Latin America is moving towards becoming the largest global market for biocontrol formulations, according to the market intelligence company DunhamTrimmer.
By the end of the decade, the region will account for 29% of this market segment, projected to reach approximately US$14.4 billion by the end of 2023.
Mark Trimmer, co-founder of DunhamTrimmer, stated that biocontrol remained the primary segment of the global market for biological products in the field. According to him, global sales of these formulations totaled $6 billion in 2022.
If plant growth promoters were taken into account, the value would far exceed $7 billion. While biocontrol growth stagnated in Europe and the US/Canada, the two largest global markets, Latin America maintained a dynamism that would propel it ahead. “The Asia-Pacific is also growing, but not as rapidly,” Trimmer said.
The growth of Brazil, the only major country that extensively uses biocontrol for extensive crops such as soybeans and wheat, is the major trend that would drive Latin America. In addition to this, the high utilization of microorganism-based formulas in the region would be the ones that grow the most in the coming years. “Brazil, which represented 43% of the Latin American market in 2021, would rise to 59% by the end of this decade,” Trimmer said in conclusion.
Post time: Nov-13-2023