The biologicals market in agriculture continued to grow rapidly over the last few years, but is it overcrowded?
The latest episode of the Making Sense of Biologicals campaign discusses the industry with the Biological Products Industry Alliance (BPIA). “At this point, we see a wide variety of companies in our industry,” BPIA Executive Director Keith Jones said. “On one end, we have some very small companies with a handful of employees developing some brand new exciting technologies. On the other end, you have some of the largest agrochemical companies in the world that now have a biological product department.”
Jones said the growth in the industry is strong. So much so that despite the COVID-19 pandemic, the BPIA ended 2020 with the most members they have ever had. “The overall trend for the industry continues to be growth,” Jones said. “The continued growth of the BPIA is a reflection of that.”
Like any new industry, the market can get a little muddy. Jones said he would expect membership to plateau at that point and their continued increase in numbers disproves that notion for now. Despite all of the growth over the last few years, a research market firm that is part of the BPIA said there is a tremendous amount of room for biological products to grow in agriculture. “Biological products are still only less than five percent of the market. That means there is potential to move into 95 percent of the market around the world,” Jones said.
Listen to the full episode with BPIA’s Keith Jones.
‘Making Sense of Biologicals’ is a series from AgNet West that dives into various topics with unbiased experts in the field of biologics to help the industry better understand the product category.
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