Davis, CA (September 18, 2018) - Marrone Bio Innovations, Inc., a leading provider of bio-based pest management and plant health products for the agriculture, turf and ornamental and water treatment markets, announced that it has signed an exclusive distribution agreement with Hop Tri Investment Corporation for three MBI products in Vietnam and Cambodia.
Hop Tri, a leader in the field of agriculture research and application, plans to register and commercialize three MBI products:
The three products will be available for use by growers on vegetables, fruits and rice – all key crops in the region. MAJESTENE will also be available for use on coffee and black pepper, the latter of which Vietnam leads in production and export worldwide.
The pesticide market value in Vietnam in 2017 was USD 978 million and is expected to reach USD 1266 million by 2022. The biopesticides market is estimated to grow at a CAGR of 16.21% in 2016-2021. The market value estimated during 2015 was USD 7.99 million.
Key factors driving the rapid adoption of biologicals in Vietnam include pesticide residue problems in agro-products for local consumption, new requirements for Maximum Residue Levels on agro-products imported to the EU and U.S., and a growing number of banned pesticides.
Recently, the Vietnamese Ministry of Agriculture and Rural Development requested the Plant Protection Department to reduce the number of chemical pesticide brands registered in Vietnam by 30 percent, replacing them with bioproducts. This amplifies the need for these three environmentally responsible MBI product solutions to help growers improve plant health and increase crop yields.
“The timing of our partnership with Hop Tri couldn’t be better,” said Pam Marrone, Chief Executive Officer, Marrone Bio Innovations. “With the increase in produce exports and recent Ministry of Ag actions in Vietnam, there is an opportunity for us to expedite the availability of REGALIA, GRANDEVO and MAJESTENE to customers through the region.”
“As fresh produce exports continue to see rapid growth in Vietnam, specialty products are more important than ever to enhance agricultural productivity and sustainability,” said Dang Hong Hai, managing director, Hop Tri Investment Corporation. “MBI’s highly effective and widely-respected biological products have tremendous potential in the Vietnamese market, and Hop Tri couldn’t be more pleased to be working alongside these industry leaders and innovators.”
Marrone Bio Innovations, Inc. (NASDAQ: MBII) strives to lead the movement to more sustainable world through the discovery, development and sale of innovative biological products for crop protection, plant health and waterway systems treatment. MBI has screened over 18,000 microorganisms and 350 plant extracts, leveraging its in-depth knowledge of plant and soil microbiomes enhanced by advanced molecular technologies to rapidly develop seven effective and environmentally responsible pest management products to help customers operate more sustainably while uniquely improving plant health and increasing crop yields. Supported by a robust portfolio of over 400 issued and pending patents around its superior natural product chemistry, MBI’s currently available commercial products are Regalia®, Grandevo®, Venerate®, Majestene®, Haven®, Stargus®, Amplitude™, Zelto® and Zequanox®.
Marrone Bio Innovations is dedicated to pioneering smart biopesticide solutions that support a better tomorrow for farmers, turf managers and consumers around the globe. For more information, please visit www.marronebio.com.