The market is also anticipated to grow to a global value of $600 billion by the year 2030, which is how the study arrived at the 13.77% CAGR over the next eight years.
It has been a growing trend amongst high agricultural exporters to reduce the use of pesticides that are deemed to be toxic for human consumption. After several reports were done about the residual traces of these pesticides still present in produce that are sold in grocery stores, several governments, including in the EU and Morocco, moved swiftly to ban certain toxic pesticides.
The ReportLinker study went on to show that the largest segment of the organic pesticides market to grow is the on-farm market. Other segments include seed treatment and after harvest. This means that the highest amount of organic pesticides will be used as the crops are growing, to protect them from pests and insects.
The organic pesticide industry is fairly concentrated, with several major players in Europe like Bayer AG (OTC:BAYRY) and German company BASF SE (OTC:BASFY) owning a major part of the market share. There are some US companies involved, including Dow Chemical (NYSE:DOW) and Orkin-owner Rollins (NYSE:ROL), as well as emerging brands like Black Bird Biotech (OTC:BBBT).
Black Bird Biotech specializes in the elimination of spider mites with its EPA-approved organic pesticide MiteXStream from crops like strawberries, coffee, and even cannabis.
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$BBBT – Black Bird Biotech
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