May 21, 2024

Neem based Pesticides Market Propelled by Rising Organic Farming Adoption

The global Neem based Pesticides Market is estimated to be valued at US$ 2.08 Bn in 2023 and is expected to exhibit a CAGR of 14% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights. Neem based pesticides provide a natural alternative to highly toxic synthetic pesticides and are biodegradable. They help control various soil-borne diseases and pests without harming the ecosystem. The demand for Neem based pesticides is increasing due to rising adoption of organic farming practices globally.

Market key trends:

Rising organic farming adoption: Organic farming adoption is on the rise globally due to increasing consumer demand for chemical-residue free food and stringent regulations regarding the use of synthetic agrochemicals. Neem extracts are approved for use in organic farming by various regulatory bodies such as USDA National Organic Program (NOP). Neem based pesticides are increasingly being used by organic farmers as a substitute for synthetic pesticides. The booming organic farming sector is thus expected to drive the demand for Neem based biopesticides over the forecast period.

SWOT Analysis
Strength: The neem based pesticides market has a high demand for sustainable and organic crop protection solutions. Neem is a natural botanical insecticide which causes less harm to the environment.

Weakness: Neem based pesticides have low shelf life and need improved formulation technologies for enhancing their efficacy and stability. They also have a bitter taste which limits their use.

Opportunity: The rising consumer preference for organic foods and ingredients is driving the demand for neem basedbiopesticides. Furthermore, support from government regulations on chemical pesticide usage offer opportunities for market growth.

Threats: Stringent certification requirements and regulations for organic products increase compliance costs for neem based pesticide manufacturers. Chemically synthesized pesticides also pose competition due to their low cost and wide acceptance among farmers.

Key Takeaways

The global neem based pesticides market is expected to witness high growth over the forecast period owing to rising awareness about environmental protection.

The Asia Pacific region currently dominates the market due to large scale farming and government support for organic farming in countries like India and China.

Key players operating in the neem based pesticides market are PJ Margo Private Limited, Agro Extracts Limited,Fortune Biotech Ltd,GreeNeem Agri Private Limited,Manorama Industries Limited,Neem India Products Pvt. Ltd.,Ozone Biotech,Neeming Australia,NOW Foods,Fortune Biotech Ltd.,SUN BIONATURALS (INDIA) PRIVATE LTD.,Banyan Botanicals,Group Velocity LLC.,Parry’s BIO,United Industries Corporation,Murugappa Group,The Velocity Group. These players are focused on new product launches and strategic partnerships to strengthen their market presence.