Apr. 9, 2020
Eden said the certification creates “a significant opportunity” to enter the growing market for organic wine
Eden Research plc (LON:EDEN) announced that its sustainable biopesticide Mevalone, branded 3LOGY in Italy and Araw in Spain, has received certification for use in organic farming in the two European Union (EU) countries.
The certification follows the initial approval of Eden's three EU-registered active ingredients for use in organic farming earlier this year.
The AIM-listed firm’s partner Sipcam has been selling 3LOGY and Araw for the primary use of treating and preventing botrytis, a fungal disease that causes mould on crops.
Following the certification, the product can now also be used in organic vineyards which, Eden said, creates “a significant opportunity” to enter a new market.
The company noted that Spain and Italy are in the list of top three EU countries with the largest organic farming areas and that Europe will account for 78% of the global organic wine market by 2022, which is projected to grow by 9.2% annually over the next two years.
It also pointed out that UK consumers are willing to pay 38% more for organic wine as consumers are more conscious about sustainability.
“We are pleased to begin selling our products to organic growers in Italy and Spain, a commercial development that will contribute to the enlargement of our addressable market in Europe and to the ongoing growth of sales in these important countries,” Eden's chief executive Sean Smith said in a statement.
“Our products give organic growers an effective and sustainable solution comparable to conventional chemistry but in a way that is aligned with the fundamental elements of organic production.”
By Giulia Bottaro