- Organic farming is forecast to grow at a CAGR of 8.4 percent through 2026, fueled by high demand and concerns about the use of traditional agricultural practices
- The organic pesticide market is also expected to expand, at a CAGR of approximately 14.9 percent through 2023
- These market dynamics show that companies like MustGrow Biologics that specialize in biopesticides and biofertilizers could benefit from significant growth opportunities
As the global organic farming market continues growing at a sustainable and consistent rate, new expansion opportunities emerge for organizations such as MustGrow Biologics Corp. (CSE: MGRO), an agricultural biotech company that develops and commercializes natural biopesticides and bio-fertilizers serving as an alternative to synthetic pesticides and fertilizers typically used by cannabis and fruit and vegetable growers.
According to the ‘Organic Farming Market – Size, Share, Outlook and Opportunity Analysis’ report, the global organic farming market is anticipated to grow at a CAGR of 8.4 percent through 2026 (http://ibn.fm/VSVGi). Europe is expected to account for 25 percent of the growth during the forecast period. Until 2015, North America held the largest market share in the field of organic food production. Other markets are anticipated to start catching up, contributing to dynamic developments and the rapid adoption of new technologies.
Based on this forecast, it’s not surprising to also explore positive predictions for the organic pesticides market. Forecasts suggest that the market will reach $279 billion by 2023, as detailed in an Allied Market Research report (http://ibn.fm/k4cSo). The compound annual growth rate is estimated at 14.9 percent for the period from 2017 to 2023.
North America currently dominates the global biopesticides market, accounting for approximately a third of the market share. Several factors have been fueling growth of the market. The first and most prominent contributor is the heightened demand for organically grown products. In North America, the growth in demand is 13.8 percent. In Europe, it has reached 13.5 percent, and, in the Asia-Pacific region, it has reached 12.1 percent. Growing concerns about the use of traditional commercial pesticides are also driving a switch to biologically-sound, natural and organic-compatible products.
The organic pesticide market is segmented into natural and synthetic products. Natural products have historically accounted for a major share of the global organic pesticides market. Some growth is anticipated in the field of synthetic products, but natural is still likely to dominate.
These forecasts suggest that companies like MustGrow Biologics Corp. will benefit from excellent expansion opportunities in the years to come. MustGrow’s natural biopesticide and biofertilizer are effective and safe, as well as easy to use. The products can be utilized in the production of fruits, vegetables, turf and ornamental industries.
Both the MustGrow biopesticide and biofertilizer are refined from compounds of the mustard plant. These compounds are powerful nematicides, fungicides and pesticides. Research suggests that the MustGrow biopesticide delivers effective pathogen and pest control to ensure plant growth and high yields.
The MustGrow biopesticide has U.S. Environmental Protection Agency (EPA) and Canadian Pest Management Regulatory Agency (PMRA) labels. The product is approved for organic agriculture, allowing for safe and reliable pest and disease control.
To date, MustGrow has carried out over 110 independent third-party field trials on fruit and vegetable crops. The results suggest that MustGrow’s product is 100 percent capable of controlling root-knot nematodes, while delivering 95 percent control of Pythium root rot and 70 percent reduction in Verticillium root severity. As a result, the MustGrow biopesticide has been shown to increase tomato crop yields by 55 percent. The results cement MustGrow’s leading position in the market of unique solutions to help cannabis cultivators and fruit and vegetable growers control pests and crop diseases.
For more information, visit the company’s website at www.MustGrow.ca
NOTE TO INVESTORS: The latest news and updates relating to MGRO are available in the company’s newsroom at http://ibn.fm/MGRO