Agricultural Microbials Market Share Value Industry Research By Analysis on By ( 2024 -2032 )
Agricultural Microbials Market
Flourishing: Sustainable Solutions Drive Growth
The agricultural microbials market
stood at USD 5.8 billion in 2022 and is projected to reach a staggering USD
15.64 billion by 2030. This translates to a robust compound annual growth rate
(CAGR) of 15.63% during the forecast period (2023-2030). This growth is driven
by several key factors:
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)
·
CertisS.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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