01 Oct Latin America Biopesticides Market To Be Valued US$ 905.5 Mn by 2023 Due to Growing Awareness Regarding Usage of Biopesticides among Farmers
Latin America Biopesticides Market is poised to reach US$ 905.5 Mn by 2023 with a significant CAGR over six years forecast period 2018-2023 owing to growing awareness of biopesticides among farmers and launch of innovative products and technology into the market
Precision Business Insights (PBI) in its report titled “Latin America Biopesticides Market: Market Estimation, Dynamics, Regional Share, Trends, Competitor Analysis 2012-2017 and Forecast 2018-2023” assesses the market performance over six years forecast period from 2018 to 2023. The report analyses the market value forecast and provides the strategic insights into the market driving factors, challenges that are hindering the market revenue growth over forecast period.
The Latin America biopesticides market was valued at US$ 433.5 Mn in 2018 and projected to reach US$ 905.5 Mn by 2023 owing to increase in awareness of biopesticides among farmers. Additionally, Market players are leading the market by new product launches, newer innovations, rise in awareness about the application of biopesticides on crops are anticipated to propel the Latin America biopesticides market. However, slower rate of action and low shelf life of products expected to hinder the growth of Latin America biopesticides market over forecast years.
Latin America biopesticides market segmented on the basis of product type, by crop type, by origin type, formulation and, country
Herbicides accounted for higher revenue share
Based on product type Latin America biopesticides market segmented into Fungicides, Nematicides, Insecticides and Herbicides. Herbicides market accounted for larger revenue share in 2018 and projected to dominate the market share over the forecast period owing to increase in the adoption of herbicides, user friendliness, and safety. However, Insecticides and Fungicides segment projected to exhibit lucrative growth, due to increase in awareness about the biopesticides and greater adoption of biologicals.
Brazil leads the Latin America Biopesticides Market
Precision Business Insights (PBI) Latin America biopesticides market report analyses the market in different countries of Latin America such as Brazil, Mexico, Argentina, Chile, Ecuador and Rest of Latin America. According to regional analysis, Brazil accounted for larger revenue share through 2012-2017 and the same trend is projected to follow over 2018-2023 owing to increase in awareness of biopesticides among farmers and presence of all major players in the region. However, Argentina market projected to register highest growth due to launch of newer products into market and awareness among the farmers.
Innovation of newer products, intellectual property portfolio, and strategic alliances are the key strategies adopted by market players
Latin America Biopesticides Market further reveals that the key players increasingly adopting strategies such as product innovation, high number of patent filings, and long term alliance to improve market revenue share and gaining significant geographic presence across the region. In 2017, Isagro SpA has signed an important distribution agreement for the new fungicide Fluindapyr for Brazil, an agreement which will come into force in 2018.
Key player’s profiles in the report are Bayer CropScience AG, Syngenta, The Dow Chemical Company, BASF SE, Isagro SpA, Koppert Biological Systems, Monsanto Company, Valent BioSciences Corporation, and W.Neudorff GmbH Kg
By Product Type
By Crop Type
- Fruits and Vegetables
- Grains and Oilseeds
- Plant Incorporated Protectants
- Latin America
- Rest of Latin America