Global Agricultural Microbial Market Forecast 2019-2028
The global agricultural microbial market is anticipated to grow at a CAGR of 7.80% during the forecast years of 2019-2028. The factors stimulating market growth are increasing food and safety demand, rise in agrochemicals costs, proactive government initiatives, and the popularity of organic farming.
Agriculture microbial are produced from natural micro-organisms such as fungi, protozoa, bacteria, viruses, among others. The excessively high costs involved in developing synthetic crop protection products are creating opportunities for market growth. The surge in agricultural production costs and an increase in the costs of pesticides and other agro-chemicals are causing anxiety for the farmers. However, the growing need for integrated pest management in agricultural operations in developing countries is driving the market.
One of the major challenges faced by the market is the low adoption rate of microbials. The microbials constitute 3% of the market compared with their synthetic equivalents. However, the microbial industry is predicted to grow with new products being launched rapidly. Biopesticides are comparatively new to the market, and it is imperative for growers to need to learn more about them. The players operating in the market are innovating and introducing new products with wide crop ranges, and undertaking licensing strategies, and aggressive marketing. Soil amendment is expected to record the highest growth rate in function segment over the forecast period. Microbials enhance nutrient content in the soil, while making the soil fertile, maintaining the soil structure, and preventing diseases.
The global agricultural microbial market is surveyed geographically across the regions of Europe, North America, Asia Pacific, and the Rest of the World. The Asia Pacific market region is expected to record the highest CAGR during the forecast period, owing to government campaigns to create awareness about organic farming, and encourage the use of microbial pesticides.
New products are being launched in the market, creating competition among the existing players in the market. Some of the several leading players of the highly consolidated and competitive market are BASF SE, Bayer CropScience AG, Syngenta AG, Valent BioSciences Corp, Chr. Hansen Holding A/S, etc.
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