The Latin American agricultural biologicals market size is expected to reach USD 4.19 billion in 2024 and reach USD 5.55 billion by 2029, growing at a CAGR of 5.8% from 2024 to 2029.
During the past few years, the majority of farmers prefer to use chemicals and inorganic fertilizers to improve the nutrients in the soil and thereby resulting in the weakening of soil health. This led to the migration of farmers slowly towards agricultural biological products. These products are eco-friendly and also boost soil fertility which results in the enhancement of crop productivity. Moreover, consumers' shift towards organic food products is fueling the growth of the market.
Increasing demand for organic products, improving yield and productivity, growing population, rapid growth in the use of these products in seed treatment, increasing spending in R&D efforts, support from the government, and increasing health consciousness are the drivers propelling the growth of the market. Lack of awareness among the farmers and reluctance to change from existing practices of chemical pesticides are the restraints limiting the market.
Brazil is the biggest market in Latin America with a share of more than forty percent followed by Argentina. Bio-pesticides held a major in the Latin American Agricultural Biologicals market.
Some of the major companies dominating the market, by their products and services, include BASF, Bayer Crop Science, Syngenta, Novozymes A/S, Isagro, Arysta Lifescience Limited, Arysta LifeScience Corporation, Valent BioScience Corporation, Marrone Bio Innovations Inc., Certis U.S.A and Koppert B.V, Sagro.
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