MBI Enters a New Market Segment – Biostimulants – Adding to MBI’s Existing Product Portfolio
DAVIS, Calif., March 23, 2017 – Marrone Bio Innovations, Inc. (NASDAQ:MBII) (MBI) is expanding beyond biopesticides and crop protection and into the biostimulant market by commercially launching Haven Anti-transpirant for use in a broad range of fruit, nut and vegetable crops, in addition to corn, wheat and turf.
Anti-transpirants are compounds applied to the leaves of plants to reduce transpiration, the evaporation of water from plant leaves to cool plants. In stressful environments, such as intense sunlight or drought, excess transpiration causes significant damage to crops.
“MBI is focused on developing and commercializing innovative products that address unmet market needs and deliver value to growers,” said Pam Marrone, Founder and Chief Executive Officer of MBI. “We are pleased to enter the biostimulant market and expand our product portfolio with the launch of Haven, which offers growers a new technology that reduces sun stress in crops, increases crop yields and improves quality.”
Haven is derived from plant-based compounds that reflect light and heat to maintain lower leaf temperatures while at the same time reducing water loss, resulting in less stress to the crop and higher yields and quality. When two to four applications are sprayed on crops generally starting at early fruit/nut set, Haven has reduced sun stress and increased yields for certain apple varieties, almonds, walnuts, grapes, citrus, tomatoes, corn, wheat and turf. Field trials have also demonstrated a reduction of bitter pit in apples. Bitter pit is caused by a calcium deficiency that causes serious crop losses in certain apple varieties.
Unlike most current sun stress/anti-transpirant products on the market today that form a physical barrier to block the sun, Haven brings the added benefit to growers of leaving no visible deposit or residue on the crop.
Various market research firms estimate the biostimulant market at approximately $1.5 billion in 2015, growing by 10.4%-13.6% annually to reach more than $3 billion in 2021 or 2022 (MarketsandMarkets, Zion Market Research and Mordor Intelligence). In 2013, Piper Jaffray estimated the biostimulant market at $1 billion with a 20% compounded annual growth rate. The biopesticide market, which includes pest management/crop protection products is estimated at $3 billion this year, growing at similar annual rates as biostimulants (BCC Research, MarketsandMarkets, Agropages).
MBI drives its growth by focusing on new product launches, expansion of its existing products to new crops and pests, and expansion of its distribution channels into new international markets. In doing so, MBI continues to be a pacesetter in the launch of new products. MBI launched its first nematicide, Majestene, in 2016 and is expanding into more crops and uses. Haven represents another first for MBI as its first biostimulant and first new product launch for 2017.
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. Our effective and environmentally responsible solutions help customers operate more sustainably while controlling pests, improving plant health, and increasing crop yields. We have four products for agriculture on the market (Regalia®, Grandevo®, Venerate® and Majestene®), and also distribute Bio-tam 2.0® for Isagro USA in the western U.S. MBI also markets Zequanox® for invasive mussels for water markets. We also have a proprietary discovery process, a rapid development platform, and a robust pipeline of pest management and plant health product candidates. At Marrone Bio Innovations we are dedicated to pioneering better biopesticides that support a better tomorrow for users 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 uncertain-ties. 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 MBI’s Haven product, including the development, commercialization and market for and potential benefits of Haven. 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 any difficulty in manufacturing, conducting demos, and marketing and selling Haven with MBI’s principal customers, competition in the market for anti-transpirant products, lack of understanding of these types of 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.