Agricultural Microbials Market Outlook
Agricultural Microbials Market Size was valued at USD 5.8 billion in 2022. The Agricultural Microbials market industry is projected to grow from USD 6.68 Billion in 2023 to USD 15.64 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 15.63% during the forecast period (2023 - 2030).
Sustainability in Agriculture: Agricultural microbials offer a sustainable alternative to traditional chemical fertilizers and pesticides. They improve soil health, enhance nutrient uptake for plants, and promote natural pest control, all while reducing environmental impact.
Growing Demand for Organic Produce: Consumers' preference for organic food is on the rise, and agricultural microbials are instrumental in organic farming practices.
Increased Focus on Crop Yields: Microbials can significantly improve crop yields by promoting plant growth and resilience. This is particularly important in the face of a growing global population and the need for food security.
Increasing awareness regarding agricultural microbials has raised the bar for quality, which in turn, has increased the agricultural microbials market share globally. Mass market penetration is leading to the introduction of new products based out of agricultural microbials and their retail across various regions. Additionally, the market is growing due to increasing population coupled with increasing demand for food. In addition to the increasing population, growing demand for food, increase in the crop production, soil efficiency, and high-quality yield is expected to drive the agricultural microbials market.
Various government initiatives, amplified funding, and grants for sustainable agriculture are supporting the growth of agricultural microbials market. Various benefits associated with the application of agricultural microbials such as improved soil quality, water holding capacity, crop productivity, and disease control is influencing the growth of the market. The global agricultural microbials market is expected to grow at a CAGR of 15.23% during the forecast period, 2022-2030.
Segment analysis:
The global agricultural microbials market is segmented into type, function, and application.
On the basis of the type, it is segmented into bacteria, fungi, viruses, protozoa, and others. Among all, the bacteria segment is dominating the market.
On the basis of the function, it is segmented into crop protection, soil improvement, and others. Among both the functions, the soil improvement segment is dominating the market.
On the basis of the application, it is segmented into fruits and vegetables, cereals & pulses, oilseeds & grains, and others. Among all the applications, the fruits and vegetables segment is dominating the market.
Competitive analysis:
The major players in the agricultural microbials market include
- Syngenta AG (Switzerland)
- BASF SE (Germany)
- Novozymes A/S (Denmark)
- Dow AgroSciences LLC (U.S.)
- Sumitomo Chemical Company, Ltd. (Japan)
- Nufarm Ltd. (Australia)
- Bayer CropScience AG (Germany)
- Koppert B.V. (the Netherlands)
- A. LLC (U.S.)
- Monsanto Company (U.S.)
Regional Analysis:
The global agricultural microbials market is segmented into North America, Europe, Asia Pacific, and rest of the world (RoW). The Asia Pacific region is dominating the agricultural microbials market followed by North America owing to rising population followed by increasing consumption of agricultural products in the developing regions. Moreover, agriculture is the key business in India, which is anticipated to drive the agricultural microbials market over the forecast period.
Furthermore, the U.S. dominates the North American agricultural microbials market owing to increasing consumer awareness and growing demand for fruits, vegetables, cereals, pulses, and other crops, which is anticipated to boost the growth of the agricultural microbials market during the review period.
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