Sumitomo Corporation has agreed to invest in Bio Insumos Nativa (BIN), a Chilean biocontrol manufacturing company, through Summit Agro South America, an agrochemical distribution company in South America.

The value of the investment was not disclosed.

The Latin American market for biocontrol is expected to expand at an average annual growth rate of 15 percent through 2029. The aim of this investment is to serve the biocontrol market from upstream to downstream.

BIN is a biocontrol manufacturing company established in Chile in 2002. In the microbial biocontrol sector, BIN is the largest player in the Chilean market, accounting for a 30 percent share, according to a news release. The company is currently the main supplier of biocontrol products handled by Summit Agro South America.

In addition to the products currently on the market, there are several new biocontrol under development that are expected to expand the company’s sales in future. Prompted by this investment, BIN will begin participating in R&D/manufacturing from a more market-oriented perspective. The company will also encourage wider use of biocontrol throughout the value chain by providing farmers with farm management/technical guidance to enable them to use biocontrol more effectively.

The Sumitomo Corporation Group has been engaged in agrochemical-related businesses for more than 40 years, and it is currently involved in the sale and distribution of agrochemicals, specialty fertilizers and other agricultural materials in about 40 countries worldwide. In 2017, the Group invested in Futureco Bioscience S.A. With this latest investment, the Group is intent on acquiring an even broader product portfolio in the areas of biocontrol R&D, manufacturing, and formulation processing and on further expanding the products it handles and the extent of its sales customer network.