The new report by Expert Market Research titled, ‘Global Agricultural Microbials Market Size, Report and Forecast 2023-2028’, gives an in-depth analysis of the global agricultural microbials market, assessing the market based on its segments like types, functions, crop types, applications, formulations, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
Market Overview (2018-2028)
- Forecast CAGR (2023-2028): 2%
The growing demand for microbial-based solutions that enable better crop development, protection, and production is likely to drive the global market for agricultural microbials. The market is anticipated to rise due to stricter regulations for chemical catalysts and rising demand for organic food, along with the increased demand for the cultivation of tropical and sub-tropical vegetables and fruits.
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The rising adoption and popularity of organic farming across the world, acceptable government legislations and policies, and increase in the cost of agrochemicals are the major factors aiding in the market expansion. The ever-rising demand for food is playing a vital role in the growth of the global agricultural microbials market.
Industry Definition and Major Segments
Fungi, bacteria, and viruses are examples of microbes. Bacteria and fungus in the soil degrade organic stuff and recycle old plant material. Some bacteria and fungi in the soil form symbiotic relationships with plant roots, supplying nutrients like nitrogen and phosphorus. Fungi can live on the tops of plants and provide various benefits, including drought and heat tolerance, as well as pest and disease resistance.
By type, the market is classified into:
- Bacteria
- Bacillus Spp.
- Rhizobium Spp.
- Others
- Fungi
- Trichoderma Spp.
- Mycorrhizal Fungi
- Others
- Viruses
- Protozoa
By function, the market is divided into:
- Soil Amendment
- Bio-fertilisers
- Bio-stimulants
- Crop Protection
- Bioinsecticides
- Biofungicides
- Bioherbicides
- Bionematicides
- Others
By crop type, the market is segmented into:
- Cereals and Grains
- Oilseeds and Pulses
- Fruits and Vegetables
- Others
By application, the market is classified into:
- Foliar Spray
- Soil Treatment
- Seed Treatment
- Post-Harvest
By formulation, the market is divided into:
- Dry
- Dry Granules
- Water Dispersible Granules
- Liquid
- Emulsifiable Concentrates
- Suspension Concentrates
- Soluble Liquid Concentrates
On the basis of region, the market is segmented into:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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Market Trends
The global market’s expansion is being fuelled by the rising personal disposable income and a growing awareness of the importance of maintaining optimum soil health. Changing lifestyles, westernisation, increasing research and development initiatives by big corporations, particularly in developing economies, and an ever-increasing global population are the factors influencing the market expansion.
Improving distribution channels, rising technological upgradations in the manufacturing technology, growing awareness about the benefits of agricultural microbial such as providing nutrients to plants, nitrogen fixation, disease control and so on, and changing tastes and preferences of consumers will further boost the growth in the market value. The growing popularity of high-value crops, and the growing farmer awareness of the environmental benefits of microbial solutions, are predicted to expand the agricultural microbials industry.
Key Market Players
The major players in the market are Corteva, Inc., Syngenta Crop Protection AG, UPL India Ltd., Novozymes A/S, Chr. Hansen Holding A/S, Gowan Company, L.L.C. (Isagro S.p.A.), and Koppert Biological Systems, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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