Agricultural microbials are microorganisms, which are used in agriculture to increase crop productivity and quality of yield. Microbial inoculants are used in agriculture and are suitable for use in various crops. Microorganisms are major component in integrated pest management (IPM) practices, which in turn is positively impacting the growth of agricultural microbial market owing to increase in adoption of IPM among farmers. The increasing adoption of organic farming and rising demand for organic food among consumers are also driving the market growth of agricultural microbials.
According to study, “Global agricultural microbials market to reach USD 10.1 billion by 2026” the key companies operating in the global agricultural microbials market are BASF SE, Corteva, Syngenta AG, Certis USA LLC, Bayer (Monsanto) Crop Science (Joyn Bion), Marrone Bio Innovations, Verdesian Life Sciences LLC, Isagro S.p.A, Valent Biosciences LLC, Lallemand Plant Care, Novozymes A/S, Agrilife Biosolutions Ltd., Wilbur-Ellis Holdings Inc and others. The leading companies are developing advanced technologies and launching innovative products in order to stay competitive in the market. Other competitive strategies are mergers & acquisitions.
Based on type, agricultural microbials market is bifurcated as fungi (Mycorrhizal Fungi, Trichoderma SPP and others), bacteria (Rhizobium SPP and Bacillus SPP), protozoa and viruses. Based on function, market is bifurcated as crop protection and soil amendment. Crop protection is further sub-segmented as biofungicides, bioinsecticides, bionematicides, bioherbicides and others. Soil amendment is further sub-segmented as biostimulants and biofertilizers. Based on crop type, market is segmented as oil seeds & pulses, cereals & grains, fruits & vegetables and others. Based on mode of application, market is bifurcated as seed treatment, soil treatment, foliar spray and post harvest. In addition, based on formulation, market is bifurcated as liquid formulation (suspension concentrates, Emulsifiable concentrates, and soluble liquid concentrates) and dry formulation (water-dispersible granules, dry granules, and wettable powders).
The agricultural microbials market is driven by rise in adoption of integrated pest management practices across the globe, followed by target specificity of microbial crop protestants, lower development costs for microbial as compared to chemical solutions and rise in trend of adopting organic farming practices. However, Low awareness among farmer pertaining to biofertilizers & high labor costs may impact the market. Moreover, significant development in the seed treatment segment and rise in investments made by market players are key opportunities for market.
Based on geography, the North-American and European regions hold major share in global agricultural microbials market owing to rise in demand for organic food in the region. Whereas, the Asian-Pacific region is estimated to witness higher speed due to increase in population and higher food demand over the forecast period. In near future, it is expected that the global market will be reached at rapid pace because of rise in awareness among farmers regarding the benefits of using microbial inoculants in agriculture coupled with high demand for agricultural produce for immediate consumption and processing during the forecast period. The global agricultural microbials market is valued approximately US $3.8 billion in 2019 and is predictable to grow with a healthy growth rate of more than 15.0% during the forecast period 2020-2026.
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Ankur Gupta, Head Marketing & Communications