Latin America biopesticide market expected to grow fast in the next five years

The Latin America biopesticide market was valued at USD 305.1 million in 2017 and is expected to register a CAGR of 16.4% during the forecast period (2018-2023), according to a report published recently. Brazil is the largest market share holder of biopesticides in Latin America with the revenue USD 103.5 million in 2017 and is expected to register a CAGR of 10.3% during forecast period (2018 – 2023).
 

The Major Market Share Sub Segment – Bioinsecticides
 

The Latin America market for bioinsecticides was valued at USD 196.5 million in 2017. Bioinsecticides hold around half of the market share. Over 6,000 plant species have been identified, which possess insecticidal properties. In insect pest management, a number of plant products derived from neem, custard apple, tobacco, pyrethrum, etc., have been used as safe insecticides. Bacillus thuringiensis (Bt) is the most explored and commercially successful microbial insecticide.