There is little doubt that the market for biocontrol products in agriculture has increased dramatically over the last few years and will continue to do so over the foreseeable future. The biggest growth rates are expected in Latin America, mainly due to the entrance of biocontrol products into row crops and cereals in Brazil.
It is estimated that global sales of biocontrol products increased from just US$ 0.1 billion in 1993 to around US$ 3 billion in 2016, with a projection of sales of over US$ 4 billion in 2020. Average growth of around 10% a year is seen to 2025. This compares with a total global pesticide market now worth $59 billion.
Listen to the webcast below to gain insight into this rapidly-growing sector and understand the factors influencing bioformulations going forward.
For further details of the IHS Markit Special Report “Bioformulations 2020” have a look here.