commission, and the United Nations Development Program (UNDP). The initiative is financially backed by the Swiss State Secretariat for Economic Affairs (SECO) and aims to further promote sustainable agriculture in the country. Similarly, the United Nations (UN) launched the Financing Agrochemical Reduction and Management Program (FARM). It is worth USD 379 million. Through the FARM initiative the agency aims to combat agrochemical pollution in the next five years thus subsequently also creating more demand in the Beauveria bassiana insecticide market.

Beauveria Bassiana Insecticide Market: Challenges

Functional and performance limitations of the biocontrol agent may pose challenges for the market players

The industry for Beauveria bassiana insecticide is expected to be challenged by the several functional and performance limitations of the biocontrol agent. For instance, laboratory studies indicate that insecticides made of Beauveria bassiana may be harmful to beneficial insects as well, especially lady beetles. Additionally, the performance efficiency of the agent is dependent on several environmental and external factors such as humidity and temperature. Users must have expertise in using the agent for optimal benefits over the long run.

Beauveria Bassiana Insecticide Market: Segmentation

The global Beauveria bassiana insecticide market is segmented based on application, type, and region.

Based on the application, the global market segments are forestry and agriculture. In 2023, the highest growth was witnessed in the agriculture sector. Beauveria bassiana insecticides offer farmers and crop cultivators an ecologically safe solution for managing pest infestation. It is one of the common and globally observed reasons for large-scale crop damage. The surge in demand for insecticides that do not compromise soil and water integrity has been on the rise. Recent reports indicate that over 91.01% of farmers in the US are aware of sustainable agricultural practices.

Based on the type, the Beauveria bassiana insecticide industry segments are powder and liquid. In 2023, the highest growth was observed in the liquid segment. They are further available in two variants that are emulsified concentration and suspension concentration. Liquid insecticides are easier to apply and store. The powder formulations have also gained significant revenue. Generally, the insecticides take 3 to 5 days to kill the insects.

Beauveria Bassiana Insecticide Market: Report Scope

Beauveria Bassiana Insecticide Market: Regional Analysis

North America to deliver significant growth during the projection period

The global Beauveria bassiana insecticide market will be led by North America during the projection period. Countries such as Canada and the US are anticipated to deliver exceptional results. The US, for instance, has a well-regulated market for producing and using Beauveria bassiana insecticides. The regional cultivators are better aware of the efficient ways of using the biocontrol agent. In addition to this, Canada and the US have laid extreme emphasis on incorporating sustainable agricultural practices thus encouraging the adoption of Beauveria bassiana insecticides.

Europe is expected to deliver exceptional results in the Beauveria bassiana insecticide industry over the forecast duration. In April 2024, BASF, a German chemical company with operations in over 80 countries, announced the registration of a new label for Velifer Bioinsecticide/Miticide. It is a proprietary strain of Beauveria bassiana used for managing thrips, mites, mealybugs, aphids, and whiteflies. The label will allow sustainable cultivators to use the product in drench and dip applications. The growing regional keenness on environmentally conscious agricultural choices will further promote growth in Europe. In April 2024, the European Commission approved Beauveria bassiana 203 fungus by Symborg thus allowing it to be used in products used for protecting plants. The biocontrol solution will prove beneficial in delivering sustainable tools for crop protection.

Beauveria Bassiana Insecticide Market: Competitive Analysis

The global Beauveria bassiana insecticide market is led by players like:

• Vanda Technology
• BASF
• BuildASoil
• Multiplex Group
• FILNOVA
• Cargill Incorporated
• Certis USA
• Bioquirama SAS
• BioWorks
• T. Stanes
• Troy BioSciences
• Tari Bio-Tech
• M.D Agrotech
• Tianren
• Koppert B.V.

The global Beauveria bassiana insecticide market is segmented as follows:

By Application

• Forestry
• Agriculture

By Type

• Powder
• Liquid

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa