Marrone Bio Innovations, Inc. (NASDAQ:MBII) (MBI), a leading provider of bio-based pest management and plant health products for agriculture, turf, ornamental and water treatment markets, has shipped its first product to the African continent.
MBI shipped its biofungicide, REYSANA™, to Morocco for use by growers on tomatoes, grapes and cucurbits. Reysana contains the same ingredients as Regalia® Biofungicide, which is marketed and sold in more than 10 countries worldwide.
“Our first shipments into the African continent marks a significant milestone for our company,” said Pam Marrone, Marrone Bio Innovation’s Chief Executive Officer. “Biologically-based Integrated Pest Management (IPM) is becoming a necessity for agricultural exporters in Morocco and other regions around the world. Specifically, biopesticides are increasingly being integrated into this new strategy to ensure ease of access to European and other markets with strict pesticide residue standards. In addition, consumer purchasing preferences demonstrate a growing trend towards food production safety and sustainability. We look forward to our continued expansion into Africa and other areas of the world with a wide range of unmet pest and disease challenges.”
Morocco currently has a free trade agreement with the United States. Agriculture represents about 15% of GDP, and agricultural trade is the largest contributor to GDP growth for Morocco, with exports of $2.4 billion.1 60% of Morocco’s ag exports are to the EU and 27% to the United States.1 The Moroccan Government is keen to upgrade its agricultural sector under the “Plan Maroc Vert,” with increased investments in green, innovative technologies to support the upgrade of small and medium producers.2 The European Investment Bank recently agreed to lend EUR 42.5 million for irrigation and agriculture in support of the Plan Maroc Vert.3
The drivers behind the rapid adoption of biologicals are globally recognized and include evidence of increased yields and crop quality when biologicals are used either by themselves or integrated into programs. Biologicals are also a key driver behind the reduction or elimination of synthetic pesticide residues on crops for export markets and to delay of pest and plant pathogen resistance to chemicals. Concerns about ensuring the safety for farm workers and pollinators, as well as less environmental pollution overall, are also important factors in the rapid growth in adoption of biopesticides and biostimulants worldwide.
Tomatoes are the largest vegetable crop grown in Morocco and a crop for which Reysana has consistently demonstrated efficacy against a broad range of diseases. The Moroccan crop protection market is valued at approximately $130-135 million, and fungicides are 36% of pesticides sold, with powdery and downy mildews the predominant diseases.4
About Marrone Bio Innovations
Smart. Natural. Solutions.
Marrone Bio Innovations, Inc. (NASDAQ:MBII) strives to lead the movement to a more sustainable world through the discovery, development and promotion of biological products for pest management and plant health. MBI’s effective and environmentally responsible pest management solutions help customers operate more sustainably while uniquely improving plant health and increasing crop yields. MBI currently has six commercially available products (Regalia®, Grandevo®, Venerate®, Majestene®, Haven™ and Zequanox®) as well as eight product candidates in various stages of the company’s rapid development pipeline. MBI also distributes Bio-tam 2.0® for Isagro USA in the western U.S. and Jet-Ag® for Jet Harvest in most regions of the U.S.
Marrone Bio Innovations is dedicated to pioneering smart biopesticide solutions that support a better tomorrow for both farmers and consumers around the globe. For more information, please visit www.marronebio.com.
Marrone Bio Innovations Forward Looking Statements
This press release contains forward-looking statements that involve substantial risks and uncertainties. All statements, other than statements of historical facts, included in this press release regarding strategy, future operations and plans, including assumptions underlying such statements, are forward-looking statements, and should not be relied upon as representing MBI’s views as of any subsequent date. Examples of such statements include statements regarding sales of the Company’s products, the potential benefits of the Company’s products, and MBI’s efforts with respect to expansion of its product labels in international markets. Such forward-looking statements are based on information available to the Company as of the date of this release and involve a number of risks and uncertainties, some beyond the Company’s control, that could cause actual results to differ materially from those anticipated by these forward-looking statements, including consumer, regulatory and other factors affecting demand for the Company’s products, any difficulty in marketing MBI’s products in global markets, competition in the market for pest management products, lack of understanding of bio-based pest management products by customers and growers, and adverse decisions by regulatory agencies and other relevant third parties. Additional information that could lead to material changes in MBI’s performance is contained in its filings with the SEC. MBI is under no obligation to, and expressly disclaims any responsibility to, update or alter forward-looking statements contained in this release, whether as a result of new information, future events or otherwise.
