Latin America Biopesticide Market Size

Latin America Biopesticides Market Analysis

The Latin America biopesticide market is projected to register a CAGR of 12.2% during the forecast period 2020-2025. In Latin America, the pesticide market, both synthetic as well as biopesticides are witnessing a steady growth and the key market drivers for the industry in the region are the adoption of herbicides tolerant crops, increasing area of crop production, and increasing yields of agricultural produce. However, strict regulations posed by the United States Environmental Protection Agency and European Union on pesticidal residue limit on food crops will limit the use of synthetic pesticides on crops and will increase the demand for biopesticides in the region. While the prevalence of chemical or synthetic pesticides in Latin America would continue, human, animal, and environmental health concerns would play key roles in driving growth for Biopesticides. Emerging economies of Latin America are likely taking the lead in the adoption of both pesticides and Biopesticides. Principal factors driving the same include greater adoption of biopesticides in place of traditional chemical-based pesticides as a consequence of increasing efficacy and enhanced consumer confidence in their performance output.