Market Overview
The global agricultural microbials market size was USD 5.27 billion in 2021 and reached USD 6.00 billion in 2022. The market touched USD 15.71 billion by 2029, exhibiting a CAGR of 14.74% during the forecast period. The functional superiority of microbials and the rising emphasis on organic agriculture will enhance the market growth. Fortune Business Insights™ presents this information in its report titled “Agricultural Microbials Market,2022-2029.”
Segments
Bacteria Segment to Dominate Owing to Extensive Adoption ofBio-stimulants
By type, the market is segmented into bacteria, fungi, virus, and others.
The bacteria segment is expected to dominate the market due to extensive adoption of biostimulants, biofertilizers, and biopesticides. It performs several growth-promoting functions, and some are termed as protective bacteria responsible for subduing root-fungus disorders.
Liquid Formulation to Hold Dominant Market Share Owing to its Compatibility and Usage with Modern Irrigation Systems
Based on formulation, the market is bifurcated into dry and liquid.
The liquid segment is expected to dominate the market share owing to its ease of application. It can be directly used as root dips, sprays, and drenches due to the requirement of the mixing procedure to avoid spoilage.
Soil Amendments Segment to Hold Dominant Share Owing to High Nitrogen Content and Enhanced Production
By function, the market is classified into soil amendment and crop protection
The soil amendment segment is expected to dominate due to its high nitrogen content and enhanced production. Further, the extensive adoption of agricultural microbials to protect crops may control several diseases and plant disorders. Its cost-effective and sustainable nature is expected to enhance segmental growth.
Foliar Spray to Dominate Attributable to its High-Effectiveness in Improving Overall Plant Health
Based on application method, the market is divided into foliar spray, soil treatment, seed treatment, and others.
The foliar spray segment may dominate the market share due to its benefits over other applications. The adoption of the spray enhances the soil’s nutrient uptake and rapidly absorbs all the nutrients.
Fruits & Vegetables Section to Dominate Owing to Strong Demand for Organic Fruits & Vegetables
By crop, the market is categorized into cereals, oilseeds & pulses, fruits & vegetables, and others.
The fruits & vegetable segment is expected to dominate the market share due to the high remuneration factor associated with the crop. Furthermore, the strong demand for vegetables and fruits is expected to enhance the industry’s growth.
Regionally, it is clubbed into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Source: https://www.fortunebusinessinsights.com/industry-reports/agricultural-microbial-market-100412
Report Coverage
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market’s key players.
Driving Factors
Increasing Awareness Regarding the Bad Effects of Synthetic Chemicals on Crops to Bolster Market Growth
Agricultural microbials consist of fungi, viruses, and bacteria beneficial for agricultural activities such as soil improvement and crop protection. The rising demand for eco-friendly crops is expected to enhance the product adoption. The increasing awareness regarding the detriments of synthetic fertilizers is expected to enhance the adoption of natural fertilizers. For example, as per the United Nations and the Food and Agriculture Organization, synthetic fertilizers are responsible for approximately 13% of greenhouse gas emissions. Furthermore, the rising demand for organic foods and farming may boost the adoption of organic fertilizers. These factors may drive the agricultural microbials market growth.
However, the lower demand for organic fertilizers than their counterparts is likely to restrain the market growth.
Regional Insights
Rising Awareness Regarding the Environmental Benefits of the Fertilizer to Fuel Growth in North America
North America is expected to dominate the agricultural microbials market share due to the rising awareness regarding the environmental benefits of the fertilizer. The market in North America stood at USD 2.09 billion in 2021 and is expected to gain a huge portion of the global market share. Further, policies and regulations regarding the adoption of organic farming practices of the microbials are expected to enhance product adoption. The National Science Foundation (NSF) and the U.S. Department of Agriculture (USDA) promote research and development of fertilizers to achieve diversity.
In Europe, strict government norms regarding the adoption of non-synthetic fertilizers are expected to promote industry growth. Furthermore, the steady adoption of organic farming in Germany, Spain, Italy, and Denmark is likely to enhance industry progress.
Competitive Landscape
Companies Announce Novel Operating Units to Expand its Activities
Prominent companies operating in the market announce novel operating units to expand their activities globally. For example, Valent BioSciences LLC announced the opening of a novel operating unit in February 2022 to expand its biostimulant product line-up. This strategy may allow the company to expand its operating units. Furthermore, companies devise research and development, partnerships, mergers, acquisitions, and automated production techniques to satisfy goals and enhance their market position globally.
Key Industry Development
- May 2021- Lesaffre declared the acquisition of the U.S.-based Advanced Biological Marketing (ADM). ADM specializes in bio-nutrition products, and this acquisition may allow for market penetration in the U.S.
List of Key Players Profiled in the Report
- Certis USA LLC (U.S.)
- ChemChina (China)
- Marrone Bio Innovations, Inc. (U.S.)
- Koppert Biological Systems (Netherlands)
- Varsha Bioscience and Technology Pvt. Ltd. (India)
- Andermatt Biocontrol AG (Switzerland)
- BASF SE (Germany)
- Sumitomo Chemical Co., Ltd., (Japan)
- Novozymes (Denmark)
- Bioceres S.A. (Argentina)
