“The Latin American Agricultural Biologicals market is estimated to grow at a CAGR of 15.8% from 2014 to 2019. The increased food demand has led to extensive chemical use in agricultural practices, which ensure a rich and qualitative yield. However, along with increased yield, the immense impact of the use of chemicals has become apparent. Due to chemical hazards, consumers as well as governmental bodies are largely emphasizing on chemical-free agricultural pesticides and fertilizers.
In this report, the Latin American Agricultural Biologicals market has been broadly discussed by its application, such as cereals & grains, fruits & vegetables, oilseeds & pulses, and Rest (Crops). Cereals and grains are a major application market in Latin America. The market has been further segmented by types of biologicals, namely, biopesticides, biostimulants, and biofertilizers. Among types, biopesticides held a major share in the Latin American Agricultural Biologicals market.
Brazil is the largest market in Latin America with a market share of 72.47% followed by Argentina. The complex registration systems all over Latin America have curtailed the development of Agricultural biologicals in the region. In Brazil, it currently takes four to five years on an average to register a product, which amounts to a huge expense for developers. There has been no specific process for the registration of biopesticides, which has resulted in slow market penetration.
Bayer CropScience AG (Germany) held a major share in Latin America; BASF SE (Germany) with market share of 15.85% comes close behind. Other firms such as Isagro (Italy), Marrone Bio Innovation Inc. (U.S.), and Novozymes A/S (Denmark) are competing for the growing agricultural biologicals market in the region. These companies are engaged in market strategies, such as mergers and acquisitions, joint ventures, new product developments, and expansions to increase their market shares in the Latin American agricultural biologicals market.
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