Lavoro CEO shares expectations for the bioinputs market in 2024

It is no surprise that the bioinputs market is growing much faster than other product categories each crop season in Brazil and worldwide, and according to Ruy Cunha, CEO of Lavoro, the outlook for 2024 shows this growth trajectory will continue.

Ruy Cunha, CEO of Lavoro

In his assessment, one factor that will influence this growth is the increased demand for sustainable production. "It is well known that the world needs more food, and it is evident that it also needs increasingly sustainable production. The good news is that food production and sustainability can coexist very well, and the use of bioinputs is a concrete example of this," the executive said.

According to Lavoro’s CEO, recent trends indicate that Brazilian farmers are "increasingly curious and open to the use of biological products, which has driven growth that surprises some experts." 

The FarmTrak report released by Kynetec stated that during the 2021-2022 crop season, there was a 67% increase in the sale of bioinputs.

Two crop seasons ago, industry consultants noted a great interest from farmers entering an experimentation phase. Two seasons later, we see more than just a high 'rate' of experimentation but a much more widespread market in the sector.

"An indicator of this increase is seen in the industry's movements. Today, almost all major input manufacturers have a division dedicated to biologicals, with many entering the game through M&A (mergers and acquisitions)," Cunha said.

He highlighted that a bioinput manufacturer was acquired for BRL2.8 billion late last year. "This was unprecedented until then. With the market heating up, such news is likely to become more common," he projected.

According to Lavoro’s CEO, "Everyone wants a slice of the bioinputs market for various reasons. One is that it is a secure market on different fronts: economic, productive, and sustainable."

"In the face of supply crises driven by wars and international conflicts, national production and distribution of products, for example, reduce costs and keep the economy active. This also applies to OnFarm, another 'strand' of biological input production," he stated.

Another indicator of increasing demand is the search for specialized professionals in this area, whether researchers or sales consultants. "There is still a long way to go, as it is a relatively new market. Even our legislation is adapting to accommodate this high demand and rapid growth. But we can expect 2024 to bring even more news and positive surprises in this segment. Bioinputs are and will continue to be the trend of the decade in agribusiness," he said in conclusion.

(Editing by Leonardo Gottems, reporter for AgroPages)

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