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Neem based Pesticides Market is Estimated to Witness High Growth Owing to Rising Demand for Organic Farming
The Neem based Pesticides Market is estimated for 2023 for the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Neem based pesticides are bio pesticides derived from neem seeds, leaves and bark. They are widely used for control of various pest infestations in agriculture such as fungi, nematodes and insects. Neem based pesticides provide an eco-friendly alternative to chemical pesticides.
Market Dynamics:
Neem based pesticides market is witnessing high growth owing to rising demand for organic farming worldwide. Growing health concerns associated with chemical pesticides residue has pushed farmers to adopt organic andbio based crop protection measures. Additionally, support from government organizations in the form of subsidies and promotionsfor organic agriculture is also contributing to the growth of neem based pesticides market. Another key driver contributing to the market growth is neem's property of multi pest control. A single neem based formulation works against various pests such as fungi, nematodes and insects without harming beneficial insects, thus reducing application and production costs for farmers. However, low shelf life and solubility issues associated with neem extracts based formulations is a challenge for market players. Continuous research is being conducted by companies to overcome this limitation and enhance the stability and effectiveness of neem based products.
##Increasing Global Demand for Organic and Eco-Friendly Pesticides
The demand for organic and eco-friendly pesticides is increasing around the world due to rising environmental awareness and safety concerns surrounding chemical pesticides. Neem-based pesticides are completely natural and cause negligible harm to the environment or non-target organisms. They are derived from extracts of the neem tree (Azadirachta indica), which has potent pest repellent and insect growth regulating properties. Neem pesticides are approved for use in organic farming by various organic certifications and regulatory bodies. With more farmers and consumers preferring organic produce, the market for neem pesticides is expected to grow substantially in the coming years.
##Surging Concerns over the Use of Synthetic Pesticides
Synthetic pesticides are being scrutinized worldwide for their links to health and environmental issues like pollution of soil and water resources, damage to beneficial insects, and development of pest resistance. In many countries, the use of certain hazardous synthetic pesticides has been restricted or banned. Neem pesticides, on the other hand, are generally recognized as safe and do not have the same adverse effects as chemical alternatives. They are gaining popularity as a more sustainable replacement for chemical pest control. The rising concerns over synthetic pesticides are boosting demand for natural and eco-friendly alternatives like neem-based formulations.
##Availability of cheaper synthetic pesticide alternatives
Neem extracts require more processing to produce effective pesticide formulations as compared to synthetic chemical pesticides. This makes neem pesticides slightly costlier than certain synthetic versions in the short term. In price-sensitive developing markets, farmers often prefer opting for cheaper synthetic pest control options over natural products like neem. Additionally, large agrochemical companies invest heavily in R&D and marketing of synthetic pesticides, giving them an additional price advantage over neem-based products manufactured by smaller companies. The availability of low-cost synthetic substitutes can pose a challenge for the growth of the neem pesticides market.
##Growing organic farming sector
Organic agriculture is one of the fastest growing food markets globally. More farmers are adopting organic practices and the demand for organically produced food is increasing among health-conscious consumers. The global area under organic farming has expanded considerably over the past decades. Neem extracts are one of the major natural ingredients permitted for use in organic farming. As the organic sector continues expanding to meet the rising consumer demand, it will drive greater consumption of neem pesticides which are an important component of integrated pest management in organic systems. The rapid growth of the organic farming industry worldwide presents major opportunities for the neem pesticides market.
##Advancements in neem pesticide formulations
Over the years, continuous R&D efforts have led to significant improvements in neem pesticide technology and formulations. Researchers are developing ways to enhance the efficacy, stability and user-friendliness of neem products. For example, formulations with additives that aid penetration and prolong the residual effect of neem on crop surfaces. Systems like seed treatment and controlled release formulations also help optimize the performance of neem pesticides. Neem pesticide manufacturers are actively working on such innovations to address previous limitations and make products more competitive against synthetic pest control agents. The advancements in neem product formulations are expected to boost the adoption of neem pesticides among farmers globally in the coming period.
