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Description
Latin America Biopesticides Market size was valued at USD 433.5 million in 2021 and is expected to reach USD 905.5 billion by 2028, at a CAGR of 12.5% during the forecast period 2022 to 2028. Due to acceptance of biopesticides, ease of registration of biopesticides, low expenditure on R&D for the product development, and awareness among the farmers on application of biopesticides. The report studies market dynamics elaborately to identify the current market trends and drivers, future opportunities and possible challenges to the key stakeholders operating in the market. Ease of registrations for biopesticides, very low expenditure for the development of biopesticide products and awareness among the farmers on biopesticide application expected to witness the growth in the revenue share of biopesticides market. Moreover, government initiatives to support agricultural sector are the reasons anticipated to accelerate the market revenue growth over the forecast period. Latin America biopesticides market is consolidating as large players complementing each other’s businesses by means of collaborations and acquisitions. For instance, in 2017, Koppert B.V. has acquired BUG Agentes Biologicos to strengthen their position in macro-biological crop protection and became the largest biocontrol company in Latin America. Moreover, players in the Latin America biopesticides market coming up with launch of newer products to garner larger market share in the market. For instance, In September 2015, Koppert B.V. has launched a new biostimulant, Panoramix (Mycorrhiza, Bacillus, and Trichoderma species) that promotes growth, improves resistance, and to increases yield.
