Biopesticides Are Going to Pot — But That’s Good News for the Market
Kline
2021.12.29
Many analysts predict that the global market for biopesticides will double over the next five years — but much of this growth won’t come from traditional markets.
“Medical marijuana,” says Dennis Fugate, Industry Manager for our Agriculture and Specialty Pesticide practice, “is one of the more unusual markets fueling the increased demand for biopesticides.” Because the compounds that are used in biopesticides have very specific modes of action, they don’t affect non-targeted organisms, making them very appealing to growers of medical marijuana. And, because biopesticides don’t leave behind dangerous residues, they’ve become equally as appealing to users of medical marijuana.
The size of the medical marijuana market is nothing to sniff at; it’s projected to reach USD 70.6 billion by 2028. Further, a growing number of states are approving the use of marijuana for recreational purposes. In total, the global legal marijuana market is projected to reach USD 111.31 billion by 2028.
Many analysts predict that the global market for biopesticides will double over the next five years — but much of this growth won’t come from traditional markets.
“Medical marijuana,” says Dennis Fugate, Industry Manager for our Agriculture and Specialty Pesticide practice, “is one of the more unusual markets fueling the increased demand for biopesticides.” Because the compounds that are used in biopesticides have very specific modes of action, they don’t affect non-targeted organisms, making them very appealing to growers of medical marijuana. And, because biopesticides don’t leave behind dangerous residues, they’ve become equally as appealing to users of medical marijuana.
The size of the medical marijuana market is nothing to sniff at; it’s projected to reach USD 70.6 billion by 2028. Further, a growing number of states are approving the use of marijuana for recreational purposes. In total, the global legal marijuana market is projected to reach USD 111.31 billion by 2028.
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