Based on its recent analysis of the world biopesticides market, Frost & Sullivan, Mountain View recognizes AgraQuest, Davis with the 2009 Global Frost & Sullivan Award for Growth Leadership.
The company has grown at a compounded annual growth rate of 37% in the last five years including 70% in 2008. The company reports sales in 2008 in the tens of millions of dollars. AgraQuest was quick to identify the trend of integrating conventional pesticides and biopesticides and begin designing products on those lines.
Despite the economic crisis and the maturing agrochemicals market, the market for biopesticides has grown globally by over 10% last year, owing to increasing environmental concerns and preference for chemical-free crops (mainly food crops). To be successful, products have to strike a balance between performance and being eco-friendly. Further, catering to a global market requires true understanding of the regulatory climate across countries.
"AgraQuest's manifold growth in recent years can be attributed to a combination of factors - its unique product offering, its consistent globalization to achieve growth, its focus on product performance, quality, and pipeline, as well as other value-added services, promotion and marketing efforts," says Frost & Sullivan Research Analyst Yeshwanth Kumar.
"Unlike many conventional pesticide companies, AgraQuest's high-quality, eco-friendly products are highly compatible with chemical pesticides and can be used as a supplement, thus focusing on low chemical agricultural markets."
Besides profitable growth, the company's unique offering has fulfilled customer expectations and becomes a regular feature in many integrated pest management programs. For instance, long-term studies of AgraQuest products in Ecuadorian banana plantations, where half of the plantation area used conventional pesticides while the remaining area used biopesticides and found that the quality of the yield witnessed manifold increase after using AgraQuest's products. This customer satisfaction has translated into brand loyalty and increased business for the company.
Today AgraQuest markets its products in 23 countries including Argentina, Canada, Chile, Colombia, Costa Rica, Ecuador, Honduras, Guatemala, Mexico, Peru, France, Greece, Israel, Italy, Portugal, Spain, Switzerland, Turkey, Japan, Korea, New Zealand, the Philippines, the UK, and the United States. The company aims in expanding its global market reach with partnerships, and in pursuit of which the current successful marketing and research partnerships were formed with companies such as BASF, BioWorks, and Sylvan Inc.
With sales revenue expected to cross $200 million by 2013, AgraQuest is the worthy recipient of the 2009 Global Frost & Sullivan Award for Growth Leadership in the world biopesticides market.