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(Sharecast News) - Crop peptide developer Plant Health Care announced the registration of its novel fungicide 'SAORI' in Mexico on Wednesday, for commercial launch.
The AIM-traded firm said SAORI represented a breakthrough in fungicide technology, offering farmers a novel mode of action to combat detrimental plant diseases such as late blight, downy mildew and grey mould, as part of an integrated disease control program.
Scheduled for launch at the end of the third quarter, PHC said SAORI would be made available through key distributors for farmers cultivating berries, grapes, cucumbers, tomatoes, and other solanaceous and cucurbitaceous crops in Mexico.
It described SAORI as a broad-spectrum biological fungicide, presenting a novel mode of action for controlling fungal and bacterial plant pathogens across various agricultural crops.
PHC said a significant advantage of SAORI was its safety for both growers and farm workers, alongside exemption from maximum residue limit (MRL) restrictions, facilitating access to high-value export markets.
Initial claims on SAORI's product label included control of grey mould in berries and grapes, downy mildew in cucurbits like cucumbers, and late blight in tomatoes and other solanaceae crops, with additional claims on various crops and phytopathogens anticipated in the future.
Considering Mexico's substantial agricultural landscape, with 55,000 hectares dedicated to berries, 48,000 hectares to tomatoes, 150,000 hectares to peppers, and 60,000 hectares to potatoes, PHC said SAORI held promise for enhancing productivity across the sectors.
Mexico is the world's largest cucumber exporter, with production expected to reach 1.02 million metric tonnes by 2026.
The board said the burgeoning plant-applied biopesticides market in Mexico, estimated at $200m in 2022 and growing at a compound annual growth rate of 14.3%, offered a conducive environment for SAORI's commercial success.
SAORI's approval in Mexico involved submission to the Federal Committee for Protection from Sanitary Risks (COFEPRIS) in September last year.
That process entailed a review of safety and performance data, including replicated small plot field trials to validate efficacy.
"The smooth approval process was completed well ahead of forecast and validates all the hard work undertaken by the Company to submit a comprehensive data package demonstrating the safety and efficacy of SAORI," said chief executive officer Jeff Tweedy.
"As the 11th largest global food producer, Mexico provides a tremendous opportunity for the adoption of SAORI to support sustainable agriculture."
Tweedy said that, building on the current success of the company's ProAct biostimulant, its team in Mexico was already laying the groundwork to get SAORI into the hands of farmers later in the year.
"The approval of SAORI supports the company's vision to be a leading global provider of alternatives to conventional synthetic agrochemicals.
"We are excited about the developing plans to launch SAORI in 2024, with strong growth thereafter."
At 1332 GMT, shares in Plant Health Care were up 4.43% at 3.9p.
Reporting by Josh White for Sharecast.com.
