Vantage Market Research
Dec 07, 2021
The global agricultural biologicals market size is estimated to account for a value of USD 8.8 billion in 2020 and is projected to grow at a CAGR of 13.6% to reach a value of USD 18.9 billion by 2028. Increasing incidences of pest outbreaks in crops, rise in awareness & demand for supreme quality yield from the farm produce, and development of pest resistance are some of the prominent factors that are contributing to the expansion of the market. The exploitation of the environment due to the overuse of crop protection chemicals is fostering the demand for agricultural biological products.
Agricultural biologicals are projected to
play an important role in catering to the growing demand for organic
products across the world. High adoption of this technology is not only
limited to protecting crops and increasing the crop yield significantly but
also an assurance of sustainable farming and maintenance of long-term soil
fertility achieved by using natural resources. However, the limited
availability of quality products is expected to suppress the agricultural
biological market growth.
Key Findings
- The agricultural biological market is estimated to be valued at USD 8.8 billion in 2020.
- The agricultural biological market is projected to grow at a CAGR of 13.68% from 2021 to 2028.
- The increasing trend of sustainable agriculture within the global markets, low residue levels, and supportive regulations are the key factors driving the expansion of the agricultural biological market.
- Stringent regulations by agricultural product regulatory bodies and agencies on the use of excessive amounts of synthetic or chemical fertilizers are expected to drive the growth of the market.
Key Market Players
Some of the key players within the 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.
The biopesticides accounted for the highest market
share within the market, owing to the increasing focus of
farmers and agriculturists towards the event of pest resistance
products for crops so as to extend the yield of quality crops.
Enhancement within the area under organic farming and growing demand
for organic products is further boosting the demand for pesticides
across the world. The increasing interest of agriculture industry
stakeholders in pest management and the adoption of a safer strategy
to manage pest populations are a few of the most prominent driving
factors for biopesticides market growth.
The North American region accounted for the
largest share of the market in 2020 and is attributed to its high-end
R&D infrastructure and also the high number of patents received
for biopesticides and biostimulants by companies based within
the region.