The Global Agricultural Biologicals Market is Poised to Grow at a CAGR of Around 9.4% Over the Next Decade to Reach Approximately USD 18.9 Billion by 2028.
The Global Agricultural Biologicals Market was valued at USD 7.2 Billion in 2020 and is expected to grow at a Compound Annual Growth Rate (CAGR) of 9.4% between 2021 to 2028. Agricultural Biologicals are various products made from natural materials, which are majorly used to replace chemicals used in agriculture farming. These biologicals are used to protect crops from pests, weeds, and diseases, thereby maintaining crops healthy. In addition, farmers are dependent upon agricultural biologicals as it discourages the use of synthetic and chemical fertilizers to grow healthy and nutritious food. Moreover, agricultural biologicals are extracted from organic matter such as plant extracts and naturally occurring microorganisms to improve crop productivity as well as crop health.
The key drivers fuelling the growth of the Agricultural Biologicals Market are - growing demand for organic fruits and vegetables, stringent regulatory policies discouraging the use of harmful agrochemicals. Other factors contributing to the surge of the market are low residue load, supportive regulations by regulatory bodies, and the development of pest resistance against synthetic chemicals. A shift towards sustainable agriculture is observed which is going to be the key driver fuelling the growth of the Agricultural Biologicals Market. Moreover, the market also is expected to witness an increase in demand for organic foods, rapid growth in the use of microbial seed treatment products, and easier residue management leading to Market growth.
The major factor that is obstructing the Agricultural Biologicals Market growth is the Lack of awareness among farmers, lack of skilled personnel, unavailability of high-quality carrier materials, and short shelf life.
The Global Agricultural Biologicals Market is segmented on the basis of Type into Bio-Pesticides, Bio-Stimulants, Bio-Fertilizers. On the basis of applications, the market is divided into Cereals and Grains, Oilseeds and Pulses, Fruits, and Vegetables.
North America led the market in 2019 and held a major share of over 35%. The region will expand further at a healthy CAGR over the forecast years due to the strong presence of global agricultural product manufacturing companies, with the majority of the producers concentrated in the U.S. The growth is also attributed to the constantly evolving agricultural practices in the region with respect to farming techniques, technological adaptations, constant research & development, and government regulations promoting sustainable farming methods.
Some of the major players operating in the global Agricultural Biologicals Market include Dow Chemical International Pvt. Ltd, Syngenta India Ltd, Bayer India Ltd, BASF India Ltd, Isagro Asia Agrochemicals Pvt. Ltd, Novozymes India, T Stanes & Co Limited, Arysta LifeScience India Ltd, Koppert Biological Systems India Pvt Ltd, Camson Bio Technologies.