As demand for healthier foods increases, so does organic farming, and the government actively supports the use of biological pesticides by purchasing from suppliers and selling to farmers at a lower price. On a global scale, the United States remains the leading participant in the global biopesticide market, with 35% of total sales, being followed by China at a distance with just over 11%. Argentina, Brazil, Chile, and Mexico are enjoying a steady growth rate, reaching ranges of between 2% and 3% of total global sales. Overall, the global biopesticides market is projected to grow at a CAGR of just under 10% over the next five years, reaching nearly USD 3 billion by 2024.
The factors behind the increase in biopesticides demand are the restrictions on chemical pesticides, the need for residue-free products, and an increase in environmental awareness. In Chile, for instance, the benefits are related to the prospect of exporting products to foreign markets. Fruits and wines are susceptible to strict control of chemical traces, and the use of biopesticides is the best opportunity to export them without risking the protection and assurance of bio-production.
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