The Latin America, Middle East and Africa Beauveria Bassiana Market would witness market growth of 10.7% CAGR during the forecast period (2024-2031).
The Brazil market dominated the LAMEA Beauveria Bassiana Market by Country in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $2,724 Thousands by 2031. The Argentina market is showcasing a CAGR of 11.6% during (2024 - 2031). Additionally, The UAE market would register a CAGR of 9.8% during (2024 - 2031).
Many governments offer incentives, subsidies, or grants to support adopting sustainable agricultural practices, including biopesticides like this fungus. Financial support and favorable policies encourage farmers to integrate this fungus into pest management programs. Collaborations between research institutions, biopesticide manufacturers, and agricultural organizations have facilitated the development and adoption of this fungus. Partnerships help conduct research, develop new formulations, and promote best practices for their use.
The market is influenced by several emerging trends that reflect broader shifts in agricultural practices and environmental concerns. There is a notable increase in investment in research and development (R&D) for biopesticides, including this fungus. This trend is driven by the need to discover new strains, improve formulations, and develop novel application methods to address emerging pest challenges.
As South African agriculture grows, there is a heightened need for effective pest management solutions. This fungus, a fungal biopesticide, is increasingly utilized for its ability to control a wide range of agricultural pests, leading to greater demand. The agricultural sector contributed around 10 percent to South Africa’s total export earnings in FY2021 at a value of $12.0 billion. Additionally, The Brazilian government’s increasing promotion of sustainable agricultural practices plays a significant role in driving the growth of the market. This support is manifested through various policies, programs, and subsidies designed to encourage the adoption of biological control agents over traditional chemical pesticides. Therefore, rising agriculture sector and increasing support from government in the is driving the growth of the market.
Free Valuable Insights: The Worldwide Beauveria Bassiana Market is Projected to reach USD 152.7 Million by 2031, at a CAGR of 8.1%
Based on Distribution Channel, the market is segmented into Indirect Sales, and Direct Sales. Based on Application, the market is segmented into Agriculture, Forestry, and Others. Based on Type, the market is segmented into Liquid, Powder, and Others. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
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