Mexico Bioinsecticides Market Outlook

mexico has been widely recognized as one of the leading countries in terms of agricultural production across latin america. the agricultural sector of mexico has been continually growing and accounted for an estimated 21 percent of the nation’s gross domestic product in 2018. with the increase in agricultural production, mexico has also been experiencing a rising trend in the use of biopesticides such as bioinsecticides segment of the agrichemicals market to support crop health and to reduce environmental contamination and pest resistance to chemical pesticides. in 2017, the mexican biopesticides market was estimated to be valued at usd 157 million, while witnessing a strong growth rate of compound annual growth rate (cagr) of 9.4 percent during 2018 to 2032. the growing demand for low impact biopesticides or bioinsecticides are vying towards increasing use by small scale farmers with limited access to and preference for natural solutions to tackle the ever-growing crop losses industry wide. the government of mexico has also identified the potential of bioinsecticides to reduce pests in agricultural commodity production and has begun supporting small and medium-scale businesses active in the biopesticides market, such as bioinsecticides. this support has encouraged farmers to make use of natural solutions such as biopesticides or bioinsecticides from local manufactures offering chemical-free and sustainable solutions for pest control. the country is expected to further expand the biopesticides market during the forecast period with the government's efforts fueling the growth further. the mexican market for bioinsecticides can be further segmented into spinosad, bacillus thuringiensis (bt) and other bioinsecticide products. the increasing use of chemical stripe pest has also driven the usage of various biopesticide or bioinsecticide products. small-scale organic farms and farmers are using spinosad to tackle whitefly, aphids, and thrips. bt is also being used as a biological agent to fight caterpillars. moreover, local manufacturers catering to mexican farmers are now producing various bioinsecticides for effective pest control with the view of protecting food safety and food security. this is expected to further boost the mexican market of biopesticides or bioinsecticides. overall, the market outlook for the bioinsecticides segment of the biopesticides market in mexico is positive and is expected to witness a steady growth in the forecast period of 2018 to 2032.