- Research shows that market for agricultural biopesticides expected to grow rapidly at CAGR of 14.7% until 2025
- MustGrow providing natural plant-based biopesticide solutions for protecting plants from pests and diseases, utilizing the natural defense mechanism of the mustard plant
- Company seems well positioned within biopesticides market expected to achieve fastest growth
The market for agricultural biopesticides is growing rapidly. The latest Markets and Markets report estimated the industry was valued at $4.3 billion in 2020 and is projected to almost double its size in the next five years — reaching $8.5 billion by 2025 and growing at a CAGR of 14.7% during the same period (https://ibn.fm/26NNm). MustGrow Biologics (CSE: MGRO) (OTCQB: MGROF) (FRA: 0C0) is well placed to capitalize on this opportunity, backed by the changing market landscape that increasingly favors natural solutions to protect agricultural crops. MustGrow’s organic biopesticide approach is plant based — harnessing the mustard seed’s natural defense mechanism to control diseases, pests and weeds.
According to the report, the use of “synthetic chemicals can lead to pollution and contamination of the soil as well as can have. . . harmful effects on the food chain.” Because of this, the report observes, there has been increasing awareness of residue-free food and a high interest in biological products.
With the change in eating habits, farmers are pressurized to shift to adopt a sustainable method of farming. Fruit and vegetable cultivation requires more investment, and with the huge infestation in fruits and vegetables both in open fields and green-houses, the demand for biopesticides is increasing. Also, to meet the export demand for residue-free crops, farmers are implementing the use of biopesticide in combination with conventional chemicals. The trend in the consumption of organic crops is also pushing farmers to adopt biopesticides.
Along with a greater awareness of biopesticides has come increasing demand for organic-grown food. “The acreage under organic cultivation for fruits and vegetables is also increasing,” the report noted. “And to achieve the standards prescribed by international exports, farmers are adopting the usage of biopesticides. To combat the harmful effects of synthetic pesticides, the government is taking initiatives in various regions by emphasizing the use of integrated pest management. Strategic developments such as expansions, new product launches, collaborations, and agreements have been adopted by the majority of key players to strengthen the market.”
The report projects that within the whole biopesticides space, the bioinsecticides segment is expected to dominate the market during the forecast period, and the fruits and vegetable segment is expected to achieve the fastest growth. The increasing pest resistance and the resurgence of crops require sustainable solutions amid regulatory ban and phase-out of some of the main ingredients.
Because of their “favorable” properties, bioinsecticides are positioned as an adequate response — they do not leave residues in the products, and they do not harm natural pests’ enemies or the environment. According to the report, the North American region is expected to drive the growth of the international biopesticides market.
The change in market demanding residue-free and organic food combined with the ever-more stringent regulatory standards in the international agricultural food supply chain is pressuring farmers to adopt a sustainable method of farming using biopesticides. As a company that operates in the robust segments of the growing biopesticides space, MustGrow is ideally positioned to benefit from these market forces.
This agriculture biotech company, which is focused on providing natural science-based biological solutions for high-value crops such as fruits and vegetables, appears poised to leverage the growing momentum favoring alternatives to synthetic chemicals. As global agriculture looks to move closer to sustainable ways of boosting yields and crop protection, MustGrow continues to position itself as an essential part of the food landscape of the future with its mustard plant-based biopesticide.
For more information, visit the company’s website at www.MustGrow.ca.
NOTE TO INVESTORS: The latest news and updates relating to MGROF are available in the company’s newsroom at https://ibn.fm/MGROF
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