Global Agricultural Inoculants Market: Information By Type, Mode of Application, Crop Type and Region (North America, Europe, Asia-Pacific and Rest of the World) - Forecast till 2027
New York, United States - February 10, 2022 /MarketersMedia/ —
Market Overview
Agricultural Inoculants Market is projected to present a 9.5% CAGR to reach USD 790.42 Million by 2026.
Market Dynamics
In the projection period, the increased preference for organic foodstuffs is expected to provide good traction for microbial inoculants in sustainable agricultural productivity. Government support for organic farming schemes and practises is expected to have a significant impact on the agricultural inoculants application sector in the future years. The growing counties are expected to offer numerous potential for the agricultural inoculants market to grow, since they mostly practise organic farming and may push other companies to do the same due to the benefits.
Organic food is either cultivated organically or prepared using organic raw components. Organic products are gaining popularity due to the health benefits linked with their usage. The developed world's developed regions, particularly North America and Europe, are the largest consumers of organic food. Both areas' domination is due to growing knowledge of the benefits of organic food and the increased availability of organic food and beverage goods in supermarkets. Additionally, organic foods are gaining appeal due to their GMO-free content, nutrient-dense nature, lack of antibiotics and growth hormones, low pesticide use, and improved environmental stability. As a result of greater consumer awareness, organic food will eventually supplant all conventional food items in customers' homes.
Regulations governing organic farming are expected to impose constraints on the overall growth of the agricultural inoculants market.
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Segmental Analysis
In 2019, the sector of bacterial inoculants accounted for the lion's share of the market. The increased usage of microbial-based treatments to control pests and enhance soil and crop quality is likely to boost the market's growth.
The seed inoculation segment had the lion's share of the market in 2019 due to the fact that inoculating seeds with microorganisms helps increase seed quality and protects the seed against pests and diseases.
Cereals and grains accounted for the lion's share of the market in 2019, accounting for the majority of agricultural inoculants sales. Globally widespread consumption of cereal grains as a staple diet is predicted to accelerate the growth of the cereal & grains market.
Regional Overview
In 2019, North America accounted for 35.94 percent of the worldwide agricultural inoculants market. Growing demand for organic culture commodities, coupled with the adoption of innovative farming technologies and their use in home farming systems, are expected to drive the agricultural inoculants market in the North American region. The production of important inoculant-consuming crops in the United States and Canada, such as maize, soybean, and canola, is expected to drive the expansion of agricultural inoculants in the region.
Asia-Pacific is a promising region for agricultural inoculant makers. Growing understanding of bio-based products and their agricultural benefits is one of the major drivers driving inoculant uptake in Asia Pacific agriculture. The Asia Pacific inoculants market's growth may be attributed mostly to the enormous area under organic agriculture, particularly in countries such as Australia, China, and India. Additionally, the enormous area under rice production necessitates the use of biofertilizers for nitrogen fixation and biocontrol microbials for fruit and vegetable cultivation.
Additionally, Europe accounted for a sizable portion of the agricultural inoculants market in 2019. Organic and sustainable farming are in high demand among farmers, and market participants are investing heavily in product research and development. These factors contribute to the regional market's growth. Spain, Italy, and France are among the countries that consume a substantial amount of microorganisms as biofertilizers and biocontrol agents.
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Competitive Dynamics
Market Research Future recognizes Corteva, Inc. (US), BASF SE (Germany), Bayer AG (Germany), Novozymes A/S (Denmark), Brettyoung (Canada), Rizobacter Argentina S.A. (Argentina), Italpollina S.p.A. (Italy), Advanced Biological Marketing Inc. (US), Soil Technologies Corporation (US), and Verdesian Life Sciences, LLC (US) as the Key Players in the Global Agricultural Inoculants Market.
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