Market Trends of South America Biopesticides Industry
This section covers the major market trends shaping the Latin America Biopesticide Market according to our research experts:
Growing Adoption of Organic Farming Practices
There is a growing demand for biocontrol products in the region, owing to consumer demand for chemical-free products and increased agricultural activities in the region. Brazil and Argentina are the growing markets for biocontrol applications owing to higher organic production. New ideas and technological solutions that are commonly accompanied by Integrated Pest Management and organic farming which involve the use of biopesticides drives the growth of the market. According to the Research Institute of Organic Agriculture (FiBL), in 2018, Approximately 8.0 million hectares were under organic production as compared to7.49 million ha. Argentina has the largest organic agricultural area with 3.6 million hectares followed by Brazil with 1.18 million hectares in 2018. Thus the increasing adoption of organic farming practice will drive the market for biopesticide during the study period.
Brazil to be the Fastest Growing Market.
Brazil, where the demand for organic agriculture is growing enormously, the market for biological pesticides is in full development, especially in crops such as sugarcane, soybeans, corn, and beans. The applications of biological organic fertilizer products increased with the adoption of sustainable farming practices and organic ingredients. According to FiBL, in 2016, the area under organic cultivation was 1.09 million ha that has increased to 1.18 million ha in 2018, where the organic retail sales in the country were USD 875.07 million. With the growing per capita expenditure consumer spending on healthy food products is also on the rise. As per the Organic Trade Association in 2016 per capita expenditure was USD 5,844.4 that increased to USD 6,171.8 in 2018. With these enormous growth prospects, the companies are increasingly interested in opening biological control product lines, especially with an emphasis on microorganisms. For instance, in 2018, Biovalens launched two new products, Tricho-Turbo (Trichoderma asperellum BV10) and No-Nema (Bacillus amyloliquefaciens), aiming at the biological pest control in Brazil. With the launch of new products the firm expanded the product portfolio for the target market
