The biological pesticides market in Latin America is expected to reach the level of US$ 1.05 billion in 2021, growing at a CAGR (compound annual growth rate) of 16.5%. The projection is from a report by MarketsandMarkets Consulting released this Friday (04.08) on the Chinese portal Agropages.
If this projection is confirmed, the expansion of the biocontrol market in Latin America will have registered an impressive increase of 248% in the period of just five years between 2016 and 2021. In 2015, this market was valued at US$ 423.7 million, according to MarketsandMarkets.
The bioinsecticide segment dominated the Latin American biocontrol market, with a share of 53% in 2015. This segment was valued at US$ 226 million that year, and is expected to grow at a CAGR of 15.8% through 2021.
The biocontrol market is growing rapidly in Latin America due to a greater awareness of the importance of IPM (Integrated Pest Management) practices, which involves the use of biological control in conjunction with conventional pesticides. Brazil, Mexico and Argentina are the fastest growing markets in the region and have emerged as major target markets for suppliers.
Source: Agrolink
