The size of the Latin American biopesticides market is expected to be valued at USD 2.17 billion in 2024 and is anticipated to reach USD 4.81 billion by 2029, growing at a CAGR of 17.28% during the forecast period from 2024 to 2029.
The growth of the biopesticides market in Latin America has been substantial since the early 1990s. Local, small-scale production for local use has been a significant factor in this, especially for viral- and fungal-based products. There are, however, a number of larger companies throughout Latin America that are exporting products within the region and beyond. Brazil and Cuba are the largest biopesticide markets in the region, followed by Colombia. All three are characterized by the fact that there are few, if any, biopesticide imports. In fact, the Latin American biopesticide market as a whole is characterized by government and NGO-encouraged local production.
Biopesticides are substances derived from plants (plant-incorporated protectants or PIPs), micro-organisms (microbial pesticides), and certain minerals (biochemical pesticides). The biopesticides control diseases or pests through a broad-spectrum approach and even through a selective approach. These are replacing conventional pesticides from the market due to their non-toxic quality and target-specific behavior. Biopesticides are usually inherently less toxic than conventional biopesticides, they are comparatively cheaper and effective, decompose well without leaving any harmful residues, have a substantially nullified impact on non-targeted species and can greatly reduce the use of conventional pesticides with high yield.
The growth of the Latin America market is driven by the high prevalence of crop diseases and rising demand for organic both in both developed and developing regions. Various research centers all around the world are taking initiatives to improve techniques for the augmentation and application of biopesticides. Farmers are unaware of the benefits of biopesticides and are also reluctant to change from the existing practices of chemical pesticides, which are restraining the growth of the market.
Biofungicide and bionematicide segments are anticipated to witness the highest growth in the global biopesticide market.
Parry America, Andermatt Biocontrol Ag, Marrone Bio Innovations Inc, Agbitech Pty Limited, Bioworks Inc., Som Phytopharma Limited, Camson Bio Technologies Limited, Hebei Veyong Bio-Chemical Co. Limited, Becker Underwood Inc., Agraquest Inc., Growth Products Limited, Valent Biosciences Corp, Biocare, Natural Industries and Novoenzymes A/S. Are some of the major companies involved in the Latin America biopesticides market.
Frequently Asked Questions
As of the latest report, the Latin America Biopesticide market is valued at USD 1.85 billion in 2023.
Brazil and Mexico are major contributors to the Latin American biopesticide market.
Soybeans and coffee are the primary crops fueling the demand for biopesticides in Brazil, contributing significantly to the overall market growth.
Parry America, Andermatt Biocontrol Ag, Marrone Bio Innovations Inc, Agbitech Pty Limited, Bioworks Inc., Som Phytopharma Limited, Camson Bio Technologies Limited, Hebei Veyong Bio-Chemical Co, etc....
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