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According to a report published by Mordor Intelligence on crop protection chemicals, the global volume market for pesticides is projected to reach 3.4 million tons by 2020 from 2.3 million tons in 2014, with a CAGR for volume growth being 6.2 percent between 2015 and 2020.
Factors driving the markets for pesticides include decreasing arable land, increasing population and the requirement of improving crop yields.
On the other hand, regulatory authorities such as EPA (Environment Protection Agency) frequently come up with stringent laws related to curbing pesticide use for alleviating environmental damage and increasing consumer awareness about pesticide consumption, which is expected to be instrumental in slowing down growth in demand for synthetic pesticides.
In addition, several highly toxic pesticides have either been banned or are in the process of being phased out, thereby opening new avenues for growth in demand for Biopesticides.
For instance, chemicals such as glyphosate (herbicide), atrazine (herbicide) and chlorpyrifos (insecticide), to name a few, remain under constant reviews and can be either gradually phased out or even banned if more eco-friendly options are made available.