Global Agricultural Inoculant Market - Segmented by Type, Microbes, Application, and Geography - Growth, Trends, and Forecast (2018 - 2023)
The global agricultural inoculant market is slated to witness a CAGR of 9.0% during the forecast period 2018-2023. Agricultural inoculants are increasingly being used as crop protection agents, soil amendments, and as bio- fertilizers. In many parts of the world, they are being used by farmers to practise sustainable agriculture.
Popularity of Organic & Environment-friendly Farming Practices
Agricultural practices are shifting from conventional to organic farming practices. There are several reasons for adopting organic farming. Some of them are - growing health consciousness, environmental safety, soil health, and long-lasting agriculture sustainability. There are many ways to practise organic farming, such as the use of organic compost, manure, and agricultural inoculants. These inoculants are basically microorganisms that play an important role in ensuring plant health, soil fertility, and agricultural sustainability.
The use of fertilizers and pesticides in modern agriculture is very high and is causing critical problems such as soil pollution, microbial imbalance, reduction in soil fertility and productivity, and loss of natural bio-control agents and beneficial organisms. This impacts both agriculture and human health negatively. However, the demand and popularity of sustainable agriculture through organic farming is expected to help maintain soil health, nutrients cycle, productivity, and the balance of natural bio-control agents. Agricultural inoculants contain living microorganisms and their strains, which are mixed with the soil or plant surfaces to provide natural protection, nutrient solubilizing, in turn promoting plant growth.
People have become aware of the harmful effects of the indiscriminate use of chemicals in agriculture. Hence, the “go organic” movement is slowly picking up in agricultural production and consumption. These types of initiatives are seen as very big driving forces for the growth of the agricultural inoculants market worldwide.
North America Occupies the Largest Market Share
North America is the largest market, occupying around 45% of the total market share. As the most developed region in terms of economic growth, it has become the pioneer of technological developments in agriculture relative to farming and seed treatment. In the North American region, the United States is the largest consumer and producer of all types of agricultural inoculants, followed by Canada, Mexico, and other countries. The agricultural inoculant market in North America is expected to witness a CAGR of 7.5% during the forecast period.
Major Players: BASF SE, DUPONT, SYNGENTA AG, BAYER CROPSCIENCE, NOVOZYMES, AND MONSANTO, among others.
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